A brand strategy is a long-term plan developed to analyse and adapt how a brand is seen on the market. For example, favourability in the market affects how well a brand is recognised, trusted and perceived by customers. A brand strategy also concerns how these elements are shaped and driven to compete with other brands.
In this article, we’re introducing the key strategies used by the best marketing agencies in London. We’ll cover what techniques are used for different goals, tips for implementation and consumer targeting.
Types of strategies
What is it that the best marketing agencies in London do better than an average brand?
First, you need to know that the market plays a significant role in measuring brand success. Market shares are the percentage of sales in a specific market that businesses account for. Those who have a larger market share have more control over consumer sales. Brand strategies are designed to gain control over these shares in some tangible way.
A brand strategist will have a clear foundation on what type of strategy best suits its aims. So, let’s look at the different kinds of methods and their goals to decide which suits your business.
Growth
A brand growth strategy will increase a business’s equity share in a new market. In short, growth strategies bring a new product to an existing market.
Extension
Brand extension is a strategy to increase brand power in a new market. A brand uses its current image or product to gain footing in a new area. Thus gaining more market power.
Brand Penetration
This strategy is about improving the popularity of a brand over a given period. Where growth and extension strategies focus on new markets and products, penetration is aimed at solidifying an existing product in a current market.
Brand diversification
This is considered the riskiest but potentially most rewarding brand strategy. Diversification is when a brand launches a new product in a new market. You can capture the market and gain maximum growth.
Takeaways
If you want to see how your brand can grow, now has never been better to invest in a brand strategy agency in London. We believe your brand should get the recognition it deserves. At our brand strategy agency in London, we are dedicated to delivering awesome insight-driven blueprints for pushing your brand into the spotlight.
