A commonly-cited example is Contour, a point-of-view camera company that launched in 2004 at the same time as Go-Pro.
While they provided a great new product, they didn’t make consumers fall in love with their brand like their main competitor and suffered because of it.
These are complementary documents, but each serves a specific purpose in achieving long-term success for your company.
There are five questions to ask yourself as you create a brand plan.
The digital age, with social media and customer review sites has made interactions between brands and consumers easier and more shareable than ever.
This can be a good or bad thing for a business, depending on how they capitalize on the opportunity.By identifying the key components of your business and the focus of your marketing plan, you have the basis for crafting your brand strategy.An effective branding process creates a unique identity that differentiates you from the competition and can be the heart of a competitive strategy.Plans for your company’s marketing, accounting, and operations are detailed in specific terms.Quite often, a business plan is a prerequisite for any new company seeking financial backing from a bank or venture capital firm.With a strong brand plan, you can use social media and the internet as a powerful tool for growing your market share.In addition to understanding and defining these components of your business, you need to determine your target audience, identify your competition, decide on a mix of products and services on which to focus and establish a unique selling proposition.A brand plan sets goals for your organization and creates a roadmap for making your brand shine brighter than the competition.There are some significant differences between a brand plan and a business plan, and it’s important to understand the function of a former.Your business plan will include a description of the product or services offered by your company.It’ll also include figures such as financial and budgetary projections.