There are different types of branding strategies that most businesses and companies use to promote their products or services. Based on your target demographic, industry, budget, and marketing efforts, different types of branding strategies can be of great benefit to your business. It’s essential to comprehend the numerous branding strategy examples and how they impact your target audience. When looking for answers to the question of “what are the different branding strategies”, keep in mind that diverse businesses respond well to different types of branding strategies.
A good type of brand strategy will help you build a powerful brand, identify who you are as a company, and concentrate on your long-term objectives. This article answers all our questions on “ what are the different branding strategies”. Here are seven different types of branding strategies that could help your business develop its brand equity.
Types of Branding Strategies
The different types of branding strategies include:
a. Personal branding
Personal branding is one type of brand strategy utilized for a specific individual. This type of branding strategy is frequently used to build a person’s reputation, personality, or body of work. Personal branding is about developing a public image that communicates your distinctive value offer to your target audience. It seeks to influence public opinion to affect professional reputation,
Although this branding strategy example is commonly used by athletes, politicians, celebrities, and public figures to portray the greatest possible image of oneself to the public, it isn’t just for well-known people. Anyone can create a unique brand and gain advantages from it.
In both situations, personal branding can assist you in creating a name for yourself and a reputation for dependability, diligence, and other desirable qualities. Many influencers utilize personal branding to increase their exposure, attract followers, and develop their profiles to pursue endorsement deals.
A personal branding strategy example is the CEO of Tesla and Twitter, Elon Musk, who has millions of fans worldwide that are always ready to purchase any product he promotes.
b. Corporate branding
One of the types of branding strategies is the corporate branding strategy. Corporate branding is a company’s philosophy to promote itself to the public and its personnel. It is a key value of a business. Every point of interaction a company has with potential consumers, existing customers, and past customers aims to reflect the firm’s mission, personality, and core values.
This brand strategy example affects both your target market and the prices your business can charge. A corporate branding strategy example is the Nike brand. Nike presents itself as a company that caters to athletes, sports lovers, and those who are enthusiastic about fitness. Additionally, they are quite explicit about their belief that everyone can be an athlete.
c. Product Branding
One of the most common types of branding strategies is product branding. In this type of branding strategy, making a commodity distinctive and recognized is the main goal. Symbols or graphics are a crucial component of product branding for your customers to recognize your product quickly.
It involves advertising your brand around a particular product, be it your only product, a new product, or a best-selling product. This branding strategy example includes Apple using the iPhone to market its brand.
d. Service Branding
Service branding centers around what your company has to offer as a brand. How does your target market benefit from your services? By promoting a unique consumer experience you alone can provide, service branding helps differentiate your business from the competition. This type of brand strategy puts the needs of its consumers first.
Businesses that employ service branding aim to offer their clients top-notch support. They want to add value to their clients’ experiences by offering first-rate customer service. This type of branding strategy focuses more on what you do rather than how you seem.
e. Online Branding
Online branding, usually referred to as internet branding, is another major brand strategy. It aids firms in establishing their presence in the online market. This type of branding strategy also entails creating and promoting a social media identity for your brand. Of all the different types of branding strategies, this particular one helps to increase the online visibility of your brand and also improves brand recognition and reputation.
Websites, social networking platforms, blogs, and other online material fall under this branding category.
f. Co-Branding Strategy
One type of branding strategy that links businesses is the Co-branding strategy. Co-branding is a marketing alliance between two or more companies. This allows brands to favorably influence one another and may lead to one of them expanding into new areas, strengthening its clientele, and raising brand awareness.
Each brand in a strategic partnership provides its unique identity through logos, brand identifiers, and color palettes. Co-branding benefits businesses in addition to bringing in new clients by lowering costs and enhancing brand recognition.
g. Retail Branding
In this type of brand strategy, the retail branding strategy joins together an experience, a commodity, and a corporate identity. It is a branding strategy that converts to a retail enterprise. A retail type of branding strategy is a strategy that takes a product concept and attaches it to a retail company.
A retailer’s “products” are his stores, which can be sold similarly to a name-brand item. The retailer’s stores are then grouped as a retail brand, and each has a unique name, symbol, logo, or mix.
Because each store could aim for a different result, this type of brand strategy can be difficult.
h. No Brand Branding
Since the lack of a brand name attracts attention to the products, “no-brand” branding can be viewed as one of the types of branding strategy.
No-brand branding also referred to as “minimalist branding,” believes that your products will be enough to capture the attention of your target market. The products have fairly plain packaging, colors, and design in general. This type of branding strategy also emphasizes reasonably priced, high-quality products and shows that buyers do not have to pay any more than necessary for branded goods.
How to select the Best branding Strategies
Follow these steps below to select the best branding strategies for your business:
1. Know your Brand Objectives
Your brand objectives should be clear once you’ve figured out your brand identity and the main questions we discussed previously. For instance, you might want to boost customer interactions through reviews, website visits, or online product purchases, or you might want to establish yourself as an industry leader in a specific amount of time.
This will enable you to choose a brand strategy that complements your company’s aims and objectives.
2. Think About Your Sector
There are probably different goals and objectives that each industry would like to accomplish. Every type of brand strategy has something unique to offer your company. But not every tactic will work for your particular sector.
You can think about performing a competitive analysis with the rivals in your business to help you decide which type of brand strategies to select. By carrying out such an analysis, you can identify your opportunities and risks in your specific market.
3. Know the Target Market for your brand
The easiest way to identify your target market is to consider their interests, location, age, current perceptions of your brand, and strategies for luring them to your offerings.
Knowing your target market enables you to collect sufficient information to strengthen your message and choose the best branding strategy example to assist you in appealing to your target market.
4. Make use of your Visuals well
Marketing and branding both heavily rely on visuals. According to research, people process and recall visual information more quickly than text. Additionally, people are to share visuals more than other types of material on social media.
A lot of what your prospects and consumers remember about your brand is visual. Ensure your images are consistent with the fundamental principles and overarching brand idea.
Customers will be able to quickly recognize your brand in the future when they see comparable photos, thanks to the consistency this gives your brand.
5. Establish Your Brand’s Identity
You should establish your brand identity before choosing the best branding strategy example for your company. This entails posing several queries to both you and other participants in the marketing and sales process, such as:
What are the mission and guiding principles of my business?
How would you sum up your business?
What do I hope to be renowned for in the industry?
What kind of change would I like to see in my sector?
What visual representation do I want my brand to have?
By asking yourself these questions, you can decide on your objectives and course as a distinctive brand in the market.
Factors to Consider when Creating your Branding Strategy
The following factors will be a basis for creating your type of branding strategy.
- Target Audience: The group of individuals you wish to reach with your product or services.
- Brand Purpose: Your brand purpose is why your company is in business and what you hope to achieve.
- Brand Values: This means what your firm stands for, and what it stands for are your brand values.
- Brand Voice: When communicating with your target audience about your brand, your brand voice will come across as emotional and personable.
- Brand Vision: Your brand’s core principles, from which you draw inspiration, make up your brand vision.
Conclusion
Getting the right type branding of branding strategy for your business amongst all the major brand strategies is very essential for your brand to achieve its goals and objectives. It will help improve your relationship with your current customers, draw in new ones and boost your reputation.
Although various branding strategies operate in various ways, they all seek to strengthen the bond you have with your clients and boost customer loyalty. You definitely want people to know about you, whether you are a little firm or big cooperation. And a branding strategy helps in accomplishing this.
So if you have been wondering what are the different branding strategies that you can use to grow your brand, then we are certain that this article will further give you an idea of the type of branding strategy that best suits your brand.
