In a competitive world, only the best manage to remain top of mind for consumers. That’s why it is essential to focus on how your brand is perceived by shoppers. Considering that retail is an industry with many direct and indirect competitors, brands need to find their voice and learn how to share it with their customers.
In this article, we are going to focus on the elements that create a powerful brand. Also, we’ll offer tips on how to use these elements to create a brand strategy that helps your customers remember your brand.
What is a brand strategy?
A brand strategy is a holistic approach that outlines how a company is going to present itself in front of the target audience. The goal of branding is to help the company be memorable in the eyes of the shoppers. Also, a great brand strategy can improve brand loyalty, customer satisfaction, and sales. However, the main goal of brand strategy is to create a great impression and a connection between the brand and the consumers.
Why is it important to develop a branding strategy?
“You can have the best product in the world, but if nobody knows about it, what good is it?” Phil Knight, chairman of Nike Inc.
Before the product comes the brand, and without a strong branding strategy, nobody is going to remember your brand or your products. A brand strategy helps you connect with the right customers and create strong relationships. When customers envision your brand as a person, you’ve done it right.
Statistics also show the importance of implementing a powerful brand strategy. 59% of shoppers prefer to buy from the brands they trust, and 21% say they purchased a new product because it was from a brand they like.
A brand is much more than a simple logo or name. While these elements are important and are the ones that customers remember first, there are a few elements that any brand strategy needs to focus on.
The elements of a winning brand strategy
Before you start creating your brand strategy is important to understand and put these elements together.
Brand core
As its name states, the brand core is the most important part of any brand strategy. The core of the brand is composed of the brand’s core beliefs, purpose, values, and, most importantly, the brand story. To know a brand’s core, you should be able to answer the following questions:
Why does this brand exist?
What matters most to this brand?
What does this brand stand for?
How does this brand differentiate itself?
This is the element that sparks a connection with the customer. More and more shoppers expect brands to be built on strong values and take action to make the world a better place. Customers are willing to “repay” brands for this. 89% of shoppers stay loyal to brands that share their values.
Brand story
The brand story is the narrative used by a brand to share its core values, principles, and purpose. This is when storytelling comes out to play and engages your shoppers.
As we’ve mentioned earlier, customers want to create a connection with a brand, and without a brand story, this is not possible.
One of the best brand stories is the one from P&G. They have been marketing their brand as a “Proud sponsor of Moms.” Most of their commercials and campaigns contained this tagline which managed to spark an emotion. After all, who doesn’t love a brand that supports mothers?
Brand message
Here lies the essence of a brand, its brand voice, and its personality. The brand voice is composed of the messages and the tone used by the brand on all marketing channels to communicate a message.
Depending on the types of products you sell, your target audience, and the brand core, you can find a brand voice that suits you. There are several brands that are recognized by their voice because they managed to find one that sparks an emotion.
Brand “personality”
The “personality” of the brand is the emotion your brand sparks in people. How do customers perceive your brand? Is your brand the funny, reliable, old friend or the eco-friendly, bio-seeking girl? Of course, every shopper will have a different perception of your brand because it depends on their personal experiences and emotions.
The brand personality combines all of the elements presented above. That’s why it is important to discover all of them and find a way to share them with the shoppers.
Other important elements that are part of the brand message include value proposition, the tone of voice, and the messaging pillars.
Brand visual identity
Visual identity is crucial for a brand, especially for an FMCG one. The visual identity of the brand can be seen even in the smallest details, like the font used on a bottle of soda sold by that brand.
Brand color selection
There are a few elements and colors that are used by most brands because of the symbolism behind them. For instance, red stands for passion or anger. However, when used on labels or packaging, this color manages to attract attention instantly. Think about how many brands use red or incorporated this color into their visual identity. Coca-Cola, Red-Bull, and Nescafe are just a few FMGC products that included this color in their logo and design.
Another common color used in the retail industry is yellow. Apart from being the symbol of optimism and happiness, yellow (and orange) is a color that can increase hunger. This is why yellow is used by many fast-food brands such as Mcdonald’s and Subway.
Since green retailing and sustainability have been hot topics, many brands have started to incorporate the color green in their packaging. Green is used by brands that want to market their products as bio, eco-friendly or healthy choices. Shoppers who are looking for healthier or diet options will seek products with green labels or packaging.
Let customers know your brand
Allow your shoppers to discover the “core” of your brand. You need to find a brand voice that matches your values and share a brand story that can incorporate your visual identity. By combining all of these elements, your brand will be top of mind for shoppers.
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Nicoleta Niculescu
Nicoleta Niculescu is a freelance content writer with over 5 years of experience. She has a crush on technology and writes about its impact in various industries.
London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.
According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.
The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:
“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”
The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:
“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”
The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.
The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.
Featured Image Credit: Photo from Kennek.io; Thank you!
Radek Zielinski
Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.
As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.
Goldman Sachs’ Cautious Approach to Implementing Generative AI
In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.
According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.
One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.
To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.
Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.
Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!
Deanna Ritchie
Managing Editor at ReadWrite
Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.
As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.
Streamlining Cryptocurrency Regulations for Innovation
To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.
The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.
Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.
The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.
Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!
Deanna Ritchie
Managing Editor at ReadWrite
Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.
