Your Mini Strategy Bites for the Month
Hello Folks,
Hope you've been in great spirits? ?? The heat sure is killing us all!?Last month has been fun working on a global pitch for a travel brand amongst others. I've also found time and made?some interesting discoveries across various readings and I wanted to share a few with you. As I wrap up my pitch, I'm now available for my next freelance gig and would love to hear from you on how I could help you. Till then please have a look at your Mini Strategy Bites for this month! You will not be disappointed!?
MINI STRATEGY BITE 1: THE LAWS OF BRANDING
"The 22 Immutable Laws of Branding" by Al Ries and Laura Ries is a classic that has been a guiding light for brand strategists, marketers, and entrepreneurs since its publication. It's a book I keep referring back to. It's a seminal work that lays out a set of unchanging principles for building and maintaining strong brands.
Here's a recap of a few key insights that might come in handy when building your brands:
#1. The Law of Expansion: The more a brand expands into new categories or product lines, the weaker it becomes. Brands should focus on their core strengths and not dilute their brand equity.
#2. The Law of Contraction: On the flip side of expansion, this law suggests that a brand's strength increases when it narrows its focus and specialization within a category.
#3. The Law of Publicity: Being the first in a category is more important than being the best.
#4. The Law of Division: When a brand becomes associated with two unrelated product categories, it can confuse consumers and weaken the brand. Brands should maintain clear and consistent associations.
#5. The Law of Sacrifice: To create a strong brand, you must give up something in the process. This law underscores the need for brands to make choices and focus on what they do best.
#6. The Law of Attributes: A brand's attributes should align with the category it competes in. Brands must emphasize attributes that are relevant and meaningful to consumers in their respective markets.
#7. The Law of the Word: A brand should strive to own a word or phrase in the minds of consumers. This word becomes the brand's identity and differentiator.
#8. The Law of Subbrands: Introducing subbrands can be a risky endeavor as they can dilute the parent brand's equity. Subbrands should enhance the parent brand rather than compete with it.
#9. The Law of Fellowship: Brands should align themselves with others in the same category to strengthen their position. For example, airlines can form alliances to offer a broader network of destinations.
#10. The Law of Line Extension: Extending a brand into related categories can be successful, but it must be done carefully to avoid brand dilution.
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MINI STRATEGY BITE 2 - FINDING IT DIFFICULT TO CONVINCE YOUR CEO TO SPEND ON BRAND?
Finding it hard to convince the CEO to spend on brand? Is all the focus on performance activity and very little or perhaps even no focus on brand building? Putting to rest the debate on the value of brand is Tom Roach's article below. ?? Here are ALL the reasons you should be investing in building a strong brand. Brand Strategists, you should be quoting this in your strategy decks. The brand: the most valuable business tool ever invented - https://lnkd.in/gWMzE6Uh
My personal favourite is: A strong brand can give your business pricing power. What's yours?
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MINI STRATEGY BITE 3 - THE PLATEAU OF LATENT POTENTIAL
Strategy needs patience. Are you feeling disappointed lately that your strategies are not showing results? Well, you gotta wait for the right time. No work is waste.Take a look at the Plateau of Latent Potential from Atomic Habits. Wise words by James Clear below. ????
"We often expect progress to be linear. At the every least we hope it will come quickly. In reality, the results of our efforts are often delayed. It is not until months or years later that we realize the true value of the previous work we have done. This can result in a "valley of disappointment" where people feel discouraged after putting in weeks or months of hard work without experiencing any results. However, this work was not wasted. It was simply being stored. It is not until much later that the full value of previous efforts is revealed."Remember? Slow and steady wins the race... ??
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Those were your mini strategy bites for the month. I hope you enjoyed them. For a strategy chat, feel free to steal my time here.
Until next time, be good!
Roma, #TheSmilingStrategist ??