MillionaireX3

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Branding is one of the most critical aspects of business strategy and provides a sustainable competitive advantage. Branding allows a business to differentiate its products and services from those of its competitors’. The digital economy has made it easier for small businesses to gain access to branding experts and leverage branding in a meaningful way.

When it comes to having a brand strategy, it’s not enough to simply have a few bullet points of what you want to do. Brands today need both a thorough understanding of why they choose certain strategies and a detailed outline of what their strategies will be.

The first step to crafting a successful brand strategy is to understand the purpose of your organisation.

This is a deceptively difficult task. Though financial performance should factor in to this analysis, your focus should be on what value you want to provide to your customers. At this stage, asking probing questions such as ‘How do we help our customers solve problems?’ and ‘What is it about our products that customers will love?’ is vital.

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