There are many types of branding strategies in marketing that will build brand equity, adding value to your company. Coupled with cross-channel marketing, your brand strategy has the potential to grow dramatically and reach well beyond your target audience. Build value from the customers’ perspective.
There are many different types of brand strategies that vary based on target audiences, marketing campaigns, and budgets. A well-received brand strategy has the potential to build brand equity and solidify its place as an established brand. Some companies employ multiple strategies to increase the odds of a successful campaign.
The research is complete, your target audience is defined, and you’re ready to roll out your new product launch. But with so many different types of brand strategies, how do you know if your brand will be received well? Businesses looking to build brand equity can take note of these seven different brand strategies and get an idea of what to expect in a successful marketing campaign.
A well-received product will result in strong growth, and these types of marketing strategies will get you there.
1. Name Brand Recognition
A well-established company will often use the weight of its own name brand to extend to its products. Most often, a company with large name brand recognition can be recognized by its logo, slogan, or colors. Companies such as Coca-Cola, Starbucks, Apple, and Mercedez-Benz are all iconic while featuring multiple subsidiary products featured under the company name.
2. Individual Branding
Sometimes a larger company may produce 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. General Mills, for example, distributes Cheerios, Chex, Cinnamon Toast Crunch, Kix, Total, Trix, and more—and that’s just the cereal division. The company also distributes other major brands from every food group.
3. Attitude Branding
Ambiguous marketing can often go above the actual product itself in the case of attitude branding. These brands all use strategies that bring to life personality and a customized experience with products and services. NCAA, Nike, and the New York Yankees made Forbes list of “The World’s Most Valuable Sports Brands 2015,” and are automatically associated with a certain style. Other brands, such as Apple and Ed Hardy, also reflect a customer’s self-expression.
4. “No-brand” Branding
A minimalist approach can speak volumes. No-brand products are often simple and generic in design. The most successful company to establish this marketing method is the Japanese company, Muji, which simply translates to “no label.”
5. Brand Extension
Brand extension occurs when one of your flagship brands ventures into a new market. Say you have a shoe company that is now making jackets, athletic wear, and fragrances. The brand name carries its own identity to your product mix.
6. Private Labels
Store brands—or private labels—have become popular at supermarkets. Retail chains such as Kroger, Food Lion, and Wal-Mart can produce cost-effective brands to compete with larger retailers.
These brands are outsourced to the public for brand creation, which allows customers the chance to be involved in the naming process, and effectively drives up personal interest in a product.