What Are The Branding Strategies In Marketing – When it comes to brand development, there are four main brand approaches as shown in the following diagram.
As you can see, this chart is a matrix based on the two characteristics of an existing/new product category and an existing/new brand name. This sets one of four boxes, namely:
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Please note that the upper axis refers to the product category, i.e. the set of products – not the individual products. Therefore, if Toyota introduces a new car, then it is considered an existing product because they already manufacture and market the car.
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A product line extension introduces a new product – to what the company already offers (ie within the product line/product category) to an existing market using an existing brand name.
This is a very common approach in marketing. This is because customers are loyal to the existing brand name and these loyal customers tend to be receptive to new products/changes.
We often see this approach to products sold through supermarket channels, where the marketplace.Multi brand has different flavors/flavors and attractive packaging sizes.
An option in the above product line extension is to execute a multiple brand strategy in the same market. As you can see from the matrix, a multi-brand strategy involves more than one brand competing in the same product category.
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Again, this is a very common approach for large companies. For example, a manufacturer of frozen vegetables may have multiple brands—ostensibly in competition with the consumer—but share the same ownership.
The main reasons for this are that these brands may have a different position in the market, have a large impact on the overall shelf space and reduce the opportunities of competitors to enter the market or gain market share.
The disadvantage of this multi-brand strategy (instead of a product line extension strategy) is the cost and time it takes to successfully develop a new brand name in the market.
Brand extension involves expanding the market’s understanding of the brand. This is achieved by offering more products (different type/category) under the existing brand name.
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An example of this in recent years is McDonald’s competition in the coffee product category – effectively expanding McDonald’s position from fast food to somewhat competing with Starbucks.
They tend to be cautious about their brand extensions because the market may not fully accept the brand’s experience in another product category. As a hypothetical example, consider if the Coca-Cola brand were extended to shampoos and detergents – there would be little market linkage and the entire brand would be destroyed.
Therefore, brand extension works best if the new product category is related to the existing product category and the perceived area of expertise.
The ultimate brand development strategy is the new brand. A new brand is created when a company expands its offering – by developing a new line of products that it did not previously offer – and as a result, a new brand must be created. How to build a winning brand strategy? Follow the actionable template steps we’ve outlined below. Plus, download our brand strategy template to help you get started.
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Developing a brand strategy is very beneficial. However, it is not something to be taken lightly. A brand strategy template is one of the first documents a business should create before adopting marketing strategies.
This should be your first business plan: a plan of what you want your brand to be before you sell or market your products or services.
Fortunately, creating a brand strategy can be a lot easier if you follow the practical steps we’ve outlined below. We’ve also included a downloadable brand strategy template to help you get started on your business branding strategy.
Remember that your brand is not just the visual identity of your company. Rather, it’s the overall experience you provide to your audience and how your audience receives that experience.
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This is where your branding strategy comes in. A good brand strategy defines goals for how you deliver and optimize your brand experience and promote your brand throughout your marketing efforts. So what steps should you take to create your brand strategy template and set your business up for success?
We break down each of these actionable steps below. (Note: This template must be followed in order.)
Before you create any other component of your brand strategy, you need to define the “why” behind your brand. Think of it as your brand purpose – the reason your brand was created in the first place.
What principles guide all actions of your brand? These are your core values. Put them in clear and specific words and show how your brand always lives up to these values. Being clear about your brand’s core values will not only earn your customers’ trust, but also set your business up for success.
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However, remember that society is also held accountable and make sure you walk the walk. See Patagonia’s core brand values in the image below for an example of how they can inspire and guide your company.
Who is your brand’s market? Knowing who you are selling to and how you can improve their lives is key to developing a successful souvenir brand. Additionally, your target audience should be as specific as possible. This allows you to meet the specific needs of your audience and satisfy their desires.
With your target audience defined, it’s time to understand and learn more about their exact needs. Develop buyer personas or hypothetical personas in your target audience with different motivations and buying habits. This allows you to craft messages that are directly relevant to your target audience.
(You’ll find a section on developing a detailed buyer persona in our free downloadable brand strategy template.)
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What should your brand do? What needs does your brand meet? How will it improve the lives of those who use its products or services? The answers to these questions are your brand’s mission and vision.
What is the difference between mission and vision? While your mission statement defines what your brand wants to achieve now, your vision focuses on the future and defines how your brand wants to improve the future for your audience.
Now it’s time to decide who you should fight. Here are some important questions to ask about the contest:
At the end of these questions, you should have a strong idea of the specific needs you serve or how you can help a specific market that differentiates you from your competitors.
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What is the unique value that your brand offers to its audience? This should be answered in your brand value proposition. A value proposition details the benefits (both physical and emotional) of your product or service. It briefly explains how your brand differs from the competition, how you solve their problems, and ultimately why your brand is the best choice.
Brand positioning goes hand in hand with your value proposition. Rather than focusing on products and services, brand positioning is about the thoughts and feelings you want your audience to have about your brand.
What positive emotions and qualities do you want people to associate with your business? How do these features differentiate you from your competitors?
Of course, you can’t always control people’s perceptions, but you can use parts of your branding—your story, voice, messaging, and images (more on that below)—to influence those perceptions.
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Your brand story is a concise summary of the values and events that led you to start your company and how it drives your company today. A good story can help show the “human side” of a brand and further emphasize how your values have shaped everything you do.
Typically, the best brand stories use a three-part structure: status quo, conflict, and resolution. This structure tells why the brand was created, what problem or opportunity led to its creation, and how your brand is now able to fill that need or solve that problem with its products and services.
For more details, be sure to read our dedicated article on how to write a strong brand story.
Do you know how your brand speaks to your audience? Developing a recognizable voice and tone is a great way to help develop your brand identity. Here are some points to consider when thinking about your brand voice:
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Whether you can nail your brand’s voice and tone with the comparisons above, or it’s somewhere in between, make sure you find your voice and stick to it. Consistency is another way to ensure people trust and remember your brand.
Wendy is a great example of how a great voice and tone can work – in fact, it was the key to helping them go viral. Wendy injects brand wit, wit and humor into every social media post.