Can’t pinpoint the branding strategy?
Whether you have a startup or a years old business, you must ensure you’re forming a fruitful branding strategy. But with so many options available, you might feel lost in finding the right branding and communications strategy for your company.
One of the ways you can identify a suitable branding strategy is by learning about them in detail. So, read the branding strategies outlined here and keep your customers connected.
What is branding strategy?
Businesses invest a lot of effort in branding to win the hearts of their target customers. Branding is the particular plan that will feature your promise to the customer. Also, this way, you capture the image that your company conveys.
Typically, businesses make use of creative components to express their brand. For example – creative logo, specific color, tagline, website, and sales literature.
These are the main elements that work to identify your brand. But other elements also play a significant role in branding, such as your day-to-day interaction with your customers, advertisement campaigns, etc.
So, in simple terms, branding strategy is the plan one makes to grow their business gradually.
7 Widely used branding strategies companies use
Several branding strategies may benefit your business depending on your target market, industry, budget, and marketing efforts.
Here are seven branding tactics that could help your company develop its image.
An individual product’s uniqueness and familiarity are the main goals of product branding. In other words, this branding style builds a brand around one item. It helps your audience associate with your brand by using that product.
For instance, with their packaging and trademarks, you can differentiate Monster Energy drinks from Red Bull energy drinks.
And to make it easier for your prospects to recognize your product—symbols or graphics are a crucial component of product branding.
This strategy applies to well-established organizations that want to develop new items and attract new customers.
Corporate or attitude branding is a strategy adopted by the company to promote its core values. This way, you will mostly focus on your company’s image, ensuring how you want the world to perceive you.
For instance, Nike’s mission and core values are to deliver inspiration and innovation to the athlete. And it presents itself as a company intended to serve athletes, fitness enthusiasts, and sports lovers.
This means you need to take every chance of interaction seriously so that your potential consumers, existing customers, and past customers can see your organization’s mission, personality, and core values.
This branding style refers to branding that is utilized for a specific person. That means you won’t be branding for an entire company. This kind of branding is frequently used to create a personality or character.
Athletes, politicians, thought-leaders, and celebrities frequently use this branding method to portray the greatest possible image of themselves to the public.
Service branding takes advantage of client needs. And businesses that use service branding strategies target to offer their clients unparalleled customer support. In addition, they want to add value to their clients’ experiences by offering first-class customer service.
For example, Chick-fil-A is well-known for its superior quality customer service. And guess what—it has become associated with the company’s branding.
This technique is for those businesses who want their product to speak for themselves. And that’s the complete opposite of what the majority of companies do for branding.
Brandless and M/F People are two of the most notable minimalist branding examples. If you check the first—Brandless, you will easily notice that their packaging, colors, and style are fairly simple. And all these are in line with their objective to offer reasonably priced food.
Co-branding is a technique for connecting businesses through branding. Co-branding is an alliance between two or more companies in the marketing field.
As a result, brands can favorably influence one another and perhaps grow their respective businesses, increase brand recognition, and enter new markets.
Frito Lay and Taco Bell’s collaboration to create the Doritos Locos Taco is a great example.
In today’s market, most businesses use some form of online branding.
Commonly, this is known as internet branding, aiding companies in securing a spot in the online market. Websites, social media platforms, blogs, and other online material are all examples of this branding style.
You might have a business that already has a stake in a particular market, but you want to outperform its rivals. In that case, this strategy is going to work the best.
The benefit of using a competitor’s brand strategy is that you are already aware of the market for your products. Now, you simply need to figure out how to outperform the current competitors and capture a larger market share.
This is a great strategy to reach the customer segment you don’t usually serve. For example, a brand might be selling high-quality tissue to some private customers.
Now they want to make some cheaper tissue and sell it to big offices and hotels. This way, they can expand their market share.
This branding strategy works well for companies that have sold one type of product for a long time. For such businesses, it cannot be easy to attract new customers. But launching a new product to a new market would work profitably.
A strong brand strategy helps to keep all your steps organized while trying to reach your customers. But you can reach the main target faster if the strategy is right for your brand.
So, you must figure out the branding strategy suitable for your business to reach and grow the target customers. Because—you don’t want to waste money and time on the wrong strategy as customers would keep exploring other companies. This will help you form the right and strong branding strategy for your reach and grow the target customers.