The importance of brand strategy: Why brand building should be a top priority, starting now

What do Apple, Glossier and Harry Styles have in common?

Killer branding.

A strong brand strategy can work wonders for any person or business, helping to boost loyalty and drive long term growth.

So why do so many marketers today neglect brand development in favour of performance -driven tactics and 'quick wins'? With the total value of the world's 100 most valuable brands rising by 20% in 2024, its not hard to see why that's a big mistake.

To find out more, we spoke to Joanna Robinson, Chief Marketing Officer at THE ICONIC, and Paul Sinkinson, Managing Director (ANZ) at marketing consultancy Analytic Partners.

How brand marketing is making a comeback (and why you should care)

As with politics, music or fashion, marketing trends come and go.

The economic instability of the past few years has had a huge impact on marketing activity. With budgets shrinking, strategists have faced mounting pressure to prove a tangible ROI for every cent they spend.

Naturally, this has resulted in an increased focus on performance-driven marketing. But, as Joanna Robinson, CMO at THE ICONIC, explains, the tides are starting to change.

‘A lot of brands have realised they’ve been so focused on measurement and the bottom of the funnel that they’ve forgotten about the art of storytelling and how powerful that can be,’ says Joanna.

As consumers become more ethically minded (and rising living costs cause them to think more carefully about where to spend their money), they’re turning more and more to brands they can trust.

Investing in an ‘upper funnel’ brand strategy – one that capitalises on storytelling to connect with audiences – is the best way for businesses to meet that need, build a loyal customer base and ultimately drive revenue.

Paul Sinkinson, Managing Director (ANZ) at Analytic Partners, agrees: ‘When executed well, brand building creates emotional engagement with the consumer. This connection drives customer acquisition, influences consumer behaviour and creates buzz around new products and services.’

And that means great things for your profit margins.

According to a study by Lucidpress, consistent brand presentation across platforms can increase revenue by up to 23%. What’s more, businesses with strong brand positioning often experience significant increases in market share – which can enhance shareholder returns.

Beyond profitability, smart branding works wonders for recruitment, attracting top talent and improving employee retention (reducing your recruitment costs in the process).

‘The benefits are endless,’ says Joanna. ‘Companies just need to take the leap.’

Measuring brand success: Combining quick wins with long-term impact

While the long-term benefits of brand marketing are clear, the positive results can take time to manifest.

With the demand for quick results not going anywhere, how can marketing teams convince CEOs it will be worth the wait?

‘Any marketer will tell you it's the holy grail of challenges,’ says Joanna. ‘Trying to convince leaders it’s worth investing in brand building is tough because the old adage says you can't really measure it.

‘It all comes down to balance. A company should be both memorable and measurable.’

But with new tools for measuring brand success fast emerging, there’s never been a better time for businesses to invest in brand building.

Brand research with businesses like Analytic Partners and Tracksuit will help you get a handle on the impact of your brand investments. Social listening tools like Hootsuite, Brandwatch and Sprout Social are helping companies monitor brand mentions and sentiment, while Net Promoter Scores (NPS) allow businesses to measure customer loyalty.

It’s all about combining multiple data points to create an overall picture of your brand's performance – just as Joanna did in her first year at THE ICONIC.

‘We use a range of metrics, tools and software to look at the full funnel and get a holistic view of our brand’s performance,’ says Joanna. ‘Everything from media metrics – impressions, reach and conversion – to NPS scores.

‘We also have a research partner that undertakes quantitative and qualitative brand health surveys for us, measuring everything from brand awareness to purchase intent. If you just look at sales and profit, you’re not going to get the full picture,’ she continues.

Brand marketing may take longer to show results, but it shouldn’t be discounted. As Paul from Analytic Partners explains:

‘Upper funnel tactics are 60% more effective long term than lower funnel tactics – and only 25% less effective short term. So, the impact of upper funnel tactics outweighs lower funnel strategies, even if the latter shows a more immediate impact. And this is true in all market conditions.’

‘If you spend on both performance and brand marketing, you’re much more likely to see sustainable, long-term growth.’

How to build your brand – and bring home the bacon

So, we’ve established the importance of creating a strong brand identity. But where do you start? Below, we outline 9 steps to help you build a killer brand and start reaping those rewards.

1. Define your brand identity

A clearly defined vision and a strong understanding of your core values are essential to creating a solid brand identity. So, if you haven’t already done so, take some time to determine exactly what your brand stands for.

What is your mission and purpose? What are your core values? Who’s your target audience? What are your unique selling points? These are the core pillars of your brand identity.

Once you and your team know the answers, you can ensure they’re front and centre (and consistent) in your marketing.

2. Use storytelling to connect with your customer

Storytelling is emotive, memorable and – most importantly – proven to connect with audiences.  According to a recent survey[TR1] , 92% of consumers want brands to make ads feel like stories.

Joanna concurs: ‘Consumers are more often driven by emotion than rational thought. For brands to really connect with people on a human level, they need to go back to basics and ensure the stories they’re telling are compelling.

‘We’ve seen some huge brands – Airbnb is a great example – redirect their paid performance spend to top-of-funnel marketing to create some incredibly creative narrative-driven campaigns. And the impact has been huge.’

Take inspiration from the likes of Airbnb, Nike and Apple, and use storytelling techniques to ensure your marketing resonates with audiences on a deeper level.

3. Prioritise customer experience

The research is clear: customers who have a positive experience with your brand are more likely to return, spend more, and recommend your brand to their friends.

Prioritise exceptional customer experiences at every touchpoint to increase customer satisfaction and boost brand reputation.

4. Build authentic relationships

Today’s ethically-minded consumer values transparency – and honesty.

Engage your audience by speaking openly about company policies and practices on your website and social media channels.

And remember, customers are perceptive. While they appreciate genuine efforts to operate honourably and sustainably, they won’t take kindly to misleading practices, like greenwashing for example.

5. Be consistent

Consistency is key when creating a uniform brand identity.

Ensure your messaging, tone of voice, imagery and design are consistent across all platforms to improve brand recall.

If your website and Instagram stories look like they’re made by different companies, it will dilute your brand’s impact and make it harder for customers to recognise you.

6. Capitalise on brand advocacy

Generate referrals by encouraging satisfied customers to become brand advocates.

This might be by offering referral incentives, creating shareable content they can easily pass on to friends and family or showcasing customer testimonials on your platforms.

Social media is a powerful tool here: use it to engage on a more personal level with loyal customers, respond to feedback and foster a sense of community around your brand.

7. Use content marketing effectively

If you’ve got the budget for it, content marketing can contribute to a more distinct brand voice and help your audience see you as an expert in your field.

Perform some initial research to determine your target audience’s interests. Then, create valuable and relevant content (think blogs, videos and social media posts) that will resonate with them.

Then, sit back and watch your organic growth begin to climb.

8. Adapt to market trends

In today’s ever-changing climate, it’s important to stay agile.

Analytic tools like SEMrush, Hootsuite, Google Analytics, BuzzSumo, Sprout Social and SalesForce can help you track market trends.

Conduct regular research and share it with your team to ensure you’re abreast of developments and can respond accordingly.

This will enable your brand to stay relevant and meet the evolving needs of your audience.

9. Measure and analyse brand performance

As you already know, there are countless tools for gaining insight into customer perception of your brand –  so use them!

Continued measurement and analysis will show you what’s working and what isn’t, so you can be sure your budget’s being used to maximum effect.