5 Types Of Branding Strategies Every Business Owner Needs To Know
5 Types of branding strategies every business owner needs to know. There are many types of branding strategies in marketing that will build a solid brand. There are also various types of brand strategies that vary based on target audiences, marketing campaigns, and budgets.
A well-received brand strategy has the potential to build a recognizable brand for a company and secure its place as an established brand.Here is a look at 5 brand strategies that will increase the chances of building a reputable brand;
1. Name Brand Recognition
A well-established company will often use the weight of its own name brand to extend to its products. Most often, a company with large name brand recognition can be recognized by its logo, slogan, or colors. Draw inspiration from companies like Coca-Cola and Mercedes Benz. No matter the product featured, their logo design speaks for the product.
2. Individual Branding
Sometimes a larger company may produce products that carry their own weight independent of the parent company. This strategy involves establishing the brand as a unique identity that is easily recognizable. For instance, Kellogs is a cereal brand bur has independent products like the Kellogs cornflakes, Kellogs instant porridge and Kellogs all bran flakes which are treated as individual brands even though they belong to one parent company.
3. Attitude Branding
Ambiguous marketing can often go above the actual product itself in the case of attitude branding. These brands all use strategies that bring to life personality and a customized experience with products and services. build your brand in such a way that clients feel like they are a cut above the rest for using your product. For example, Nike sports wear or Apple products are treated as valuable and elite.
4. Brand Extension
Brand extension occurs when one of your flagship brands ventures into a new market. Say you have a shoe company that is now making jackets, athletic wear, and fragrances. The brand name carries its own identity to your product mix.
5. Crowdsourcing
These brands are outsourced to the public for brand creation, which allows customers the chance to be involved in the naming process, and effectively drives up personal interest in a product. This will further build a close-knit of relationship with your clients as they get to feel special for playing a part in the brand creation.
