Whether you’re a current business owner or looking to start one, you’ve likely heard the terms “brand strategy” and “business strategy” thrown around. But wtf do they really mean, and how do they differ?
Let’s break down the differences between these two types of strategies and why they’re both important for the success of your business.
What is a Brand Strategy?
Brand strategy is all about creating and positioning a strong, unique and memorable brand identity that resonates with your target audience. It encompasses everything from your brand’s visual identity (logo, colors, fonts) to your brand’s messaging (voice, tone, messaging hierarchy). Essentially, your brand strategy is how you want your business to be perceived by others.
It’s your company’s personality, reputation and overall image. It’s the essence of who you are as a company, and it’s what sets you apart from your competitors and how you’ll reach the goals set out in your business strategy. Developing a strong brand strategy involves identifying your target audience, understanding their needs and desires, and creating messaging and visuals that resonate with them.
What is a Business Strategy?
On the other hand, business strategy is focused on achieving specific business goals, such as increasing revenue, expanding into new markets, or launching new products or services. In short, it’s mostly money related. How will you earn it? What services or markets will you expand into? This involves identifying opportunities for growth, determining the resources needed to achieve those goals, and developing a plan to allocate those resources effectively. Business strategy is about making strategic decisions that will help your company succeed in the long term.
Business strategy is more focused on the operational side of things – how you’re going to achieve those goals and what tactics you’re going to use to get there.
What is the Difference Between Brand Strategy vs Business Strategy?
So, how do brand strategy and business strategy differ? The main difference is their focus.
Brand strategy is focused on creating a strong, memorable brand identity that resonates with your target audience to reach your goals.
Business strategy is focused on achieving specific revenue and resource-related goals.
Another way to think about it is that brand strategy is more about the “why” of your business, while business strategy is more about the “how”. Brand strategy is about creating a strong emotional connection with your target audience, while business strategy is about executing on specific tactics to achieve your goals.
How Do Brand Strategy and Business Strategy Work Together?
Although brand strategy and business strategy differ in many ways, they’re both critical components to the success of your business. Your brand strategy is what sets you apart from your competitors and helps you build a loyal customer base, while your business strategy is what drives your revenue and growth.
In fact, the two strategies are closely interconnected. They’re each other’s peanut butter and jelly. Your brand strategy informs your business strategy, and vice versa. Your brand identity and messaging should be aligned with your business goals, and your business tactics should support and reinforce your brand identity.
How do you develop a strong brand and business strategy?
- Start by clearly defining your brand’s unique identity and values. Who are you as a company, and what do you stand for?
- Identify your target audience and understand what they’re looking for in a company like yours.
- Identify your goals, both short-term and long-term, and determine the resources needed to achieve those goals. This may involve hiring new employees, investing in new technology, or expanding into new markets.
- Ensure that your brand and business strategies are aligned and working together seamlessly. Your brand messaging should support your business goals, and your business strategy should be rooted in your brand identity.
Make Sure Your Business Has Both a Business Strategy AND Brand Strategy
A strong brand strategy and business strategy are both essential for a successful and thriving business. As you buzz around the business world, remember that your brand is the honey that attracts your customers, while your business strategy is the hive that houses and nourishes your company. So, invest time and resources into developing both, and watch your business thrive!