Branding Strategies: A Quick Snapshot & How it Can Help Your Business

Branding strategies are a long-term plan for a brand to achieve SMART goals. SMART here means specific, attainable, and pre-defined goals for a business. The primary objectives behind the focus on creating branding strategies are to amplify the consumer experience,financial performance, and competitive advantage.

Creating winning branding strategies requires a continuous rhythm in a crowded marketplace. Every brand has a story to tell and how you narrate your tale to your audiences depends on your branding strategies. Let's delve a bit deeper and see what branding strategies have to offer.

Branding Strategies in Marketing

Branding strategies play a vital role in marketing your brand. It helps you connect to your audiences and communicate with them. Branding strategies work to establish your brand as salt works for food. Without salt, your food becomes tasteless. In the same manner, without an appropriate branding strategy, your brand becomes aimless.

If the salt example is not enough to prove why your business requires branding strategies, here are the top reasons to satisfy your hunch.

• Communicate your core values

Branding strategy lets your business communicate the essence of your brand to your customers. It makes them understand how your brand is adding value to their life.

• Assist you in building your brand experience

Every brand aims to provide an unbeatable brand experience to its customers. Branding strategies help you to identify the gaps your customers might be facing while interacting with your brand.

• Increase company’s valuation

A clear branding strategy helps your potential buyers and investors to know that you have a clear thought on how to grow your business.

• Accountability

A clear brand strategy held every working employee accountable for their actions. Each step towards the brand will build it strong.

Branding Strategies Example

Essence🡪Stories🡪 Connections🡪 Memories

This is the sequence any compelling brand follows.

A brand goes through all these phases when they create compelling branding strategies for them. The process starts with capturing the brand's essence and weaving a story around it. The story connects with your audiences and makes innumerable memories in user's minds when they think of your brand.

Let’s understand this with the help of an example and see how Nike built an imbibing brand strategy.

Nike focused on building its brand and logo in the market through extensive marketing investment. The brand appeals to its customers by endorsing its products through sports celebrities. Nike believes in selling the 'Emotional Benefits' of their products.

Let’s get into the nitty-gritty of the branding strategy of Cadbury

Cadbury started its journey by selling drinking chocolates, coffee, and tea. It ultimately moved to produce milk chocolate bars. The credit to the evergreen business of Cadbury goes to its diversified product range. It understands the nerve of its audiences. Their understanding of the audience has helped the firm grow out of the UK and rule the world.

How to Build a Brand Strategy?

Building a brand strategy is a process that will give new heights to your business. There are two kinds of brand strategies. One is the brand strategy for your product and, another one is the brand strategy for your business growth.

We will discuss three brand strategies for products and four brand strategies for business growth. Let us start by discussing the strategy for products.

Brand Strategies for Products

• Corporate Branding

Corporate branding is the branding strategy in which a company uses one brand name for all the products within a class. The benefits of adopting corporate branding are that it requires lower promotion costs and helps obtain brand awareness.

• Multi Branding

A company adopts multi-branding when its product or product line is targeting different markets. It helps the brand to gain market share.

• Private Branding

In Private branding, the goods are made by the manufacturer for a reseller. Store-branded goods are an example of a private branding strategy. This strategy is adopted to cut competition in a market.

Brand Strategies for Business Growth

• Line Extension

When a brand creates additional products in response to consumer needs, it is known as a line extension strategy. This strategy helps the brand to retain its original customers.

• Brand Extension

When a brand introduces itself in a new market, it is called a brand extension strategy. This strategy helps a brand extend its boundaries and explore the untapped market.

• New Brand

When a company creates a new brand to go along with a new product, a new brand strategy comes to light. It is a costly affair and includes manufacturing costs, costs on the advertisement, etc.

• Fighter Brand

Fighter brand is created to target the competitors and take charge in your territory. The main aim behind following the fighter brand strategy is to protect your market share from competitors.

Final Talk!

These facts show why your business needs a branding strategy and how you can choose one for your business. Building brand essence is the topmost priority for any business. Branding strategies help to pave a path for your brand. You can decide which plan will work best for your business based on the insights.

Start working now to build a strategy for your business.