A product that’s well-received by a target audience can transform a business. As consumers become savvier, businesses need to become more strategic in their branding efforts to ensure their products and services are met with high demand. When it comes to branding strategies, there is no one-size-fits-all option. Your marketing team should brand your products and services with a strategy that aligns with your business’s values and resonates with your customers. Here are five different types of branding strategies your company should consider.
Company Name Branding
Well-known brands leverage the popularity of their own company names to improve brand recognition. Logos, slogans, packaging or colors 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.
Rivers Agency is a full-service, technology-fluent advertising agency in the Raleigh, Durham and Chapel Hill, North Carolina area. We have a team of talented branding experts who can elevate your business through a powerful branding strategy that aligns with your business and resonates with your customers. When you work with us, you know your brand will be consistently communicated to your users with creativity and innovation. In the market for an advertising agency to develop your brand? Let’s work together!