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.
- Crowd-sourcing 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.