An excellent product will completely change a company's prospects. Businesses must become increasingly strategic with their promotional campaigns as customers become more informed to guarantee that their goods and services remain in high demand. The brand strategists must constantly learn and unlearn in branding, reading the best branding books, and doing training that would help.
However, there is no such thing as a one-size-fits-all promotional strategy. Your marketing staff must brand your goods and services in a way that is consistent with your company's principles and appeals to your target audience. Here are five different styles of branding techniques you can think about for your business. You've come to the right spot if you want to learn more about successful brand strategies and brand strategy examples!
8 Brand Strategies that will help Develop Your Brand
Multi-Product Branding
When a business chooses one brand identity for all of its brands within a class, this is often known as family branding or corporate branding. For instance, Nestle's brand name appears on the majority, if not all, of their goods. The business's or parent brand name is Nestle, and you'll see it in advertisements and their catalog.
Brand equity profit reduced marketing prices, and increased brand recognition is all advantages of multiproduct branding. These advantages arise from the widespread usage of the brand name in a broad range of product offerings. The concept is to have a brand name that has developed itself in another product category and add it to a different product in a different product category, hoping that brand recognition would spill over.
Multi-branding
When a service or a product series is directed at various audiences, this term is used. In the car industry, this type of branding is quite common. Chevrolet, for example, provides a wide range of vehicles, each with its brand names such as Spark or Camaro. Both vehicles are also manufactured by Chevrolet, The Parent Brand, but they have somewhat different roles and different customers in the same region. Spark is a compact, cost-effective option for anyone searching for an environmentally sustainable automobile. The Camaro, on the other hand, is designed for drivers who want comfort and style. In a nutshell, the multi-branding approach enables companies to capture market share by evaluating potential markets and defining a lucrative market niche.
Private Branding
This is where a supplier produces products for a retailer. Store-branded products are an excellent illustration of private branding. Private branding is used by certain department stores to undercut rivals in a particular sector. If a tube of Mouthwash costs $6, Wal-Mart will make a commercially branded mouthwash for $3 or $4.
Private-branded goods are often thought to be of a lower standard, but they may help marketers win consumer loyalty in certain situations. Remember if you're a producer, it's critical to realize that you can't depend on certain accounts to keep your company afloat.
The line extension brand growth strategy
This entails developing new technologies in reaction to customer demands. From an example, a deeper peek at the row extension strategy will be simpler to see. With the introduction of the iPhone 6, Apple debuted the iPhone Plus for the very first time.
The iPhone Plus was created to meet the needs of customers who wanted a larger screen. They will now use their iPhone in a manner that better fits them. Apple profits from this expansion plan because it attracts customers who would otherwise deem one of Apple's rivals. Apple has discovered a competitive way to serve certain future consumers rather than lose them.
Brand extension strategy
This entails launching a new company in a fresh market after establishing the brand's reputation in a similar sector. Hershey Foods Inc. follows this brand policy. Twizzlers are made by them, and because they've performed well in serving the demand for chewy candy treats, Twizzler Bites may be able to tap into a different market.
Starbucks, for example, has launched k-cups for coffee lovers who choose to reap the perks of Starbucks' coffee drinks at home or work. Starbucks' systematic execution of various brand campaigns is seen in the picture below. They not only used the brand expansion approach to serving clients in the comfort of their own homes or workplaces, but they have launched Blonde Roast, a new product extension.
New brand strategy
When a company introduces a new name to go along with a new product, this is known as rebranding. The most expensive approach is the new company strategy, since launching a new brand involves expenses such as advertisement, promotional agents, production costs, and so on.
Frito Lay has a variety of salty sweets under various brand names, such as Doritos and Cheetos. While this is the most expensive brand development technique, it may still provide the most rewards if achieved correctly. You would be able to win market share by reaching different sides of the continuum by adding an entirely new commodity to the market.
Flanker brand strategy
In an attempt to reach new consumer groups, a new brand or sub-brand is placed at the high or low ends of the continuum. Apple, for example, launched the iPhone 8 alongside the iPhone X. You could argue that the iPhone X was launched solely to commemorate Apple's 10th anniversary. I, on the other hand, respectfully disagree.
Businesses, in my opinion, and practice, should not make those large choices because they are successful. Mostly on the highest end of the spectrum, the iPhone X often acted as a Flanker product. It had more capabilities than the 8 and cost more than the 8.
Fighter brand strategy
When a company launches a new name to take market share from another, this is what happens. Typically, fighter labels are created to attract rivals rather than customers. Squirt, for example, was a pomegranate soft drink created by Dr. Pepper and released without competition in 1938. Soon after, Coca-Cola saw a chance to deal with the fresh fruity soft drink Squirttoand chose to produce Citrusy hops to win market share.
Call me Jen Hensey, a writer and blogger of LifeStyleConvo & UrbanHouses, who worked as a full-time content creator. A writer by day and reader by night.