Peloton, the American exercise equipment, and media company witnessed a 128% growth in revenue in the first quarter of 2021. With a tailored strategy to repair its damaged brand experience, retain existing customers and earn new trust, it is headlining as the heavyweight in the industry. For its only-digital presence, the company introduced a strategy to provide premium home workouts in as little as $13 per month in a subscription model - all without having to head towards an expensive equipment purchase. Going ahead, the brand expects a 2.28 million rise in its fitness subscriptions by the end of the fiscal year. All thanks to its stellar brand strategy. And what businesses need to know here is that such strategies are still being expected by customers from many brands across the world.
The ultimate destination your business wants to reach is revenue growth. However, many companies wander without a clear path to achieve the goal. Branding decisions are taken after the product development processes are complete. This is a major threat while competing with organizations that have a very clear brand strategy that acts as the key driver for all their internal and external operations. The absence or even vagueness of the strategy prevents your business from creating a distinctive position in the market.
Brands lack the short-term and long-term vision to guide the decisions of their business. This deficiency occurs as they are unaware of what their company stands for and what it stands against. That’s when the need rises to understand the purpose of the enterprise in the first place.
Small businesses often misunderstand that branding is only for big companies. In other cases, they fail to recognize the significance of a brand. In the truest sense, brand strategy is for every entrepreneur, whether starting from home or from Silicon Valley.
Almost every company conducts innumerable brainstorming sessions over market research, digital growth, and social media engagement. Yet, they fail to develop a breakthrough brand strategy because they fail to understand their target audience. The needs of consumers grow by the day. And businesses need to dive deep into feeling the needs and pain points of the consumers.
Almost every business focuses on customer acquisition instead of customer retention. It is not wrong to concentrate on the former. But it is crucial to concentrate on both goals to achieve constant growth. And this is possible only when you have a relevant brand strategy in place.
Every time a new brand manager arrives, he/she changes the brand or its base strategy whether changes are required or not. Essentially, a defined brand strategy is required so that it is passed on to every new brand manager as well as constantly and consistently applied across all internal and external operations.
A business is an amalgamation of economic, legal, social, physical, and political factors that affect all its activities. Significant changes in any of these factors create growth pressures on an organization. Further, the growth pressures force companies into new products or services that obscure the meaning of the brand itself.
Black Panther, known as the ghost of the jungle shows the rarest attributes of unbreakable focus, powerful instincts, and piercing awareness that define its hunting strategy. This helps the awe-inspiring animal to survive even in the harshest environments of the world. A brand strategy calls for the same abilities - to stay extremely focused, informed, and aware of the purpose, the vision, the mission, and the target audience. This helps in building a strategy that survives in the ruthlessly competitive market.
Learn more about the secret strategic traits of the ghost of the jungle - as we connect it with the different layers in strategy unveiled below.
Black Panther defines an unmatched position in the jungle. The melanistic cat shows unique ways of deeply connecting with the forest and increasing its chances of survival.
It loves living in solitude - up on the trees - camouflaging from other animals, and with the bravery to traverse the unknown. Connecting with these facts, a brand needs to define its positioning by defining its unique benefits and competitive advantages. In the effort, this should lead to establishing a deep emotional connection with the customers. This will decide how your company is perceived by the customers in the vast market - where competition remains unpredictable.
Brand attributes express the qualities of a brand from the inside out.
They bring out the personality, functionality, and physical characteristics using the power of imagery, language, actions, and assumptions. All in all, the attributes are responsible for how the brand is identified. The black coat that helps the melanistic cat in camouflaging - and the penetrating eyes that clearly speak of its dominant presence are two powerful features of its identity. Brand attributes should be just as impactful enough to build an obvious identity.
Just like the Black Panther, when you are aware and informed - of your user profiles - it helps you in mapping out the scenarios in which the targeted audience can interact with your brand.
Ultimately, the informed interactions support in predicting pain points and further facilitate comprehension of functionality and user behavior.
Black Panther has exceptional smartness that adds up to the potential of survival and growth.
Likewise, a smart strategy helps in discovering customer needs and eventually the potential for growth. The melanistic cat has an incredible vision and hearing sense that helps during the nighttime. Especially when it is looking for prey and protecting itself from predators. Brand marketing strategy requires that powerful sense of examining behaviors, motivations, and frustrations of specific groups so that it can fulfill the gap and make it a competitive edge.
Competitive analysis is a vital step for any emerging business.
This process distinguishes the strengths and weaknesses in a brand’s competitive landscape enabling your company to have a clear and practical view of the market and target audience. Black Panther uses its intelligence to make every move in order to survive in the forest. Similarly, you need to make intelligent decisions about what ways will help to grow your brand.
Black Panther is a silent animal. It uses unique ways of communication only when it wants to reach out to the mating partner. It purrs, hisses, snarls, or growls to send different signals.
Your brand messaging and voice should have that clear signal that reaches targeted customers. Without unnecessary flashiness, and meaningful soberness your brand messaging and voice can come out appealingly.
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