The three brand strategies that large companies usually use to decide which products will contribute to which brands are multi-product branding, multi-brand and private branding. A product that is well received by a target audience can transform a business. As consumers become more intelligent, companies must be more strategic in their branding efforts to ensure that their products and services are in high demand. When it comes to branding strategies, there's no one-size-fits-all option.
Your marketing team must brand your products and services with a strategy that aligns with your company's values and resonates with your customers. Here are five different types of branding strategies your company should consider:. Well-known brands take advantage of the popularity of their own company names to improve brand recognition. Consumers generally recognize logos, slogans, packaging or colors in association with the company as a whole.
For example, companies such as Coca-Cola, Tylenol and Porsche rely on the company's brand to interact with their audience. Large companies with a variety of well-known products can opt for an individual brand strategy by giving each product its own brand name. For example, Apple is the parent company, but it relies on an individual brand strategy to market its different brands, such as Mac, iPhone or iPad. Sometimes, a company relies on a general feeling or attitude to market its products and reflect its business.
This brand strategy brings the business to life by marketing a broader sentiment to create an emotional connection between the brand and its customers. Brands like Nike use the attitude brand not only to sell sports shoes, but also to promote a healthy lifestyle that aligns with their infamous slogan, “just do it”. Brand voice, brand design, brand values, brand history and brand environment are the key elements of a successful brand strategy. Next, we'll show you each one of them, describe what it's all about and analyze why each of them reinforces the experience your brand creates for new and existing customers.
In this strategy of brand extension of a product line, a new brand is launched on the market after consolidating your brand name in a related field. Let's say you're well known in the automotive industry and have a good loyal fan base. There is a need on the part of the customer that demands a new brand, then a brand extension strategy will be implemented. The 10 main branding principles you should know The 3 main reasons why your brand can't have two brand archetypes? If you plan to use this multi-brand strategy, the only disadvantage you'll have is the cost and time needed to develop everything.
Starting with a new brand, a new brand logo, your brand icon, brand guidelines and much more, will be new. But if done right, it will take over the market and generate more revenue. A multi-brand strategy involves a company selling several products from the same market as the competition. This is a way to ensure that the company has more than one brand competing in a category.
As a result, it ensures more shelf space and limits competitors from participating. This approach is common for large companies that have the money and resources to successfully develop and manage more brands. The underlying advantage here is that multiple brands may have a different positioning in the market, guaranteeing a competitive advantage for each brand. Undertaking a brand extension strategy involves expanding the market's understanding of a brand.
This occurs when the brand offers more than one product or service under the existing brand name. One company that successfully implemented the brand extension strategy is Honda Motors, with its foray into the power equipment sector. As a result, he used the credibility he gained in the automotive business to sell generators, lawn mowers, pumps and other equipment. The new brand strategy involves developing a new line of products and a brand associated with it.
The product line must be beyond the reach of the current brand offering, which is why it requires a new brand. To see the new brand in action, we can think of Barclays's mobile transfer application, Pingit. The application was initially developed for Barclays account holders, but was later expanded to serve customers with any bank account in the United Kingdom. As a result, Barclays expanded its banking services in the technology sector by using a different brand and targeting a wider group of customers.
And moving from strategy to execution is another story. Whether you're building a new brand from scratch or embarking on an expansion of the product line, you must first ensure that your strategy meets customer needs. And, secondly, you must ensure that the elements of your brand are prepared to represent the new development in an organic way that guarantees a new market share and grows your customer base. The way in which your company is visually displayed, from the color palette to fonts and photographic style, in your products, websites and marketing platforms is called brand design and is often the first and fastest way for a potential customer in your target market to understand what you want.
This brand growth strategy benefits Coca-Cola because it attracts consumers who might have considered one of Coca-Cola's competitors working with cleaner sweeteners. Brand design elements should also appear in a brand style guide along with tone of voice specifications. That's why understanding the purpose of developing your brand is as important as the strategy you use to achieve it. Brand values become the parameters that help you discern whether a decision or partnership fits your company's objectives, help you establish connections with your community and find potential customers who share similar beliefs.
You should organize a workshop with your team or that of your client and define all those key elements of the brand strategy. The objective of positioning a brand is to find a differentiating element and differentiate it from the competition. Then, I'll give you my step-by-step process for developing a brand strategy for your brand or your customer's brand. As the business world is emerging to evolve every year, companies need to find new ways to build a stronger brand.
Now, when you look at these seven examples of branding strategies, look for opportunities not to copy. A brand's environment is the general feeling it emits on its website, social media channels, product packaging, etc. Fly by Jing's star product is its all-natural Sichuan chili crisp, and the brand also sells other sauces, meatballs and spices. The Fly By Jing website shares the brand's values, such as “the power to empower”, and takes a stance on why it believes its products are so important.
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