Branding is the promotion of a particular product or company by means of advertising and distinctive design. So why is successful branding important in your marketing strategy for attracting your target audience?
As you can see, there are so many different takes on the rather broad topic of “What does branding mean?” “Branding” today is so vague that no one can seem to agree on a set definition. A branding strategy is also vastly different than it was just a few years ago. An athlete no longer just plays their respective sport; an athlete is a brand himself, one with a strong brand identity at that!
Five Different Types of Branding Strategies.
Company Name Branding
Well-known brands leverage the popularity of their own company names to improve brand recognition. Logos, slogans, packaging or colours are generally recognized by consumers in association with the business as a whole. For instance, companies like Coca-Cola, Tylenol and Porsche rely on company name branding to engage with their audiences.
Large companies with a variety of well-known products may opt for an individual branding strategy by giving each product its own brand name. For example, Apple is the parent company but relies on an individual branding strategy to market its different brands such as Mac, iPhone or iPad.
Sometimes a company will rely on an overall feeling or attitude to market its products and reflect its business. This branding strategy brings the business to life by marketing a larger feeling to create an emotional connection between the brand and its customers. Brands such as Nike use attitude branding not only to sell athletic shoes, but also to promote a healthy lifestyle that aligns with its infamous slogan, “just do it.”
Brand Extension Branding
An existing strong brand may decide to extend its success into a new venture with effective use of a brand extension strategy. Many clothing companies use brand extension strategies to launch a new line of shoes, fragrances or accessories. The products may be different, but the brand identity stays the same.
Successful store brands may use private-label branding strategies to compete with larger retailers. For example, supermarket chains such as Kroger produce cost-effective brand options for specific food items.
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