Do you know that developing an effective brand strategy is crucial to every business that seeks to succeed? Businesses that think lightly about branding or how to develop an effective strategy are essentially planning to fail.

Before we can discuss brand strategy development, it is important to understand exactly what branding is. The phrase 'company brand' often conjures up an image of any given company's logo, such as McDonald's golden arches or the Nike swoosh. Unfortunately, a company's logo is only a small part of branding, and is heavily influenced by the company's brand strategy. Likewise, marketing and advertising are often confused with branding. Again, these are important parts of the business which are influenced by the branding strategy.

So what is branding?

Patrick Gourney, CEO of Body Shop, explains it this way: "...A great brand is something that people want to be a part of and share in - a way of expressing themselves." Ultimately, branding is a promise to customers, which then provides the overall experience for them. In addition, it is the 'essence' of the business; the most valuable component which drives the company's direction. It should encompass all aspects of the business, from product development to marketing and advertising - even hiring decisions.