When it comes to marketing and branding, there are many different types of strategies in it. All these strategies are aimed to build brand equity which will, in turn, add value to your business and product. If you couple these strategies with cross-channel marketing strategies, you will be better off and your brand strategy will potentially and exponentially grow to reach well beyond your target audience dramatically.
Therefore, your primary focus should be on building brand value from the perspective of the customer. This is an important aspect to consider because the different types of brand strategies will vary depending on different contributing factors such as:
- Your target audiences
- Your target market
- The size of the market
- Your marketing campaigns and it’s objective and
- The budget.
If you have a well-received and well-conceived brand strategy it will be able to build brand equity which will, in turn, solidify your place as a recognized brand. Nowadays, companies even employ multiple branding strategies in order to provide them with better data for competitor analysis and increase the odds of a fruitful campaign.
However, you will not be able to design a branding strategy to get the desired result until and unless your research and it is complete. This will help you to define your target audience and market into which you want to launch your new product.
Types of branding strategies
With so many different types of branding strategies, it may be a bit difficult for you to asses which of it will be received by your audience well. These few useful and proven branding strategies will help you to do that and reach your business goal ensuring that you design a well-received product that will result in strong business growth.
- Name brand recognition: Use the weight of the name of your company to extend to your products. In most of the times, just the name of the company becomes more like a slogan or a logo such as Coca-Cola. You can imagine the logo, the color, the shape and all by just thinking about the name.
- Individual branding: As you may have seen a few large companies produce different products that carry their own brand value not being dependent on the parent company. This is a unique branding strategy that involves creating a specific brand as the unique identity of the product that is easily identifiable.
- Attitude branding: If you follow an ambiguous marketing strategy it may often go over and above the actual product. However, if you follow attitude branding strategy, it will help you to bring your brand to life with a touch of personality as well as provide a customized experience with your products and services. People will automatically associate with your specific style which will also imitate the customer’s self-expression.
- No-brand branding: This is the minimalist approach followed in branding and this strategy is often found to speak in volumes. These are specific products that have a design that is most generic and simple.
- Brand extension: This is another useful strategy to follow wherein one of your star brands ventures into the new market setting. Your brand name will carry its own identity of the product mix.
- Private labels: Especially for the supermarkets, store brands private labels have become increasingly popular. There are a lot of retail chains that use this strategy to produce cost-effective brands as well as to compete with other larger retailers.
- Crowdsourcing: You can even outsource brands to the public to ensure brand creation. This will allow the customers to get more involved in your naming process which in turn will drive up personal interest in your product more effectively.
These are some of the most popular brand strategies that you may try to launch your next branding campaign. All it needs is inventive thinking, agile response to the ever-changing market dynamics and a collaborative execution to realize the potential.
The components to consider
There are also a few essential components that you should include in your marketing and branding strategy to make it most comprehensive and effective. These are:
- Purpose: This is the first thing that you should consider and ensure that it involves much more than a promise. This will help you to keep up with the high budgetary vigilance and low consumer confidence. It is important to know how you define your brand positioning and be more specific so that you can easily differentiate you from your competitors. Typically, purpose can be defined in two distinct ways namely, functional which is the focus on the evaluations of success and intentional which also focuses on doing good to the world apart from making money.
- Consistency: This means you will need to focus only on things that relate to your brand and enhance its value. Any action taken by you should align with your message and purpose or else it will surely confuse your audience. Ensure that your messaging is cohesive so that it facilitates brand recognition and in turn promote customer loyalty without any pressure created. For this creating a style guide will be most helpful as it will include everything from the tone of voice to the color scheme.
- Emotion: This is one more factor that you should seriously consider because customers are usually not rational always. It is the emotional voice in them that helps them to buy a product which they could have bought much cheaper if they choose a different brand. It is the emotional branding that will help you to create a community around your brand. Make sure that you give the customers an opportunity to feel like they are a part of a larger group so that they do not move to any other brand.
Flexibility is the most important thing these days. Since the business world is fast-changing it is needless to say that you need to be as flexible with your business strategy, pricing, and even marketing. If you are flexible you will stay relevant and will be more creative with your branding and marketing campaigns.