Students, professionals and even Leaders are sometimes confused as to what exactly is marketing and how is it different from Brand strategy. Marketing and Brand strategy are not mutually exclusive ideas, in fact they are interdependent strategic activities that feed, inform, and drive each other. We will see in this article that the most important distinction is in the intent – and desired outcome – of each area.
Brand strategy is a long-term plan for the development of a successful brand in order to achieve specific goals.
Brand strategy defines how people should ideally feel about your business and product. It strives to find how to optimally present your offering and what you stand for in the market. It is an abstract idea held in the hearts and minds of people connected to your business as customers, partners, suppliers, or employees. If i consider a brand as a “promise delivered” then brand strategy is about defining the promise, the idea behind it and explaining how it is being delivered by your product.
Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. - Philip Kotler
Marketing is about identifying, anticipating, and satisfying customer requirements profitably. It defines, measures and quantifies the size of the identified market, the profit potential and the best routes to that market. It defines the price of the product and how and where it is to be promoted. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.As such, marketing strategy is an assembly of tactics that are very rational and tangible in nature, and highly measurable.
As you must have noticed, there is an overlap between the two disciplines, because the best brand strategies are informed by strong marketing strategies, and the best marketing strategies are driven by strong brand strategies.
One distinct difference between brand and marketing is their relative scope. Marketing is a highly focused activity generally restricted to a part of the entire product team while Brand is a broad concept that touches each and everyone connected to the brand, both internally and externally. The brand’s promise is realized when all business functions- product development, manufacturing, finance, customer service, HR, and marketing are inspired and driven by the brand promise.
An ideal marketeer should appreciate both the differences and the synergies of brand strategy and marketing. They recognize the outcome of their brand strategy as a promise and the idea the product team will strive to keep in order to create a brand that is respected, admired, and valued. While the marketing strategy provides us a set of tools that will actively turn that brand promise into profits to the organisation through increased interest, appeal, and product differentiation.
As an ideal marketeer, one should not consider the two as the substitute of the other while the two work in consonance with each other for better establishment of the brand and increased profits for the organisation.
Anuj Gupta
@watshotwatsnot
References:
http://www.kotlermarketing.com/phil_questions.shtml
www.blog.emotivebrand.com
http://www.kotlermarketing.com/phil_questions.shtml
www.blog.emotivebrand.com