The brand plays the most important role more than your company’s name, logo, and slogan. The brand is all about the experience about your prospects and review customers have from your company’s product and services. The brand strategy defines what you stand for, what you are offering, and the personality of your company or business in the market. It also includes the logo of your company, creative elements that help to convey the services of your brand. The brand strategy includes day-to-day interaction that you have with your market.
A brand strategy has…
- Images that you convey to your customer.
- Provide the way so that your employees interact with customers.
- The opinion of customer versus your competition.
- The messages that you deliver on your website, campaigns, and proposals.
Value of creating a brand strategy:
Branding plays a crucial role in products and services in markets. It is also important in B2B business because it helps you to stand out from the competition. The brand strategy is most important if you want to get more clients in your business. A successful branding strategy creates brand equity. The brand equity is the amount of money that customers are willing to pay for your brand. Besides this, brand equity also makes your business more valuable over the long term.
Types of Brand Strategies:
There are seven types of brand strategies available.
Individual branding is also known as flanker brands, multi branding, and individual product branding strategy. In this strategy, the products are given brand names that are newly created. This strategy is not connected to the names of existing brands, which is offered by the company. The individual branding strategy involves establishing the brand as a unique identity and it is easily recognizable.
With the proper set up for complete recognition, you will establish trust, build complete affinity, and check that your voice is reverberant together with your customers. Once used properly, a complete recognition strategy will mean that your product, service, and the company are straightforward to outline – even once there is not any sign of your name. Many companies such as Starbucks, Coca-cola, and Benz are using this strategy.
Attitude branding strategy involves marketing larger feeling, which is associated in the minds of the customers about your business. It is a particular feeling of lifestyle or personal identity. Many brands such a Nike, NCAA are using a strategy that brings to the life personality and customized experience with the product and services.
“No brand” Branding:
These types of strategies are often simple and generic in the design. Japanese companies such as Muji, which translate into ‘no label’, are using this strategy.
The brand extension also is known as brand stretching. A firm selling a product with a well-developed image uses a similar name in a very completely different product category during a marketing strategy. The new product is named as a spin-off. Organizations use this strategy to extend and leverage whole equity. This strategy uses when flagship brands are entered in the market.
Private label strategy is those products, which are manufactured by one company for sale under another company’s brand. This strategy used in-store brands and these become more popular at supermarkets. Some brands such as Food Lion, Wal Mart are using this strategy.
As a crowd sourcing strategy, it describes the cooperation, attention, and trusts by people that network and pool their cash and different resources along to finance or facilitate people or teams that may not get credit or opportunities to urge a loan by the normal system.