Branding plays a very significant role in the development of a business.Completing a thorough research about the intended audience will help your brand sustain.
Branding plays a very significant role in the development of a business. It is the foundation that helps every business secure a strong footing in their market, regardless of the size or type of operations. Considering the intensity of competition in the digitally-driven market of the new millennium, a business must be capable of keeping up with the strong influx of changes in consumer interests and choices.
In simpler terms, a brand strategy is the map to Narnia that helps businesses project a strong image and brand perception in front of their target audience. It is the plan that helps you leave a good first impression on the customer and urges them to choose you amongst the hundreds of options available for their disposal.
It is a strategy that highlights your unique selling points and translates them into entrapments that attract and retain customers for your brand. It reveals the difference between you and your rivals in the market and is based on the specific goals and values you have associated with your business.
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What is a brand strategy?
The brand strategy is the definition of the entire experience a customer undergoes when they come across your business online. From the store itself, to the products, ton, aesthetics, and even the the customer service, everything comprises of the strategy. the elements of a brand strategy are not restricted to brand names, slogans or logos. Instead it is the amalgamation of your brand ideology with the associative aesthetics, consumer psychology, and a lot more combined together to give you the best you can get from your brand story.
This comprehensive guide on branding is the ideal read for beginners and masters alike. Grab a pen and a notebook, because by the end of reading this article you will need to make a lot of notes to strategize for your own business.
Let’s jump right into branding!
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Have a definitive plan
Planning ahead is the beat strategy for gaining long term success in the business landscape of the new millennium. You cannot afford to leave things on the mercy of chance and spontaneity when the stakes are so high. This is why, we suggest our readers to develop a business strategy that is well-rounded in terms of differentiation of your business.
You can start by making a list of milestones associated to the SMART goals for your business. And you have already climbed half the ladder of efficient strategy. The first stage of strategy development is critical for finding the right answers for measures of organic growth, priorities and allocation of resources. This strategy is the home ground for brand development and will lead to the story that becomes the impression of your brand.
Remember, Target did not become the American market place of choice over night! The red bull-eyed brand has strategies for this position over years!
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Conduct comprehensive research
Completing a thorough research about the intended audience will help your brand sustain in the long run. Technically, the brand strategy is the road to reaching the audience and retaining their interest in the products being offered on your end.
While conducting research on your target audience, it is essential for you to develop a set of buyer personas that is applicable to the entirety of market segmentation that comes under your business. This can include lifestyle, interests, and consumption patterns. When you laser focuses on a certain segment of the target audience then you can easily achieve higher rates of conversion.
It is essential to note here that the modern consumers are never looking for a product alone. Instead, they look forward to the experience offered and the value added to their life at large. When a brand starts implementing this minute detail about the modern audiences, they master the art of brand strategy.
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This is why, when a consumer searches for an online leather jacket store in USA they are not interested in purchasing a GTE jacket alone, instead they are mentally invested in the joys of adorning a leather jacket and riding a motorcycle like the bad boy from the wrong side of town, seen in the novels and films.
Develop your brand from scratch
Once you know what needs to be done and who the primary stakeholders are, the next step is to build the brand. You can bring your brand to life by capturing your vision into a productive strategy. This can include the values and beliefs that are close to you and the imagery they can create about your brand for the masses. You must have a primary understanding of the brand perception you want to project towards your prospects and then communicate it effortlessly.
You can think of yourself in the position of a marketer, working for a beauty brand. How do you see the brand connecting with the audience? What do you think is the unique differentiation found in this product that is not available in the sets by Kylie Cosmetics and Huda Beauty?
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Once you start to answer such questions, you subconsciously start developing the brand story.
Prepare an emotional brand story
Storytelling is the foundation of brand development. This is why a brand story is often created through the amalgamation of numerous tools such as aesthetic and intellectual sensibilities to retain the attention of the target audience.
This is the stage where you can wax poetic about the greatness of your environmentally friendly methods of production for your organic beeswax candles and the ethically sourced stitching for your boutiques will help you become a crowd favorite!
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The next elements other than copy writing are one site speed and layout. While the speed improves the user experience, the layout appeases the eyes of the consumer.
This is why we suggest our readers to be readily prepared for investing in good quality web copy and logo designs, as both of these elements define the nuances of the brand that will plastered across every platform!
Think of Amazon, can you imagine the brand without its smiling logo?
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Final Thoughts
The key lesson here is to develop a comprehensive brand strategy that suffices for your brand to retain its meaning. If you do your research now, you will be able to succeed in every single aspect of brand strategy!
Greetings, I’m Audrey. I’m a Blogger living in Birmingham, United Kingdom. I am a fan of music, technology, and entrepreneurship. I’m also interested in fitness and yoga.
Electric vehicle manufacturer Rivian has been slapped with a lawsuit which alleged that the company misled the investors with false claims regarding its business, operations and prospects.
The class-action lawsuit made a number of allegations which included overstating the demand of its Electric vehicles and also not making it clear how it will handle the negative and near-term macroeconomic impacts.
The lawsuit also revealed that Rivian’s business was experiencing reduced demands as well as increased customer cancellations precipitated by inter alia, high interest rates.
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The orders had significantly reduced and this has significantly reduced the profits and the manufacturing of vehicles in 2024.
Rivian Faces New Class-Action Lawsuit Alleging Deceptive Statements
The lawsuit also alleged that the Company’s public statements were materially false and misleading at all relevant times.
Rivian’s stock, like all other EV startups, has been tanking and this has angered the investors who saw a major portion of their investments eroded and a number of law firms like Bernstein Liebhard LLP announced this week that it has filed a securities class action lawsuit on investors’ behalf.
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The lawsuit stated that the EV manufacturer had violated the Securities Exchange Act of 1934 and has asked investors who had bought shares of Rivian Automotive, Inc. between March 1, 2023, and February 21, 2024, to join its suit.
The company’s stocks have fallen and one of the primary reasons was the high interest rates. Rivian’s products are beyond the reach of an average income household.
The Rivian’s Electric vehicles target customers were wealthier clients and the spurt in order cancellations means this class is walking away from Rivian’s product.
The stocks of the company were popular for the investors but the reduced demands caused by higher borrowing cost have hit its stock prices badly.
The price war has also affected the EV sector and the company also with its competitors like Tesla has been uniformly affected.
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The EV sector marked value has tanked by more than 57% year-to-date.
The chance of a fall in interest rates is not expected since the Federal Reserve will not lower the benchmark interest rate since it could lead to a bout of hyperinflation.
Also another factor which will discourage the Federal Reserve to lower interest rates is the soaring energy prices caused by the war in Ukraine and the Middle East.
Kennywood’s Steel Curtain roller coaster will not be available this 2024 season, and this has miffed a Kensington man to the extent that he has filed a lawsuit against Kennywood and its parent companies, alleging that the officials had known this fact long before but withheld it to boost season pass sales.
Lawsuit Against Kennywood
The lawsuit, filed in the Allegheny County Common Pleas Court by Joshua Miller and his attorney, John A. Biedrzycki III on Monday, alleges that it was a deliberate attempt to hide the fact to accrue financial benefits by boosting season pass sales.
The lawsuit alleges that Kennywood has created advertising campaigns targeting consumers like Mr. Miller and others to purchase the 2024 season pass under the belief that the benefits included myriad park attractions, including the Steel Curtain.
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In the lawsuit, it was revealed that Mr. Miller bought his season pass under the assumption that all rides would be operational.
However, on April 17, three days before the park opened for the season, it was revealed that Steel Curtain would be closed for the season.
The announcement was made by Ricky Spicuzza, the park’s assistant general manager, and the reason for the closure was cited as the coaster undergoing an “extensive modification project.”
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Ricky Spicuzza said,
“We understand the frustration many of you have felt not being able to experience the Steel Curtain. On behalf of our entire team, we absolutely share that frustration with you.”
However, the lawsuit contends that the fact was known long before last week that the 220-foot-tall coaster would be out of commission.
The lawsuit states,
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“The company withheld this information from season pass purchasers so as not to lose season pass customers, or, alternatively, so as not to offer a discount on season passes due to the unavailability of the Steel Curtain.”
The lawsuit also details numerous violations of the state’s unfair trade practices and consumer protection law. This includes failure to disclose the Steel Curtain’s closure with the full knowledge that the consumer believed that it would be functional for the 2024 season.
The park offered varied passes, which ranged from season passes priced from $109.99 to $239.99.
The lowest endowed pass was the bronze pass, which provided unfettered admission except on certain blackout dates.
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The premium range included the platinum pass, which offered year-round admission to Kennywood, Sandcastle, Idlewild, and Palace Entertainment’s Dutch Wonderland in Lancaster.
Additionally, it also offered free parking, discounts on food and retail, and three free guest tickets.
Prime Energy, the sports drink from Prime Hydration, has been hit by a number of lawsuits for containing excessive amounts of caffeine and PFAS. Another lawsuit was filed on April 8 in the Southern District of New York, accusing Prime Hydration, the parent company which manufactures the sports drink, of engaging in misleading and deceptive practices.
Prime Hydration was founded by two Logan Paul and KSI in 2022, and the products became very popular thanks to the huge followings of the YouTubers. However, the company is now facing a slew of lawsuits over the ingredients in their energy and sports drinks.
New Lawsuit Against Prime Hydration
The latest lawsuit, filed on April 8, accuses the company’s 12-ounce energy drinks of containing 215-225 milligrams of caffeine, exceeding the permissible limit of 200 milligrams. The lawsuit was filed by Lara Vera, a resident of Poughkeepsie, New York.
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The lawsuit details that the plaintiff had purchased Prime’s Blue Raspberry products on numerous occasions in August 2022 for about $3 to $4 each, unaware that the products contained caffeine beyond the permissible limits. The plaintiff is seeking damages of $5 million from the company. Lara Vera’s lawsuit alleges that Prime advertised 200 milligrams of caffeine, which is equal to six Coke cans or two 12-ounce Red Bulls. One Red Bull can could contain 114 milligrams of caffeine.
The suit also alleges that there are no safe limits of caffeine for children and that caffeine has been indicted for causing tachycardia, headaches, convulsions, tremors, upset digestion, and adversely affecting mental health.
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Earlier, Senator Charles Schumer, D-N.Y., had asked the Food and Drug Administration (FDA) to investigate Prime energy drinks in 2023 after reports that the products contained high levels of caffeine. The Senator also accused the company of using vague marketing tactics focused on young people, influencing parents to buy the caffeine-laced drinks for their kids. The lawsuit by Vera also quotes the Senator’s call to the FDA.
Prime is also facing another lawsuit filed on Aug. 2, 2023, in the Northern District of California by the Milberg law firm on behalf of Elizabeth Castillo and others. The lawsuit charges Prime’s products with using flavors containing PFAS, or “forever chemicals.” Forever chemicals are a class of chemicals that are not degraded in the human body or nature and have been indicted as a carcinogenic substance. Independent third-party testing has confirmed that Prime Hydration grape flavor contained PFAS.
