Most of us associate Volvo cars with safety, and Nestle products, for example, with family values - that's how the brand strategy works. What is a brand strategy and why do businesses need it? Let's look at it in order.

So, a brand strategy is a comprehensive vision of the trajectory of a company's products, including many different elements that relate to the brand, i.e. it includes the philosophy and various, both quantitative and qualitative indicators, such as market volume, target segments, KPIs, etc. In general, brand strategy is a set of elements, activities aimed at differentiating the company and its products from competitors.

Thus, brand strategy is a plan for the creation, development and launch of the company's brand in the sales markets, aimed at emphasizing the individuality, the growth of sales and increasing profits, as well as customer loyalty. And now let's consider what brand strategies exist.

The first type is a product brand strategy. It is characterized by the fact that for each commodity or product a different brand is developed. Despite the significant advantages of this strategy, it still has a certain disadvantage - the cost of design and development of each individual brand.

The next type is the product line strategy. Its characteristic feature is the release of goods of one line under one brand name. One of the significant advantages of this strategy is the convenience of distribution, but there are certain disadvantages - the entire line of goods is associated with one brand.

Another type is assortment strategy. In this strategy, a single brand name is used for all products or goods produced. The advantages of this type of strategy are cost savings in the creation of the brand and its promotion in the market. The next type of brand strategy is the “umbrella” strategy. It is characterized by the fact that for different goods or products on different markets a single brand performs a supporting function. This factor can have a positive effect, but there can also be negative effects, because the attitude of consumers to one of the products will necessarily affect their attitude to other brand products, i.e. if consumers like one of the products, their attitude to the brand will improve, and vice versa.

The goals and objectives of the brand strategy are closely interrelated, because the fulfillment of all tasks ensures the achievement of the goals.

The goal is to increase sales. To achieve this goal can contribute to the use of various tools, and as objectives identify the following: it is necessary to conduct a comprehensive study to determine the market situation, consumer preferences, competitors' offers and key trends, the results of this analysis allows to create a current market picture and build projections for the future.

The goal of promoting a new product or service can be achieved by developing an appropriate strategy, which is an integral part of the overall brand strategy. The tools that help to achieve this goal can include such as building a positive image, increasing customer loyalty, creating an image that is remembered and creates positive impressions, which in turn will have an impact on the further recognition of the brand.

To achieve the goal of establishing identity and differentiation, will contribute to the development of certain tools and mechanisms that can ensure the uniqueness of the company and its product. In this case, it is necessary to develop a visual strategy of the brand, brand identity, the creation of a unique selling proposition, etc.

Building a brand that is resistant to various market fluctuations is not an easy task, but it is even more difficult to keep the attention of consumers for a long period of time. That is why it is necessary to continuously develop a brand strategy that helps to increase brand value.