As the business world evolves each year, companies need to find new ways to strengthen their brand. They need a new brand marketing strategy to be more effective in today's competitive market. Every day that new platforms are launched, the algorithms are constantly changing. Therefore, founders need new brand guidelines along with brand strategies to stay ahead of the curve. Here are 4 branding strategies that every founder should know and apply.
If you're in the automotive industry or you belong to the hospitality industry, these 4 branding strategies will definitely help you. These 4 branding strategies work in every sector and have helped all company founders. So, as your company develops, these 4 branding strategies will help you in every way.
Product Line Brand Extension Strategy
In this product line brand extension strategy, a new brand is launched to 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 who demands a new brand, and then a brand extension strategy will be implemented. The 10 main brand 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. From a new brand name, a new brand logo, your brand icon, brand guidelines and more, it will be new. But if you do it right, you'll take over the market and generate more income.
This is the third brand strategy among the 4 brand strategies that need to be implemented with great care. If done poorly, the brand's entire reputation will be ruined.
New Brand Strategy
The new brand strategy is the strategy in which a company creates a new brand to accompany a new product. It takes a long time, and this brand growth strategy is the most expensive of the 4 brand strategies.You can get most of the benefits if done correctly, but you should have a good amount of budget to do so. All your money will be divided into several areas, so make our decision wisely. Creating strategies, whether it's about outperforming your competitors or marketing strategies, takes a lot to do so. I've helped others expand their businesses, so I know what they're going through. These 4 branding strategies will definitely help you make great decisions.
In my next post, I'll talk about what brand positioning is and how to position your brand as a professional.
Line Extension Brand Growth Strategy
The foundation behind the brand is incredibly complex, especially for a new business owner, team leader, or product developer. Taking on the challenge of marketing a product, service, or new brand involves a lot of trial and error. Let's say you're promoting your brand and the customer acquisition rate is excellent. But you need something new and fresh, something different to offer your customers. This is where the line extension brand comes into play.The Line Extension brand's growth strategy is based on offering new or additional products and services in response to customer needs. Two great examples of a line extension brand's growth strategy come from Apple and Microsoft. In the same way, Microsoft combined the consumer drive for laptops and mobile technology in a single product. The Microsoft Surface laptop offers a basic computing structure. Microsoft went a step further for its consumers by creating the Surface Pro line of tablets (with Bluetooth keyboards available for those who still want to have the traditional feel of a computer in tablet mode) and the Surface Book, a 2-in-1 laptop and tablet with a removable magnesium bottom that houses the keyboard, the ports and the auxiliary battery.
The brand expansion strategy incorporates a new brand into a new market to help grow the existing brand (unless the two are combined). The most basic brand extension strategy includes some of your favorite products in stores. Nearly every brand (from Kotex, Crest and Colgate to Nike, Hershey, Lay's and Coca-Cola) has incorporated brand extension into their growth strategies over time. New idea, new brand, new product. You're creating a new brand because the new product or service doesn't quite fit the niche that everything else in your current brand is in.
Creating a new brand means that you need specific equipment for that brand. You're talking about attracting people for advertising, sales, production, and more. Understanding these types of branding in marketing is essential, as this will help you determine the right strategy that will work perfectly for your business. In practice, I would say that branding is a mix of art, science, social sciences, economic sociology, psychology, marketing, data-based research, cultural awareness, empathy and a great deal of creativity. This approach is common in large companies that have the money and resources to successfully develop and manage more brands.
Retail Branding
Not to mention that companies' brand identities cannot be compared to other types of brand identities, since they involve a more complex level of analysis. In addition, one of the main objectives of branding a product is to influence and simplify consumers' buying decision. The new brand strategy means developing a new line of products and a brand that is associated with it. The product line must be outside the scope of the current brand offering, which is why it requires a new brand. If you belong to the automotive industry or any other industry and need help creating brand strategies for yourself, let me know.The brand provides everything that a product, service, person or company needs to be “one thing”, to be unique, to be a saleable asset. Let's say you're a well-known brand building company or agency in your region, but now you want to enter the interior design market. For professional athletes, focusing on athletes' personal branding is something that shouldn't be overlooked. For example, retail branding is a type of brand strategy that involves creating a unique identity for a company's products and services in the retail market. People...
