Jack Trout provides a simple, four-step guide to building a great strategy for your brand.
Step 1: Understand the environment and the context.
While we talk of competitors, we tend to exclude them when working on our strategy. But we cannot. Competitors are spending huge sums of monies trying to get their stories into the minds of consumers. It is, therefore, critical to understand how consumers perceive other brands in relation to ours. Look at the perceptual strengths and weaknesses of the competitors and you. (Perceptions are what really matter, not reality).
Step 2: Find the PEG to hang your strategy to.
Some people call it the USP. Others call it the differentiating idea. Whatever you call it, you have to determine what will make you different, what will separate your brand or company from competition. Your aim is to be unique, to be one of a kind.
Step 3: Have strong ‘reason whys’ to support your differentiating idea.
Grey Goose vodka was launched at double the price of the then no.1 vodka, Absolut. Also, while people thought that the best vodkas came from Russia and Scandinavia, Grey Goose pegged itself as French vodka and gave strong reason whys to justify its French peg and high price.
* Made in France! French craftsmanship, pure water from French springs, French ability to produce high quality, luxury products.
* Superb, luxury packaging.
Step 4: Communicate your unique story.
Many companies come up with a unique story but end up making a mess of communicating it single-mindedly and strongly. They either get too greedy in wanting to communicate multiple points or do not spend enough in getting the story through. The entire marketing strategy, through every element of the marketing mix and through every initiative, MUST communicate your unique story.
The points above seem rather simple; however, they are based on common sense, pure and simple and ring true.