In this article, we will talk about new trends and trends in building a brand strategy. Let's talk about the corporate culture, personal branding of the leader, building relationships with millennial clients, and philanthropy strategies.
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| Brand strategy development |
About new trends in branding strategy
In the modern world of fierce competition, sustainable business development is largely determined by how effectively a company uses modern methods and methods of advertising its brand in a particular marketplace, and above all, in social media and digital media. It is in the vastness of the global digital environment that its technological structure changes every few months, new digital platforms appear, and algorithms are transformed.
Research shows that for the successful development of an enterprise, it is critically important to take into account the shifts taking place in the market. At the same time, in the process of searching for and developing a modern marketing strategy, businesses need to pay special attention to branding issues that would reflect the current trends of 2020, the needs and expectations of buyers of the company's goods and services.
Trend 1. Recruiting and corporate culture
Talented, competent and highly educated specialists have always been in short supply. Promising start-ups or global multinational corporations took them to well-paid jobs without any interviews and out of competition. Graduates of prestigious educational institutions choose a job on their own, they do not need to send out resumes, go through interviews, hope to get on the shortlist, and wait for calls from a potential employer.
Heads of HR departments and recruiting agencies “hunt” for real specialists. After all, they are the future of the company. Therefore, to attract top personnel (and not just consumers of goods and services), it is so important for businesses to take this trend into account when developing a branding strategy and corporate culture, which, first of all, should be reflected in social media and specialized virtual platforms.
If the company is not presented in digital media in a sufficiently complete, professional, and transparent way, then marketers will not be able to achieve their goal of expanding the reach of the target audience and increasing brand awareness. Moreover, if, for example, the design of the company's website is rather poor, boring, and colorless and the posted content does not pay attention to issues of personnel policy, incentives, and rewards for employees, and the company has few Instagram followers or not so many brand reviews on the Yelp service, then most likely the degree of involvement of talented specialists / potential employees and the number of views will be quite low.
Statistics confirm the importance of the issue not only of recruiting but also of the corporate culture. Thus, according to a study by the consulting company Deloitte, 94% of managers and 88% of employees of enterprises are sure that a clearly expressed, clear, and intelligible corporate culture is essential for business success. At the same time, the comparative analysis showed a significant increase in the income of companies with a strong corporate culture, which is based on the evaluation and stimulation of the final result.
Therefore, when developing a brand platform and, in particular, a branding strategy, it is necessary to take into account the need to properly reflect the business and its organizational culture in digital media, which have an unconditional impact on various aspects of business activities, including the recruitment of new talent. To do this, we at MindRepublic offer a web guideline service. In it, we prescribe the rules and topics of posting, the tone of communication, etc.
Trend 2: Pricing, sustainable products, and millennial customer experiences
If your company's target audience is millennials, then marketing your brand should not focus on its competitive price. Your business should not actively participate in the price race.
Young Gen Y consumers are willing to pay more if your brand is a high-quality product that deepens and enhances their customer experience. Thus, according to a study by the consulting company PwC, 42% of buyers will pay more for friendly and friendly service, and 52% prefer its efficiency and efficiency. According to global metering company Nielsen, 75% of millennials are willing to spend substantially more on unique, sustainable products.
The growing popularity of premium brands such as Equinox or Whole Foods confirms the trend of 2020 - consumers have begun to pay increased attention to quality organic and ecological products.
By the way, our agency has a special offer for those who are just starting their own business or small companies with a limited marketing budget. As part of the Express branding package, we will develop everything you need to quickly start your business.
Shahin Safai, CEO of Royal Personal Training startup, which provides personal fitness training and elite workout services, says about the benefits of incorporating customer experience into a branding strategy: “Our main goal is to create a consistent customer experience at all stages of our work and surpass customer expectations and high consumer standards. Paying attention to every detail and providing high-quality service throughout our business chain, we achieve a positive customer experience. This experience really impresses consumers and guarantees their future cooperation with us. A great customer experience becomes a unique and valuable asset for any business.”
Brand development in the fitness industry, whose priority is to create a positive customer experience, was able to win a niche in a fairly saturated marketplace, where low-cost carriers such as Planet Fitness and LA Fitness prevail.
Royal Personal Training was also able to develop partnerships with luxury hotels and gain support from top Instagram influencers, such as the "Queen of Balfe", the famous fitness model Sommer Ray (Sommer Ray).
In an extremely saturated market, buyers are willing and able to pay more if they get something of real value in return or if their money goes to a good cause.
Trend 3. Personal branding of the head of the company
Consumers encounter ads at every turn – while browsing personal pages on the Instagram network while traveling by public and private transport while listening to their favorite podcasts, on the way to the country, watching TV, and on the Internet. And in any such interaction with intrusive advertising, the consumer is instilled with the idea that by purchasing the advertised brand, the buyer will be able to radically and undoubtedly better change his personal life, his career, and his social position.
As a result of an excessive excess of intrusive advertising, the consumer becomes indifferent and insensitive to the brand and ceases to trust anything that does not have a human face but is represented only by a soulless company logo on a billboard. More about the logo creation service and corporate identity development.
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| Brand strategy development |
The oversaturation of the market with traditional forms of advertising has led to the emergence and growing popularity of an alternative form of marketing - personal branding of the first person of the company, who acts as an opinion leader in the relevant industry.
A new marketing approach has taken hold with the development of social media and other digital platforms. The experience of such famous entrepreneurs, investors, and best-selling authors as Gary Vaynerchuk and Grant Cardone showed how important and relevant for business development, sales and income growth is the creation of personal branding for SEO companies.
By publishing valuable content in the form of LinkedIn blog posts, Instagram stories, or YouTube videos, a CEO expands audience reach, and increases company and brand awareness, while positioning himself as an authoritative opinion leader in his business area.
Trend 4. Share with those in need
According to consulting firm Omnicom, 79% of millennials are willing to buy brands that support charities. The success of such companies as TOMS, Warby Parker, Bombas, and many other similar corporations indicates that modern consumers prefer brands for which the priority is not only and not so much the provision of goods and services of the highest quality, but also the fulfillment of a certain - materially intangible - a mission that is important from the point of view of public interests, corporate culture, spiritual, moral and moral values accepted in the society.
For example, American Eagle donates 100% of the proceeds from the sale of a clothing collection designed with a team of teen advisors to charity. Items included in the collection have a QR code. Shoppers scanning this code can donate additional funds to Delivering Good, which helps homeless and poor teenagers. Thus, millennials can take part in a charity event not only at the purchase stage, when their payment for a collectible item is immediately transferred to the Foundation, but also later, by scanning a QR code for future donations.
It is important to note that the idea of “helping those in need” finds its implementation in a variety of forms – from transferring part of the payment for goods to charity and providing free access to valuable and useful content to the work of company employees as volunteers during certain working hours.
There is no doubt that any business requires unconditional and continuous development. The branding of your company should not be something frozen and a given that cannot be changed and transformed. It is no longer enough to develop a brand book or order the creation of a corporate identity, and then abandon the development of your brand. A branding strategy, like a business, requires constant updating, full reflection, and consideration of all rapidly changing market trends and consumer expectations, and meeting the social ideals and social needs of the target audience.
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