While color is the focus of many books, studies and inquiries, only few attempt to understand how to leverage color as a strategic lever. This research examined the role color plays in product or brand development, as well as, the practices and procedures organizations employ to effectively devise and execute a strategy to leverage color. It presupposed that consumers have strong emotional associations to color that are leverageable by firms. It therefore explored how color professionals perceive consumers' reaction to color in products and brands so as to uncover how emotions can be tapped and engaged to add and extract strategic value. In summary, this research identified effective practices of color strategy while uncovering gaps that need to be attended to in order for firms to successfully employ color in pursuit of strategic goals.