Company owners use different types of brand strategies for their business while considering their marketing campaigns, target audiences, and budgets. With a well-planned brand strategy, a business may succeed at brand ownership and solidify its place as an established brand. While some companies thrive with a single brand strategy, others employ multiple strategies to improve their chances of having a successful campaign. It also does well in terms of name recall and retaining the brand image in the minds of their customers.
Now that you have done the research, identified the target audience, and are ready to launch your new product, how will you determine the right brand strategy that you should use? Whether you are working with a personalised label like most companies in NZ and other countries are doing, or re-branding an old product, different strategies can work for your business.
A successful marketing campaign will never happen overnight, but with these seven brand strategies, you may have a better chance of making it happen.
1. Name-Brand Recognition
Some of the well-established companies add their name brand to market their products. Since they are easy to recognize using their slogan, logo, or colors, they bank on their big name to attract the market. Companies like Apple, Coca-cola, and Starbucks are using this strategy.
2. Individual Branding
Some companies choose to have an independent brand that will not shadow the name brand of the parent company. The parent company establishes a brand with a unique identity and can be recognized easily. One of the companies that are using this strategy is General Mills, which distributes Cinnamon Toast, Chex, Kix, Total, Crunch, Cheerios, and many more.
3. “No Brand” Branding
There is nothing wrong with a minimalist approach, and a Japanese company under the name of Muji proved it. Most no-brand products come with a generic and simple design, and with the right marketing strategy, the market will appreciate it.
4. Brand Extension
This brand strategy happens when a flagship brand tries a new market. A good example is when a shoe company started manufacturing products like bags, jackets, and fragrances. The new products will carry the brand name of the flagship brand.
5. Crowdsourcing
Derived from its name, this brand strategy is getting the crowd’s ideas in formulating its brand name. Brand creation will be available to the public, and this strategy often drives personal interest in the product.
6. Attitude Branding
Attitude branding is the best strategy for companies that are trying to implement ambiguous marketing. Life personality and customized experience are being focused on these brands. Some companies associated with this style are Nike, New York Yankees, and NCAA. Other brands such as Ed Hardy and Apple also use customer’s self-expression in creating their products.
7. Private Label
Businesses also call it to store brands, and they are popular in supermarkets. Several retail chains like Food Lion, Wal-Mart, and Kroger are working under this brand strategy. These brands are cost-effective and ready to compete with more prominent retailers.
These are some of the famous brand strategies that any business can use for their next marketing campaign. Now, it’s time to decide which is the best strategy for your company.
