The strategy is the building block of the company's brand foundations. Your brand strategy is a detailed plan that outlines your company's vision, what, vision, personality, and what are you trying to achieve in the world.
The strategy should consist of: 1. Brand Purpose
The brand purpose answers the question of why does your company exist. The statement purpose connects with consumers on a more emotional level.
Start by asking - what is the company's reason for being beyond making capital?
A few examples of brand purpose statements: "To build the web's most convenient, secure, cost-effective payment solution." - PayPal "To accelerate the world's transition to sustainable energy". – Tesla "To democratize finance for all." - Robinhood 2. Brand Vision
The brand vision answers the question of the ideas behind a brand that help guide the future. The brand vision supports the business strategy, differentiates from competitors, resonates with customers, energizes and inspires employees and partners.
Start by asking - what future the company wants to help create?
A few examples of brand vision statements: "To transform the way you manage your money with the latest technology and the best minds from around the globe, in order to change banking for the better." - N26 bank "To make it easier than ever to create and connect decentralized applications, services, and institutions. By empowering innovators to build better solutions, we seek to free society from its reliance on a broken web where its large institutions can't violate our trust." - Polkadot 3. Brand Mission
A brand mission statement answers the question of how it plans to serve its audience. It is action-oriented and gives an idea of what your business does and what impact it wants to make.
Start by asking 3 questions:
- What do you provide?
- What is going to make you stand out?
- How are you going to help your customer?
A few examples of brand mission statements: "We believe in an alternative to the banking of the past. We're focused on solving problems, rather than selling financial products. We want to make the world a better place and change people's lives through Monzo." - Monzo bank 4. Brand Values
Brand values are a selection of core decision-making principles that will guide a company during the toughest times. They will drive the company's culture, product development,
Decide on 3-4 values and define what do they mean exactly for your company.
Here is an example of Crypto.com value system:
Take Ownership and Be Decisive
You can read more: https://crypto.com/about 5. Brand Audience
Brand audience answers the question about who do you serve? This is a condensed version of the customer profiles you have identified in the Step 2. 6. Brand Voice
The brand voice answers how does your brand sounds like. The master of the tone of voice in fintech sphere is Monzo. Here is a brief example from their tone of voice guidelines. "We use the language our audience uses, and make the technical stuff as clear as we can. We're ambitious, positive and always focused on what matters to people. We're transparent about what we're doing and why, and we don't hide behind ambiguity. We're open, inclusive and welcoming to everyone."
- Monzo 7. Brand Personality
Brand personality defines all related human characteristics associated with a brand. They are expressed as adjectives that communicate how you aspire customers to perceive your brand. It can also refer to demographics like gender, age, and social class, etc.
There are several frameworks to narrow down core defining characteristics. Two of the most popular frameworks are Aaker's Brand Personality Dimension Framework and Brand Archetypes Framework.
In our process, we use a combination of Aakers philosophy and brand archetypes research to narrow down the defining personality. With this, we analyze and go deeper with our own simple, yet very effective brand personality slider methodology. We ask teams to put a virtual dot between pairs of brand extremes and explain what does that means for them. 8. Positioning statement
The positioning statement is a concise statement of all brand strategy which should be used as a guide to ensure the brand experience is consistent. A brand positioning statement explains what your brand does, identifies your target audience, and the benefits of your brand.
It should consist of:
- tone of voice
- brand feel
The brand statement helps to communicate your brand, thus supporting your brand strategy. As such, before you are ready to dive into your brand identity, it's important to have a fully formed strategy.