Just as an architect draws out a building plan before they start building, you need to develop a brand strategy for your business.Brand strategy is part of a business plan that outlines how the company will build rapport and favorability within the market. The goal of a brand strategy is to become memorable in the eyes of the consumer so that they decide to patronize your business over the competition.(We'll get into that more in a bit.) A well-defined and executed brand strategy affects all aspects of a business and is directly connected to consumer needs, emotions, and competitive environments.First, let's clear up the biggest misconception about brand strategy: Your brand is not solely your product, your logo, your website, or your name. Your brand is all of that and more — it's the stuff that feels intangible. Your brand is that hard-to-pin-down feeling that separates powerhouse brands from forgettable brands. To objectively understand a subjective matter that many marketers consider more of an art and less of a science, we've broken down seven essential components of a comprehensive brand strategy that will help keep your company relevant for decades.