This past week, I attended my local American Marketing Association chapter monthly event, and I was struck by a very simple explanation on how brand and marketing strategy fit together. The explanation came from Tony Fannin, President of BE Branded. I thought that Tony’s explanation would be worth repeating in this post, because I know that there are many smart and successful organizations that struggle with the difference between these two concepts. This could be because traditionally trained marketers sometimes take understanding these concepts for granted and therefore do not always ensure that their audiences know exactly what they mean when they refer to either concept. As a result, business leaders and managers who might not be as familiar with these concepts could find them to be vague, confusing, or even perhaps interchangeable. So for any of you who might fall into one of these two camps and who may not be articulating how brand and marketing strategy fit together as eloquently, clearly, or succinctly as you might like, perhaps this explanation is worth a try:
The marketing strategy is the bridge between what the target customers believe and what the organization wants its brand to stand for.
Now to help give more clarity to this explanation, let me provide a few more details. First of all, at its core, a brand is what your product/service/organization ultimately stands for or means in the minds of the target customers. It is comprised of the feelings or perceptions that target customers have when they think of or experience a particular product or service. Organizations typically want the brand to stand for something in particular in the minds of their target customers. Meanwhile, the target customers may not have these exact perceptions and feelings in mind when they think of the product or service (unfortunately, this is the case most of the time). The difference between what an organization wants its target customers to think and what the target customers actually think is a gap. Organizations can create and execute a marketing strategy to minimize the gap. The marketing strategy is the set of planned actions that the organization undertakes to bring the two points closer together. Typically, these actions address one or more of the following: the product (or service), the pricing, the placement (distribution or channels), and the promotion (including communication/messaging). A well executed marketing strategy should help to move the perceptions of the target customers closer to what the organization envisions for the brand. Additionally, it should also help organization’s idea for the brand become more attainable and believable to its target customers.
So what do you think? Does this explanation help distinguish between the two concepts? Let me know! I’d love to hear if this is helpful or if you have other suggestions.