This article talks about the basic 5 types of branding strategy used by companies today!
A great brand name is not just something that looks good on your business card or is fun to say. And it isn’t great because you like it. It’s great because it communicates something to customers. Choosing the right brand name can be a daunting task. How do you find a name that works? A name that’s catchy? A name that looks great on a web banner and has an available URL? Some say it’s easy — just use a name-generating tool and call it a day. In this case, a strong brand-name (or company name) becomes the vehicle for marketing a range of products. Brand name helps the user to create a connection with the viewer in the first look. That is why brand names are considered to be a fundamental and intrinsic part of branding.
Multiproduct branding strategy
When a company utilizes a multiproduct branding strategy, one brand name is used for all products sold within a company’s product class. One benefit of this marketing strategy is that it is simple and cost effective. Advertising expenses are not as great if only one brand name needs to be promoted. If the buyers have a good experience with the product, they might buy different products under the same name. While a multiproduct branding strategy can be advantageous, the meaning of the brand name can be diluted. If too many products share the same name, the brand can become less valuable.
Multibranding strategy is when a company gives each product a distinct name. Multibranding is best used as an approach when each brand in intended for a different market segment. Multibranding is used in an assortment of ways with selected companies grouping their brands based on price-quality segments. Procter & Gamble, a multinational consumer goods company that offers over 100 brands, each suited for different consumer needs. For instance, Head & Shoulders that helps consumers relieve dandruff in the form of a shampoo, Oral-B which offers inter-dental products, Vicks which offers cough and cold products, and Downy which offers dryer sheets and fabric softeners. Other examples include Coca-Cola, Nestlé, Kellogg’s, and Mars.
Attitude branding and iconic brands
Attitude branding involves marketing a larger feeling that your customers come to associate with your brand. This isn’t necessarily directly connected to what you offer but refers to a feeling, lifestyle or personal identity that customers respond positively to. Essentially, it’s about evoking feelings and emotions that go beyond a particular product and instead encouraging people to connect your brand to their self-expression and identity in a positive way.
Brand extension and brand dilution
Brand extension or brand stretching is a marketing strategy in which a firm marketing a product with a well-developed image uses the same brand name in a different product category. The new product is called a spin-off. These extensions happen to establish themselves in different markets under the same name. Brand-extension help brands to spread out their product line.
In conclusion, we would like to say that every company is unique in their own way. This is why their marketing strategies should be customized.