What are the different types of branding strategies in the marketing world? If you are asking the same question as many business-minded individuals, you will find your answers here.
Every product existing in the market is known for a thing or two. Either the product logo, design, quality of service offered and or overall reputation. A good brand strategy is the reputation a brand leaves behind after an interaction is made. This reputation takes a lot of time and planning to develop.
How do you incorporate these branding techniques into your existing brand to leverage the benefits it gives? We are here to guide you through the path because, in this article, you will find out the eight major types of branding strategies and how to embrace them in your business.
Before we get right into this article, let’s understand the meaning of branding strategy.
What are Branding Strategies?
Branding strategies in marketing or Development brand strategy are long-term plans or strategies that help a brand identify and achieve its goals in terms of customer acquisition and retention. A brand strategy is more than just the physical representation of a brand. This is more encompassing.
A brand strategy takes into cognisance the brand mission statement, the brand’s unique selling proposition and how it intends to carry out these plans.
Read Also: The Four Brand Development Strategies with Examples
Types of Branding Strategies
When it comes to running and planning a brand, the one size fits all rule does not apply here. Getting your business in the right spot requires you to have a well-structured all-around strategy. This is a continuous process that involves constant application and reapplication as long as your brand continues to exist.
When you are ready to plan your branding strategy, Your marketing team should create a brand for your products and services that aligns with your company’s values and appeals to your customers here are the eight different types of branding strategies your company or business should consider:
The 8 Different branding strategies for your business;
- Individual Branding
- Altitude Branding
- Brand Extension Branding
- Private – Label Branding
- Company name Branding
- Service branding
- Co-Branding
- Personal Branding
1. Individual Branding
In this branding strategy type, large brands operating on a multi-brand strategy, i.e., brands known for multiple products use individual brand names for each of their products. This way, they can diversify the growth and awareness of each brand under the parent company.
A good example of a company leveraging this branding method is Google. Google is the parent company providing a variety of internet services. However, Google uses an individual branding strategy to market its services, such as Gmail, Google Maps, and YouTube. This allows Google to focus on the specific needs of each market segment.
2. Altitude Branding
Altitude branding strategy leverages the emotional connection that exists between brands and their audience. Most companies use the overall responsive altitude or feeling their product solutions or services create to market their services and showcase their value.
This is a unique strategy because it gives life and feels to a business which is an advantage because people connect more with what they can feel and relate to.
For example, Apple uses altitude branding to promote and sell its unique products which is reflected in its slogan – Think Different-
With this message, Apple wants its customers to feel like they are part of a forward-thinking community of people who are not afraid to be different.
3. Types of Branding Strategy – Brand Extension Branding
A well-known and established brand can use a brand extension strategy to enter a new market successfully. This strategy involves using the brand’s reputation and recognition to launch a new product or service in a different category.
For example, Nike is a well-known brand for athletic shoes which used brand extensions to launch new lines of clothing, footwear, and accessories for other sports, such as basketball, running, and golf.
Nike has also used brand extensions to launch a line of fragrances and a line of watches. While these products are different from Nike’s core products, they all share the same core values of performance, innovation, and style.
4. Private – Label Branding
Private-label branding is another strategy successful brands can adopt Private-label branding to stand a chance in a competitive marketplace. Private-label branding is when stores create their products with their brand names, different from big famous brands. This strategy helps stores offer special things that you can only find there, usually at lower prices than well-known brands.
For example, a supermarket might make its version of cereal or chips. They work with companies to make these products, like how a toy store might work with a toy maker to make their toys. This is good for stores because they can decide how much to charge and might make more money, but they have to make sure the things they make are good quality and people like them.
Nowadays, stores don’t just make cheaper versions of things, they also make special things that you can only get from them. A store might have its special ice cream flavour that no one else has. This helps the store stand out and gives people a reason to shop there.
5. Company Name Branding
Brand names are powerful tools that can help businesses stand out from the competition. Some brands have grown their brand names to such an extent that they are recognizable, regardless of where they are seen.
For example, Apple, Coca-Cola, and Tylenol are all brands that have achieved a high level of recognition through their use of names, logos, packaging, and colours. Apple’s simple yet iconic logo creates a sense of luxury and sophistication, which reinforces its image. Coca-Cola’s red and white logo is one of the most recognizable in the world, and the company uses it to create a sense of fun and excitement.
6. Types of Branding Strategy – Service Branding
With Service branding, you can create memorable and positive experiences for your customers. This happens when your brand is known for providing quality services whenever they engage with customers. Some established brands leverage this strategy to widen their customer base and general reach.
For example, Airbnb uses service branding to build a strong community around its product. They achieved this by creating different platforms for people to connect and share their experiences. This creates a sense of belonging and makes customers more likely to return to Airbnb in the future.
7. Co-branding
Two or more well-known brands collaborate to create a new product or service while effectively applying the principles of co-branding strategies. This helps in sharing the cost of promotion and leveraging each other’s brand equity. An example is “Nestlé KitKat” using “Google Android” for limited edition branding. This creates a better way for each brand to promote its services while expanding new markets.
8. Personal Branding
We’ve kept this for the last for a good reason. A personal brand is on an individual level. This positions you as an authority in your field and a thought leader. It is a strategy used by individuals, such as entrepreneurs or influencers, to establish themselves as a brand.
This can be achieved through social media presence or public speaking engagement. This is an important branding strategy as it helps you develop your career strength and abilities
FAQs
1. what are the two basic types of brand ownership strategies
The two basic types of brand ownership strategies are:
- Manufacturer Branding: This strategy involves promoting products under the name of the manufacturing company. The focus is on building a strong corporate brand that encompasses various products. For example, “Coca-Cola” is a manufacturer brand that covers various beverages.
- Private Label Branding (or Store Branding): In this approach, products are sold under the brand name of a specific retailer or distributor, rather than the manufacturer. These brands are often exclusive to a particular store or chain. An example is “Kirkland Signature” products sold exclusively at Costco.
2. What are the 4 types of branding strategies?
The four types of branding strategies are:
- Brand extension
- Multi-branding
- Private branding
- Mixed branding
What are the three major branding strategies?
The three brand strategies commonly used amongst large firms for deciding which products will contribute to which brand names are
- Multi-product Branding
- Multi-branding
- Private Branding
3. What are the 2 ways of branding?
a. Product/Service Branding: Creating a distinct brand identity for individual products or services. Each product or service has its unique branding elements.
b. Corporate Branding: Establishing a strong brand identity for the entire company, encompassing all products, services, and operations under a single brand umbrella.
Conclusion: Types of Branding Strategy
In conclusion, every business should adopt a branding strategy that fits its goals and vision. The most successful businesses always invest in their brand equity to differentiate themselves from the competition and create a lasting impression on their customers. If you want to grow your brand, these branding strategies will help you.
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