Compare Brand Strategy Consulting Firms on These 4 Factors
Can brand strategy consulting increase the odds of success for new products? While over 30,000 new products enter the US market each year, only 30% of new products will actually succeed at driving sustainable growth in the first two years.
Now more than ever, start-ups are taking advantage of the reduced barriers to entry with ecommerce and capitalizing on evolving consumer behavior and preferences. But launching a new product is very different than building a successful brand. Building and maintaining a brand that is relevant and profitable long-term is hard work and requires significant planning and resources to stay ahead of competition.
Developing a brand strategy is typically a cross-functional team effort, with each team member bringing their diverse perspective and skillset to the table. However, once defined, a strong brand strategy must be able to live beyond the team that created it – securing organizational buy-in, clarity and support across the departments that participate in execution.
Brand Strategy Consulting: Expertise in Driving Business Results
Brand strategy consulting experts assess and develop differentiated brand strategies that deliver business results. They leverage consumer insights and years of experience working across industries to help teams build informed recommendations that maximize the value of their brands in-store and online.
Expertise Areas for Brand Strategy Consulting
- Brand Identity and Mission
- Targeting and Brand Positioning
- Brand Drivers, Performance and Loyalty
- Brand Expansion and Guardrails
- Brand Architecture
Provide direct guidance on growth opportunities such as …
- How to expand the brand into additional product categories or channels
- Roadmap to strengthen the brand equity, with a focus on the most important emotional and functional benefits
- Critical product standards that must be delivered against for the brand
Brand Strategy Consulting: When to Consider Bringing in a Consultant
As COVID recovery efforts take shape in 2021, many leaders agree that balancing short- and long-term goals is important. However, that is easier said than done – in fact, 44% of finance leaders indicate they struggle to juggle short and long term priorities. Bringing in a business strategy consulting firm to help with the brand strategy planning can be beneficial for a number of reasons:
- Expert Outsider Perspective: Brand strategy consulting firms can infuse the team with new thinking by bringing in an external perspective that challenges them to think broader, solve for barriers in creative ways, and uncover new or emerging growth opportunities.
- Experienced Manpower: Many companies are facing staffing shortages, and, with COVID accelerating digital transformation, existing staff is stretched thin. Bringing in an experienced brand strategy consulting firm to help identify gaps and execute with minimal guidance can enable the brand team to continue to focus on other high-priority initiatives while making inroads on long-term goals.
- Drive Alignment: Achieving internal alignment/buy-in can be difficult depending on the size of the organization and company dynamics. Everyone has a different perspective, but a brand strategy requires alignment and prioritization. Consultants can help teams quickly assess the situation, understand barriers to achieving alignment and ensure the right team and executives are involved to ensure successful adoption and execution.
Brand Strategy Consulting: What to Look For
When evaluating which brand strategy consulting firm to hire, below are four factors and traits to consider:
- Relevant industry experience
- Disciplined approach to addressing and solving business question – this will ensure that the team stays on track and delivers on outcomes
- Analytic and pragmatic – this is important, because recommendations should be fact-based but also layer in business judgement
- Agile and collaborative – can effectively lead a diverse cross-functional team and pivot work approach to ensure alignment and executive buy-in
Brand Strategy Consulting: Resources and Tools
Here are some resources and recent case studies to help evaluate your brand strategy.
|How to Build a Brand Strategy: Template With 5 Critical Steps
|Brand Strategy Framework
|The One-Page Strategic Plan Template Persists
|Brand Strategy Experts: 4 Trends for 2021
|Digital Brand Strategy Examples: Airbnb vs. VRBO
|3 Brand Extension Strategy Examples