With the availability of diverse branding strategies, it is slightly difficult to know which works well for your business. Having a basic understanding of what branding is all about is one of the best ways to select a good branding strategy that works really well for your business. Once you position your business as a brand you will become recognized, unique, and known to many.
This is another marketing strategy that helps individuals to differentiate their business’ products or services uniquely from others. Some notable things about branding include elements such as a professional logo, a mission statement, and a well-designed marketing approach.
PRODUCT BRANDING: Product branding is one of the popular branding types. This involves making a product distinctly unique either through symbols(logo) or designs to help your customers identify your products easily.
SERVICE BRANDING: Service branding is mostly used by companies or organizations that want to provide their customers with world-class service. In order to provide value to their customers they use excellent customer service.
CO-BRANDING: This is a type of branding that exists between two or more companies. This helps businesses to positively impact each other.
ONLINE OR INTERNET BRANDING: Internet branding helps businesses to position themselves virtually online. This type of branding involves a company’s website, social media platforms, blogs, etc.
MINIMALIST: Minimalist is also known as no-brand branding. In this type of branding, the products are allowed to speak for themselves without any additional steps other businesses provide their customers with.
COMPANY NAME BRANDING: To boost brand recognition, well-known brands take advantage of the popularity of their own company names. Consumers recognize logos, slogans, packaging, and colors as being associated with the company as a whole. Companies such as Coca-Cola, Tylenol, and Porsche, for example, rely on company name branding to engage their audiences.
PRIVATE-LABEL BRANDING: To compete with larger retailers, successful store brands may employ private-label branding methods. Supermarket chains like Kroger, for example, create cost-effective brand options for specific food goods.
ATTITUDE BRANDING: To sell its products and reflect its business, a firm may rely on a general feeling or attitude. This branding strategy brings the company to life by promoting a bigger emotion in order to establish an emotional bond between the brand and its clients.
Identify your brand: You should define your brand identity before deciding on the best brand strategy for your company. This entails posing a series of questions to yourself and those involved in the marketing and sales process, such as:
What are the mission and key values of my company?
What three words would I use to describe my company if I had to?
In the marketplace, what do I want to be known for?
What type of impact do I want to have in my field?
What do I want the visual representation of my brand to be?
These questions will assist you in determining your goals and direction as a distinctive brand in the marketplace.
Determine your brand goals: You should be able to decide your brand objectives once you’ve identified your brand identity and answered the important questions outlined above. Your goal, for example, could be to establish yourself as an industry leader in a certain amount of time or to increase consumer interactions through reviews, website visits, or online product purchases.
You’ll be able to choose a brand strategy that corresponds with your company’s aims and objectives this way.
Define the target market for your brand: Consider what they’re interested in, where they’re located, their age, what they think of your brand right now, and how you’ll attract them to your services or products to define your target audience.
Knowing your target market allows you to collect enough data to strengthen your message and choose the best brand approach for your target audience.
Take into account your industry: Each industry is likely to have its own set of aims and objectives in mind. Each brand strategy has something unique to offer your company. However, not every technique will be appropriate for your sector.
Consider performing a competitive study with your industry’s competitors to assist you to select which brand strategy to pursue. Conducting such an analysis will assist you in identifying your market’s prospects and risks.
Creative Mansion, based in Ikeja, Lagos, is also a full-service, tech-savvy advertising agency. We have a team of talented branding specialists who can help you raise your company with a strong branding strategy that fits your needs and resonates with your customers. When you partner with us, you can rest assured that your brand will be communicated to your users in a consistent, creative, and innovative manner. Are you looking for an advertising firm to help you build your brand? Let’s collaborate!