Wednesday, 19 April 2017

Various types of Branding Strategies

When you start your own business based on a particular product, say a mobile phone, the very first thing you do is – build brand equity. In order to build the brand equity, you use various kinds of branding strategies in marketing.

There are many ways you can build a good rapport of your product in the market. With the help of cross-channel marketing coupled with various marketing and branding tools your product will result in strong growth.

Here are a few types of branding strategies that will help you go there –

1.    Name brand recognition strategy – You might have seen big sign boards or hoardings bearing names of the product or the brand of the products. This is name brand recognition strategy. It can be names – logo—slogan—or different colors which depicts the brand particularly. The greatest examples are – KFC, Samsung, Apple, and Mercedes-Benz who use the name brand recognition strategy.

2.    Individual Branding –
There are a lot of companies; especially big companies who that produces one individual products that carry their own weight independent of the parent company. This strategy involves establishing the brand as a unique identity that is easily recognizable.

3.    Attitude Branding – There are a few products that sell because it has an attitude. These brands use various strategies that help them build an attitude and bring personality to the brand and make them look really amazing. The brand “Nike” is one of the best example in the same, which was awarded as the “World’s most valuable Brand in 2015”.

4.    Brand Extensions – There are a lot of brands who keeps extending the number of products under their labels; for example, the Victoria’s Secret lingerie group has now extended their brand to fragrances; and many other fashion brands keeps extending from just clothes to shoes, accessories, and such. This brand extension technique helps the brand to get more recognition and brand value.

5.    Co-Branding – When you are working alone, there are few times you may not be able to get much success; but if you merge with someone or some other company and apply the concept of co-branding, it can help you get more attention. For example, mini-marts attached to gas stations, banking facilities within grocery stores, and Laundromats attached to anything from bowling alleys to family entertainment centers. This branding falls in the “one-stop shopping” category. It helps you to get much more attention than you ever used to get.