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7 Types of Branding Strategies

If you have a product or service worth selling, branding is an option you must explore. Applying the right types of branding strategies ensures that your product gets the attention it deserves from the right set of customers, thus fuelling its sales. First, let us understand the concept of branding.

What is branding?

Branding can be defined as giving a particular meaning to a certain product, service, organization, or company. It creates and shapes the image of a brand in the minds of the consumers. This strategy is designed by companies to make people associate with and recognize their brand. A good branding strategy also nudges customers to choose the company’s products over those of their competitions.

Why is a good branding strategy important?

Branding strategies, be it B2B branding or B2C branding, are crucial in carving a niche for your company in the competitive market. A clear branding strategy allows customers to gain clarity about your products. Thus, they can make an informed choice and give your product the first preference if it appeals to them. Further, a good branding strategy also helps your employees have a good idea about how to meet organizational goals.

What are the 7 types of branding strategies?

There’s no set pattern of branding your product or service. Rather, you need to identify the most suitable branding strategy to ensure optimum results. Let us look at the various branding strategies that can be adopted:

Personal Branding: This type of branding is perfect for an individual looking to establish their work, skills, or personality as a marketable entity. This type of strategy is often put to use by politicians, actors, sportspersons, and entrepreneurs.

Corporate Branding: A premium B2B branding strategy, corporate branding helps to establish the identity of a company in front of the world. It includes publicizing the company’s mission, vision, and values. It makes use of tools like logos, taglines, and catchphrases to associate a brand with its prospective customers and the market.

Product Branding: This is the type of strategy most widely-used by companies. It focuses on marketing a singular product for use by customers. Be it a canned soda, a deodorant, or anti-virus software, product branding aims at making a particular item recognizable among customers.

Service Branding: A modification of product branding, service branding emphasizes on a company’s ability to attract buyers with the help of their commendable customer service. This adds value to the brand and sets them apart from competitors.

Online Branding: With the advent of e-commerce portals, online branding has become the new reality. It helps companies to gain a foothold in the online market using mechanisms such as social media marketing, dedicated company websites, email marketing, et cetera.

Co-Branding: This symbiotic form of branding strategy harnesses the positive aspects of two brands. Essentially a marketing partnership, this B2B branding strategy helps complementing brands forge an alliance and establish a fresh brand identity to attract customers for the benefit of both firms.

No-Brand Branding: Minimalist Branding or No-Brand Branding is a clever branding strategy where a generic brand uses simplicity to its strength. A muted color scheme for packaging, minimal marketing, non-flashy logos are trademarks of this type of branding. Such brands operate on the ideals of providing quality products at fair prices to the customers.

Thus, it is extremely important to choose carefully from among the different types of branding strategies. A thorough analysis of the market scenario and the product or service at hand can help immensely in identifying the correct strategy. Proper branding can go a long way in creating a trusted brand image for the company, thereby leading to long-term success.

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