One of the members of the SME Strategy Facebook community asked the other day:
"When you have a brand name with poor strategy or a strong strategy with out a brand name......... which will lead to success ?"
I thought that I would share the question because it raises a few interesting points about what creates business success.
If I had to pick an area to develop and I only had the choice between strategy , or the brand, I would choose strategy.
Only because a brand alone wont sell your products, and wont keep your business alive.
A strategy (marketing strategy, business strategy, online strategy) is the core of every business.
You need a solid strategy to build your business, and a solid brand will contribute to its continued growth and success.
A branding strategy is also very important to the development of a successful business.
Finding other people/events/opportunities to showcase your business builds its brand, and makes it more relatable to your customers.
You shouldn't worry about building the brand until you have a solid business foundation.
You also wont develop a successful brand , without a successful business.
Once your company gets successful enough you will turn your marketing strategy into a brand strategy
Adidas, Redbull, Absolut, Nike, and other major brands have moved away from promoting the functionality of their products to selling the "lifestyle" of that product.
What do you consider to be the difference between a "Brand" and a Company. Is there a difference?
In the age of worldwide competition it's imperative to build the brand of your business.
Your brand is your promise to your customer, and it will be what distinguishes you from your competitors.
To have a successful business you can't choose between building a brand strategy, a marketing strategy or a business strategy.
You need all of those thins as part of a well designed, multi channel strategy, and it needs to be executed appropriately.
Unfortunately there are no guarantees for success.
However, by using a brand strategy, marketing strategy and overall businesses strategy, you stand a heck of a better chance of becoming successful.
Thanks for the question! If you have a business question you'd like answered leave one here in the comments, or on our Facebook page at www.facebook.com/smestrategy