Suppose, you are a business owner
and you want to reach a new customer. Then, what will you do? How can you do
it? Brand strategy is an essential component that helps you to achieve your
goal!
First of all, you need to know that
your brand’s strategy must be based on your company goals. It is the what,
when, how and to whom you plan on communicating your product or service.
It is important that how people feel
or perceive about your product or service. Therefore, to get stronger overall
brand equity, you need to have an apparent and brief brand strategy is
essential. Before defining your brand, you need to put your effort as much as
possible into how your company brand and business are described.
Some of the branding strategies are
as follows:
- Company name:
One of the most powerful statements of branding is the company’s name.
The decisions taken about product names and company names and their
relationship depend on many numbers of strategic considerations.
- Individual branding:
Every brand has an individual name that may compete against its
competitor’s brands. This type of branding is nothing but “Individual
branding”.
- Attitude branding and iconic brands: It is a choice to signify a greater feeling that is
not essentially connected with the product or consumption of the product
at all. However, having aspects that contributing to consumer’s personal
identity and self-expression is called as iconic brands. Generally, brands
that have identity value are called as “identity icons”. In which, some
brands have a strong identity and become more or less cultural icons are
called as “identity brands”.
- “No-brand” branding:
Nowadays, a few numbers of companies have effectively followed “no-brand”
strategies. They follow those strategies by generating packages that
replicates generic brand simplicity. “No-brand” branding may probably be
built as a type of branding as the product or service is prepared
prominent during the absence of a brand name.
- Multi-brands:
In its most great sign, a supplier pioneering another market which it
believes will be especially attractive may choose instantly to start a
second brand in competition with its first, keeping in mind the end goal
to prevent others entering the market. This strategy is broadly called as
Multi-Brand Strategy.
- Private labels:
It is a popular strategy, which is also called as “store brands” or “own
brands”. This strategy helps retailers to have a strong identity. Hence,
this “own brand” can able to compete the strongest brand leaders in the
market. Also, it may outperform those products that are not otherwise
strongly branded.
- Individual and organizational brands: Some brands are there considering individuals and
companies as the products to be branded. Generally, personal branding
considers individuals and their careers as brands. However, nation
branding considers the insight and reputation of countries as brands.
- Crowdsourcing branding: These are the kinds of brands that are formed by “the
public” for the business, which is opposite to the conventional method
where the business builds a brand. Furthermore, this method reduces the
risk of brand failure too.
The following are the strategies
that help you to build a global brand:
- Analyze your skills:
Recognize what you are good at and what your customers think of when your
company brand comes into their mind. The basis of your brand definition is
absolutely based on your unique set of skills.
- Identify your customers’ needs: It is mandatory to identify the specific needs of your
customers from your list of skills. Scrutinize the things that you do to
make your customers come to you. Then, define your brand on your
capability to accomplish such demands.
- Find out the difference between your brand and others: Make sure that your brand is completely different from
other similar choices available to customers. It is obvious that your
brand experience will ultimately differentiate you from others, but to be
unique, you need to decide on what attributes separate you from others.
Your objective is to be different and better than your competition.
Keep in mind that a specific and
attainable brand strategy is a very important component of your business as the
brand strategy affects each and every area of the business.
