Branding is all about having your own specific unique identity in the market or the mind of the consumer. Brand value always provides customer pride in the product, a zeal of satisfaction, and trust in the product. The term brand sometimes is taken to be the Logo, but the logo is just the identity of the brand. A brand is more of trust and the relationship a user builds with his customer. It is a long print impression a company builds in the mind of a customer.
A famous quote says “Branding is what people say about you when you’re not in the room”.
Branding activities are of many different types depending upon the industry, audience campaigns, and other factors so that we can achieve maximum benefit to achieve the business objectives.
Branding of a product is most crucial at the time of the launch of the product. Firstly, an identity of the product has to be created using a unique design, an appropriate color, and an attractive name. The next step would be to find the consumer requirement or create a consumer preference towards the product which can be linked to creating trust about the product. A branding strategy to know which principle line the brand falls into is also a must.
We will below look at the most common types of branding strategy and understand the principles for each strategy.
Types of Branding strategies
- Personal Branding: This concept is associates with politicians, entrepreneurs, celebrities who want to create an image and have followers amongst themselves. This image of them helps associate brands with them depending on their characteristic or image. Politicians, use personal branding to create an impression and convince voters that they are right the best for the job.
- Product Branding: Product branding is what we see in our daily life which is all about associating a symbol, color, label, or style with a brand that helps the end customer to recognize the product easily. These products may vary from simple household articles to a big luxury cars. Effective branding will provide a large landscape in the market, no matter how huge the competitor be.
- Corporate branding: This type of branding culture mainly aims at creating a reputation of a business or company. It plays a major role in the success of a business. This type of branding talks to the customer about the core values, ambition, identity, and philosophy of a company so that the customers can easily get a sneak peek into the company’s profile. Every small decision by the company will affect its brand, which could be positive or negative.
- Service Branding: service branding is specifically for those companies that deal with providing services to their clients. Brands mainly in the service sector are referred here. These companies are needed to maintain a positive image and have to provide excellent customer service. These companies could be a set of retail brands, agents, or pure service providers.
- Geographical branding: Using the geographical position and the characteristic of a location to boost the tourists, investors, or even residents to a place comes under geographical branding. Countries, states, or buildings- anything can come under branding. Here, they would provide awareness of their essential qualities.
- Co-branding: Two or more brands coming together to form a merger is what Co-Branding is all about. Sometimes it is just better to merge with another growing company to boost your sales and make a better market presence.
In a nutshell, building a brand is the most important part of your marketing strategy as this is what will be visible to your target audience. Nothing in life comes easy, all we can do is work hard and overcome the struggles to create a name for ourselves in the market that would positively distinguish us from our competitors.