Quick, I say “brand strategy,” what’s the first thing that comes to mind? Okay, let’s try another. “Brand plan.” You say ______? This sort of brand speak is really inside baseball to most businesses. Over the past couple of years I’ve spoken to some really smart people from many different walks of marketing life and they all know the words but, ask them to define or diagram them on paper, they can’t.
Wikipedia “Brand Plan.”
Wikipedia the words “brand plan” and Wiki asks you “Did you mean Brand Play?” The first option under the question is business plan. Wikipedia “Brand Strategy” and it says “You may create the page Brand Strategy.”
Everyone agrees that brands are important…that they have value. Most understand brands need to be managed. What they don’t always get is that brands need to be managed to a tight brand strategy. So they default to managing brands based upon acquisition, sales growth or retention metrics — all of which are measurable. Thanks to the web, we can now even measure clicks and views and engagement and referrals and, and, and. And tie measures to dollar investments. Break out the dashboard and play marketing videogames.
So if brands are important, and we all agree they are, how do we measure the efficacy of the brand strategy? I often use the example that Coke’s brand strategy is refreshment. Today, Wieden + Kennedy and Coke would have you believe it is happiness. Who is right and how to we find out?
Now don’t get me wrong, a powerful brand strategy is only so if it increases sales and margins. Period. But tying sales and revenue increase to a strategy, not a tactic, is what’s what. Peace!