Developing your brand strategy
Developing your brand strategy
What is brand strategy?
With thousands of companies offering similar products and services, a brand strategy is essential to gaining market share in a competitive landscape. Corporate brand positioning is a complex exercise that needs to be aligned with product development plans, appeal to different demographics, as well as account for market dynamics and the strengths and weaknesses of competitor offerings. A product achieves success when it consistently lives up to the brand values it advocates and establishes a loyal customer base.
Types of branding strategies
Picking the right branding strategy involves defining your brand identity, determining your brand objectives, defining your target audience and understanding who the market players are in your specific industry.
Here are seven types of branding strategies that you can use, depending on your target audience, industry, budget and advertising campaigns.
1. Personal branding
Often used by celebrities, politicians and athletes, this type of branding is built on an individual’s personality, talents or work abilities.
2. Product branding
Focuses on differentiating a product from others using logo design and packaging.
3. Corporate branding
The company uses its corporate mission and core values to represent itself in the community.
4. Service branding
Seeking to delight the customer, the company provides top-notch service to make its name known.
5. Co-branding
This is used during a joint marketing partnership between two or more companies.
6. Online branding
Online platforms (such as its website, social media, blogs) are used by a company to make its mark in the virtual arena. It is also known as Internet branding.
7. No-brand branding
Products are given centre stage without any fancy packaging or advertising and minimal branding. Companies that are confident in the quality of their products might tap on this strategy.
Tips to develop your brand strategy
Here are some tips to help you develop your branding strategy.
1. Use the right visuals
Visuals are more memorable than text so ensure that your visuals are connected to the theme of your brand and the company’s core values for easy identification and brand consistency.
2. Storytelling with a purpose
Embed purposeful and authentic messages in your company’s narrative that are designed to capture and touch the hearts of your target audience.
3. Humanise your brand
Market your product to meet the needs of your consumers by addressing their concerns.
4. Sentiment
Use technology to capture online user sentiment to keep track of what people think of your brand.
5. Engage with your customers
Increase opportunities for interaction with your customers through in-person contact or social media platforms to keep your brand in the public’s mind.
References
Giles, Ericka. “7 Types of Branding Strategies and How to Select One (+ Examples)”. Posted June 2, 2020. https://www.business2community.com/branding/7-types-of-branding-strategies-and-how-to-select-one-examples-02316182
Sellers, Tim. “How Brand Strategy Can Shape Your Corporate DNA”. Forbes. Posted October 26, 2020. https://www.forbes.com/sites/forbesagencycouncil/2020/10/26/how-brand-strategy-can-shape-your-corporate-dna/
IPOS International. “Building a Strong Brand”. Accessed September 24, 2021. https://iposinternational.com/media/IPM-Business-Guides-15-Building-A-Strong-Brand.pdf
Lehmann, Sascha, Nils Liedtke, Phyllis Rothschild and Eloy Trevino. “The Future of Brand Strategy: It’s Time to ‘Go Electric’”. Posted May 27, 2020. https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/the-future-of-brand-strategy-its-time-to-go-electric