12
What is the difference between brand strategy and business strategy
TrustPro have done a couple of business strategy project for our clients.
In some cases, they asked,” What is the difference between brand strategy and business strategy?”
From our experience and based on similiar references, we give the following answers.
In summary,
Brand strategy and business strategy are similar concepts.
Business strategy is focused on how a business will make money.
Brand strategy is focused on how to build a brand in order to grow a business.
In detailed,
Business strategy
A business or organisational strategy details a firm’s vision, mission and long-term objectives. The organisational objectives form the heart of the strategy. However, a complete strategy also prioritises those objectives and describes specifically how the firm plans to achieve them – while competing successfully in the market and optimising financial performance. The strategy should also cover the resources that will be needed to deliver it.
It includes things like:
- Promotion
- Pricing
- Distribution
- Marketing
- Business model
- Expected Income
- Scalability Plan
- Among others…
The brand strategy and brand exists to enable, express and bring to life the business strategy. Therefore, branding is the expression of the essence of an organisation, product, or service – its reason for being. Branding communicates the characteristics, values and attributes that the organisation or product stands for, how it is positioned differently to competitors, and why a customer would buy it
A brand strategy will include items like:
- Brand Story
- Brand Purpose
- Mission Statement
- Brand Promise
- Brand Persona (or Ideal Customer)
- Reasons to Believe
- Frame of Reference
- Among others…
Key Question: Business strategy or branding?
So the key question to “whether I should embark on a business or brand strategy project” will like in “Whether I want to know how to make money or how to grow a business”.
If yo
If you choose to “make money” as the project objective, then business strategy project should be the right one for you.
Contact TrustPro for more information and see how we can help you in your business strategy project.