WHAT ARE THE DIFFERENT TYPES OF BRAND STRATEGIES?
A brand strategy is a long-term plan for a brand to achieve specific goals. For a brand strategy to succeed, the business needs to choose the suitable method to follow to achieve its goal. There are different brands strategies types that a company can choose from, including:
- Individual branding
This brand strategy uses an individual to brand a business or a product instead of the whole company. Branding is used to establish a person's personality, character, work or brand. Most people who use this brand strategy are celebrities, politicians, athletes and leaders as they present the best version of themselves to the public and fans. A large brand can also use this strategy to market and brand its products. For instance, Apple markets its products as its brand name, such as the Apple iPhone and Apple iPad.
- Product branding
A company or business focuses on making a single product unique and recognisable. They use symbols and designs as part of the brand strategy to help consumers recognise your products.
- Company name branding
Some corporates invest in their name and use their popularity to improve their brand recognition. As a result, their logos and slogans are associated with their products and business as a whole. For example, companies such as Coca-Cola depends on their company name branding to engage with their consumers.
- Service branding
Companies that use service branding provide their customers with world-class service. Their objective is to offer the most excellent service for their client and customers. It's their way of adding value.
- 5. Brand extension branding
When an already strong brand extends its success to a new venture, it uses the brand name to promote its products and services. For example, many clothing companies use this strategy to launch a new line of shoes and accessories. The brand is the same, but the products are different.
- Co-branding
When companies come together to form a brand, this connection helps the two or more companies grow, spread brand awareness and break into new markets.
- Online branding
It is branding that is done on the internet. Online branding is also known as internet branding, and it helps businesses position themselves in online marketplaces. This branding includes social media platforms, blogs and websites. Before starting any business, it's essential to identify a brand strategy that works well for you and your brand. If you need help establishing a brand strategy, the team at Anchor Digital is here to help. Visit our website to see our services or contact us for more information.