As a branding expert, I have witnessed the importance of constantly evolving and adapting to the ever-changing business world. In order to strengthen your brand and stay ahead of the competition, it is crucial to have a solid brand marketing strategy in place. With new platforms and algorithms constantly emerging, it is essential for founders to have updated brand guidelines and strategies to keep up with the curve. There are 4 branding strategies that every founder should know and implement. Whether you are in the automotive industry or the hospitality industry, these strategies can be applied to any sector and have proven successful for all types of companies.
As your business grows, these 4 branding strategies will continue to be valuable assets.
1.Product Line Brand Extension Strategy
This strategy involves launching a new brand in a related field after establishing a strong presence in your current market. For example, if you are well-known in the automotive industry with a loyal fan base, you may consider launching a new brand to meet the demands of customers who are looking for something different. The only downside to this multi-brand strategy is the time and cost involved in developing a new brand name, logo, icon, and guidelines. However, if executed correctly, this strategy can lead to increased market share and revenue.2.New Brand Strategy
This strategy involves creating a new brand to accompany a new product.While it can be time-consuming and expensive, it can also be highly beneficial if done correctly. However, it is important to have a sufficient budget in place as resources will need to be allocated towards developing the new brand name, logo, and guidelines.
3.Individual Brand Strategy
Large companies with multiple well-known products often opt for this strategy, where each product is given its own brand name. For example, Apple is the parent company, but markets its different brands such as Mac, iPhone, and iPad under their own individual names. This allows for a more targeted approach and can help differentiate products in a crowded market.4.Attitude Brand Strategy
This strategy involves promoting a general feeling or attitude to create an emotional connection between the brand and its customers.Brands like Nike use this strategy to not only sell athletic footwear, but also promote a healthy lifestyle with their infamous slogan, “just do it”. This type of branding can be highly effective in creating a strong brand identity and fostering customer loyalty. When it comes to branding strategies, there is no one-size-fits-all solution. It is important for your marketing team to carefully consider your company's values and target audience when developing a strategy that will have a lasting impact on your customers.
Which Strategy is Right for Your Business?
Now that you are familiar with the 4 types of branding strategies, you may be wondering which one is best for your business. The answer is not always clear-cut and will depend on various factors such as your industry, target audience, and budget. If you are looking to expand your product line and have the resources to do so, the product line brand extension strategy may be the way to go.On the other hand, if you are launching a new product and want to create a separate brand identity for it, the new brand strategy may be more suitable. The individual brand strategy can be effective for large companies with multiple products, while the attitude brand strategy can help create a strong emotional connection with customers. Ultimately, it is important to carefully consider your goals and resources before deciding on a branding strategy.
