Types of Brand Strategies and How to Choose One
With so many branding strategies to choose from, it can be difficult to decide which one is best for your business. The best way to determine the right branding strategy is to understand what branding is and to define your right brand identity.
Once you learn how to make yourself a brand and take advantage of branding strategies, you will be well on your way to earning your customers’ brand loyalty.
What are the Brand strategies?
Branding is a marketing practice that helps people differentiate your business’ products or services from others. Branding often includes creating elements such as a logo, mission statement, and consistent design in every type of marketing communication.
Your brand is a representation of who you are as a business, and using effective branding strategies can help your business grow and reach beyond your target audience.
Types of Brand Strategies
There are several types of brands that may add value to your company. Your choice of the right type depends on your target audience, industry, budget, and marketing campaigns. Here are six types of strategies that have the power to build equity for your brand.
A personal brand describes a brand that is used for an individual person, rather than the brand of an entire business. This type of branding is often used by people who work on their own and have the necessary experience and background to build a brand.
Celebrities, politicians, thought leaders, and athletes often use this type of branding to present the best version of themselves to the public.
This is one of the most popular types of business identities. Product branding focuses on making one product unique and recognizable. Logo design or designs are an essential part of product branding to help your customers easily identify your product.
Company branding is the core business value that a company offers. And the philosophy that the company develops to present itself to the world and its employees.
Effective corporate branding often seeks to showcase a company’s services, character, and core values at every point of contact it has with potential customers, current customers, and past customers.
For example, Nike’s core values and mission can be recognized across all of its platforms and products. Nike’s mission statement is “to bring inspiration and innovation to every athlete in the world.” Its motto is “Just do it”.
Nike positions itself as a brand for athletes, sports enthusiasts, and anyone who is a fitness enthusiast. They also make it clear that they believe anyone can be an athlete.
Service branding enhances customer needs. Companies using service brands strive to provide their customers with world-class service. They aim to use excellent customer service as a way to deliver value to their customers.
A co-branding is a form of branding that ties companies together. Basically, co-branding is a marketing partnership between two or more companies. This helps brands influence each other positively, and may lead to growing the company’s business, spreading brand awareness, and breaking into new markets.
Online branding best brand strategies
Online business identities help companies position themselves as part of the online marketplace. This type of business identities includes a company’s website, social media platforms, blogs, and other online content.
To find out what are the steps of designing a successful brand, this article will help you.