10 Types of Branding Strategies; How to Choose One

• Digital Marketing
•  12 Feb 2023

10 Types of Branding Strategies; How to Choose One

“Creating a brand is not a job, it’s a lifestyle”

Branding is the process of creating a unique and strong image of your company in the consumer's mind. It helps in creating an emotional connection with the target audience and retains them for a long time. Many people have questions on how to create a good brand. In this blog, all the aspects required for establishing a good brand will be covered.

At the basic level, branding comprises of company name, logo, mission, and tone of voice. But when we dive deep into the river of branding, we realize it is more of an ocean. Creating a brand is just like raising an infant after its birth. It requires a lot of hard work, patience, and love for your brand. Those who create a lasting image of their brand always tend to grow more in comparison to others.

Now the question arises, how do we create a lasting impression for our brand. Two words: Branding Strategy

What is a Branding Strategy

Just like any other strategy, Branding Strategy is an action plan that we must decide and act upon with immediate effect. Make sure that you plan well in advance for the bright future of your brand. Planning should be done according to the vision and your perspective of where you want to see your brand. Branding strategy plays a vital role in acquiring new customers and retaining old ones. It is a way of expressing yourself to the world. It helps in making a sweet spot for yourself in the consumer's heart. It will create the first sense of attachment for your customers and make them feel like they are a part of the brand.

When it comes to brand development, there are 4 major approaches

Product Line Extension

A Product Line Extension means introducing a new product that might be similar to the products that the company already offers. It might be a product that is already available in the market but under a different brand. Launching a new product under the old brand identity is received better by the audience.

Multi Brand Strategy

When a company creates its own competition in the market with a different brand name but the same product category. It is known as a multi-brand strategy. The end user will feel that they have multiple options but ultimately the product sold is under the same corporate ownership. It helps the brand to occupy multiple market spaces and discourages competition from entering the market.

Brand Extension

Sometimes a company offers a new product that might be available in the market, under their own brand name. This is done to grow into a different field, mostly related to the old products provided by the company. Keep in mind that if the new product is extremely different then it might have a negative impact on the brand’s identity.

New Brand

When a company starts a new lineup of products, it should be done under a new brand name. This is a very safe way of tapping a completely different market where the company might have almost zero experience. Even if the brand fails, the original identity will not be tampered with.

How Brand, Brand identity and Branding are different from each other

Brand

Brand is the insight of your product or services that the customers feel and share with their peers. Basically, it is the perception of your brand from the customer’s point of view. Your brand should have a level of intellect that should match the intellect of your target customer. Ultimately brand is what consumers think about you.

Brand Identity

The image created using the human senses is known as Brand Identity. Basically, the logos, jingles, music, colour schemes, typography or voice that are used to present the brand to the customers fall under the category of Brand Identity. The more eye-catching, unique and distinctive these choices will be the more customers will admire them. Changes should be made from time to time, and you should keep experimenting to get maximum attention.

Branding

The process of strategically creating a perception for your brand in the customer’s mind is known as branding. It is important because it gives you full control of how your brand is perceived by the customers. Any time you run a campaign, write a blog or do a social media post, you are branding. Keep in mind that every element should be placed strategically.

Key Elements for a Great Strategy

Brand Purpose

What does the brand want to achieve and the reason why the company is in business

Brand vision

Every brand has a vision of where they want to see them in the future. It should be embedded in the strategy

Brand values

Values could be anything such as loyalty to the customers or taking a stand for your employees. Sometimes brands need to take a stand if there is some sort of social injustice or unrest in society

Target audience

The range of population that a brand is trying to engage in is known as target audience. It could be the youth, children, old people or a mix of these. Target audience is set on the base of age, sex, location

Awareness goals

The initiatives that a brand takes to reach its goal make it more aware of the market structure. It also enlightens them about the mistakes they might make in the future.

Market Analysis

Analyzing the market for gaps where the brand can position itself is known as market analysis.

Brand Personality

Instead of keeping it serious all the time, a brand should try to give a friendly vibe to the customers. It should have emotions so that the customers can connect with the brand more effectively and they do not hesitate to reach out for the products.

Brand Voice

The idea that a brand wants to promote, could be happiness, creativity, dedication, encouragement or any other emotion, is known as brand voice. It should be complimenting your brand's identity.

Brand Tagline

A one-liner motto, tagline or caption specifically made for your brand creates a recall value in the customers. It should be created in such a way that it keeps ringing in the back of the minds of customers.

Types of Brand Strategy

Product Branding Strategy

Whenever a company launches a product, its main aim is to make it popular. If the product gets popular it will equally increase the brand's popularity. This strategy is used to create a good image for any specific product along with maintaining the brand’s original identity. It makes a brand even more stronger and expands their recognition.

Service Branding Strategy

This strategy is helpful for brands that provide services instead of products. The goal of this strategy is to emphasize the benefits of their service to the consumers. It provides a differentiating factor and keeps you ahead of your competitors. This type of strategy can be used by banks, insurance companies or any other form of service providers.

Corporate Branding Strategy

A strategy that is used to develop a good reputation for a brand as a whole rather than marketing it as separate identities is known as Corporate Branding Strategy. It represents what a brand stands for as a whole. For example, some brands make their products hundred percent eco-friendly. They market it as an environment-friendly campaign but infuses their brand logo or identity at the end. This helps in sending a message as well as in branding.

Cultural Branding Strategy

This type of strategy helps to create an emotional connect with a particular group that follows any culture or lifestyle. This strategy conveys a message that the customers are not spending money for the product but for the experience. This strategy is used when there are multiple same products available in the market, but you need a differentiating factor for your brand. It is very popular among two-wheelers companies like Harley-Davidson or Royal Enfield.

Co-Branding Strategy

This strategy is used when more than one company comes together and offers a new product or service. It could be a totally new product or a mix of both companies. This strategy helps the companies expand their target audience by attracting each other’s customers. It excites the customers when they get to know about any collaborations and are very keen to get the first experience.

Activist Branding

Also known as conscious branding, it is done when an organization aims to brand their company based on some values. Generally, companies seeking brand loyalty and engagement from the millennials tend to join in for social activities regarding the safety of environment or protecting the mother Earth. In some cases, brands have been seen joining in motions regarding human and animal rights. This conveys a message from the brands that they are not here just for the sake of money but also to make a change in society.

Ingredient Branding

This kind of Branding technique is used to focus on any unique aspect that a product might offer. It emphasizes that this attribute makes their product far more better than the competitors. Mostly food and healthcare industries use this strategy to promote themselves as a better alternative.

Online Branding Strategy

This is the most common and the fastest way to promote your brand. This method uses, online content such as blogs, social media posts or ads to promote the brand name and the company’s persona. It is found to be the most effective way for any brand to grow. Moreover, it is not industry specific which means anyone providing any service or product can use this strategy to generate organic traffic.

Offline Branding Strategy

Offline branding is a strategy that is used to interact physically with potential consumers. It is not cost-effective but is a great way to give hands-on experience and knowledge about your product or services. It aims to present the company’s mission or values through interactions in trade shows, event booths, billboards or pamphlets. Although measuring the branding performance is a bit difficult but you can make permanent connections with the consumers.

Geographic Branding Strategy

The process of branding within strict geographic locations is known as geographic branding. It highlights a location where any product or service is exclusively available. It increases customer footfall in that particular area. It is a popular way for countries to attract more tourists in their country. Multiple hotel chains also use this strategy by providing some exclusive services to their customers.

What Branding Strategy is Suitable for You

A brand will never have one single strategy. You will always have to experiment with the resources you have and figure out the best possible way to increase the customer base.
Yet the following key points will be helpful for you to decide.

•    Your brand’s objectives
•    Your target audience
•   Your brand identity
•    Your industry

Good luck creating the Best Brand.