Building a strong brand is crucial for any company's success in today's crowded marketplace. Branding helps businesses stand out, establish a unique identity, and create a loyal customer base.
However, choosing the right action plan for your business can take time with so many different branding strategies available.
As per statistics, 65% of consumers say the CEO and employees of a company influence their purchasing decision. Visual cues account for 55% of brand first impressions.
In this blog, we'll explore the different branding strategies you should notice and provide examples of how successful companies have implemented them to create a powerful brand. So, whether starting a new business or revamping your existing brand, read about the different branding strategies that can take your business or company to the next level!
Top types of branding strategies
Branding is an essential element that can make or break a company's success. Companies can increase brand recognition and customer loyalty by crafting a solid and consistent brand image. Whether a startup or an established business, these branding strategies will help you create a lasting impression on your customers and increase your revenue. So, let's dive in!
Product branding is the first type of branding on our list. This type of branding can help you advertise/promote your products. So how could you achieve this? Most people think that one must advertise their product based on quality, price, etc that makes it perfect. But wait! Product branding is not limited to these factors only. You will be surprised that this strategy is based on a product or a family of products. It doesn't have to do anything with the position of the brand that produces it.
This strategy entails a clever combination of design, experience, messaging, and tactics that aid in creating a product's unique identity, attracting consumers, and encouraging them to return. It's the ideal way to touch consumers' hearts and establish a strong connection. For example, when someone says, “Taste the feeling,” what comes to mind? Most of you will say Coca-Cola.
To summarize, good product branding makes your product identifiable, distinguishes it from competitors, and helps to establish an emotional connection with customers. You can also employ social media listening in your marketing strategies for product branding.
Co-branding is another type of branding strategy that can help you. Co-branding is an effective way to increase brand awareness and enter new markets, but only if done correctly. Most people now have a fair understanding of what co-marketing is. Co-marketing is a way for two companies to work together to make profits. So, is there a difference between co-branding and co-marketing? Co-marketing does not involve the creation of a product, but co-branding does. This allows brands to positively impact each other, which may result in one expanding its business, expanding brand awareness, and breaking into emerging markets.
Taco Bell and Doritos' collaboration is an excellent example of co-branding. The two collaborated to create “Doritos Locos Tacos,” and the campaign was a massive success!
Corporate branding is another excellent branding strategy that is gaining popularity worldwide. A company that solely focuses on corporate branding has many customers who wait for their new product or service. In short, it is a brand strategy entirely different from other branding strategies.
Corporate branding is a strategy that prioritizes establishing a brand's image over promoting different products and services. Companies that opt for corporate branding invest in memorable campaigns instead of concentrating on demand-generation strategies that produce results immediately.
Disney is an example of this strategy. It is not a single product or service provider but a corporation with several theme parks, movies, and TV shows. Moreover, people link Disney with joy, youth, and imagination. Apple is another solid example of this strategy, as people blindly trust their products and services. People are always willing to purchase their product just because it's Apple.
Service branding, as the name suggests, is the branding of a particular service. We have to be clear that service branding is harder than product branding because you have to brand something that cannot be seen.
Are you still thinking about why service branding is more complex than product branding? Let us understand with an example. Suppose you visit a cloth shop to buy a shirt. If a shirt does not fit well, you will notice it before purchasing it. But this is not the case with service branding; you can't tell how good a service is until you buy it.
Service branding takes advantage of customer needs. Companies that use service branding aim to deliver top-notch services to their customers. Your company must be proactive and creative, anticipate needs, delight customers, and provide the most open and honest customer service to succeed in service branding.
For example, Jenn Zajac, a hotel copywriter, demonstrates her expertise on her website's homepage by sharing multiple hotel marketing resources alongside famous clients' logos.
Personal branding is a type of branding strategy that can help an individual succeed in their field. Remember, personal branding is equally important as business branding. Personal branding refers to branding used for a single person rather than an entire company. It is the practice of establishing a reputation as a thought leader in a specific niche to increase authority and ultimately lead to a conversion (a sale).
Celebrities, politicians, thought leaders, and athletes frequently use this branding to present their best selves to the public. Elon Musk is the perfect example of this strategy.
The presence of the internet has tremendously increased the number of online or retail shoppers because retail branding is essential to beating the competition. Retail branding is another excellent branding strategy through which retailers can promote their brands. You must transform your store into an experience that customers want to revisit. The store layout, light fixtures, decor, music, display pictures, and even the floor were all carefully chosen.
Amazon and Trader Joe's are excellent examples of retail branding. Trader Joe's location-specific decor and food samples make each trip memorable.
Indeed, most of the world is going online and branding itself on several platforms, like Facebook, Twitter, and more. But it cannot be denied that a considerable part of the world is not dependent on the online world. That is because offline branding is another excellent type of branding. Offline branding is a way to brand a company with material unavailable in the digital world, like billboards, event banners, etc.
In this strategy, you can get creative by organizing a trade show and inviting local media. Offline branding has not entirely died! You can still use billboards, print ads, vehicle wraps, trade shows, and other methods to get the name and products of your brand out there.
Cultural and geographical branding
Last but not least, cultural and geographical branding are two types of branding. We have listed them together because they are both similar or typically the same as each other. Geographic branding attempts to persuade people to use a product or service because of its geographical association. On the other hand, cultural branding is similar, but it focuses on regional cultural aspects rather than geographic ones.
Although cultural and geographic branding are common in tourism and tourism-related businesses, it can be used by any business that wants to emphasize its origin. Most of you might notice an image of the Eiffel Tower on several brand products. It is an example of geographical branding.
Coca-Cola is an example of cultural marketing because it appeals to its target audience by focusing its advertisements on mind-refreshing activities. Harley-Davidson, a brand that is seen as rough, strong, and powerful, is another example of cultural branding. The brand's marketing makes you feel like you can be yourself, travel freely, and live a carefree life.
Top tips for choosing the correct branding strategies
Branding is the foundation of any successful company or business. It's the way customers perceive and connect with your company. However, choosing the right branding strategy can be overwhelming, especially when so many options are available. To stand out in the market, you must identify the right branding strategies that align with your business goals and target audience. The following are tips that can help you select the right branding strategies:
Budget is the essential thing that everyone should consider while selecting a brand strategy. Remember, each branding strategy involves an investment of some money. Corporate branding takes more time and money than product or service branding, but it produces better results in the long run. This is to stay focused on your budget while selecting a brand strategy.
Create a brand identity
After considering your budget, creating a unique and memorable brand identity is crucial. Whatever branding strategies you use, you must keep your brand image consistent across all channels, including your website, social media accounts, email marketing campaigns, paid advertising, and so on. Having a unique brand identity is essential to keeping the brand image consistent.
Align your brand's name and logo with the message you want to convey through future campaigns. See what makes up big companies' identities and be inspired by examples like Airbnb's. This procedure will help you develop your brand identity.
Adapt the flexibility
It is a universal truth that each branding strategy has several advantages and disadvantages. This is because it is preferable to be flexible when selecting a branding strategy. It would help you avoid the disadvantages of one branding strategy.
Choosing more than one strategy has become trendy in today's world. A clothing brand cannot select a service branding strategy over a product or retail branding strategy, but it can make a combination work for them.
Define the brand audience
Defining a brand audience is another critical step when choosing a branding strategy. Knowing your target market allows you to collect enough data to solidify your message and choose the best brand strategy to appeal to them.
The best method to identify your target audience is to consider their interests, location, age, current perceptions of your brand, and strategies for luring them to your offerings. Once you identify all of these, you can reach your audience quickly and get more clients for your business.
Consider your industry
It is essential to consider your industry when choosing a branding strategy because each industry has different goals and objectives. And each strategy works to achieve success for a specific industry. You will be shocked to know that only some strategies fit each industry.
You should consider conducting a competitive analysis with the competition in your industry to help you decide which brand strategies to select. Conducting such an analysis will assist you in identifying your market's opportunities and threats.
Research the competition
Last but not least, researching the competition is another vital tip that can help you pick a branding strategy. We know you think that branding can help you beat different kinds of competition in the market. But you need to learn that each branding strategy is specially built to beat a certain level of competition.
Product branding works well in markets with moderate competition. However, creating a corporate brand is the only way to stand out when the competition is fierce. Similarly, a specific branding strategy can beat each type of competition.
Successful companies understand the importance of branding and use various strategies to differentiate themselves from their competitors. By building a strong and consistent brand image, businesses can establish trust and loyalty with their customers, which leads to increased sales and revenue.
From product branding to co-branding and personal branding, there are various branding strategies to choose from, depending on your business goals and target audience. By implementing these branding strategies, you can develop a unique and memorable brand identity and image that resonates with your customers and stands out in the market.
So, choose the right branding strategy that aligns with your brand's personality and values, whether you are a small startup owner or a large corporation.