Top Six Brand Building Strategy
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If you have an option to choose from IFB or from some XYZ company you have never heard about, for your new washing machine, what will you choose? Without any doubt, it would be IFB. This is the power of brand. Establishing a brand by way of advertising, promoting in this neck-to-neck competition era is brand building.
A name can become a brand if it has a: Personality, which can generate relationship and emotional bond comparatively stronger than its competitor can — Presence, both nationally and internationally with well-off extensions and distinctiveness through numerous channels and concepts.
The brand should give a consistent and clear message about what it is offering and how the product is exclusive and it should be capable to build trust to get the loyalty of its clienteles. The brand should be designed in a manner that it meets the expectations of its customers. To distinguish the brand it should have a catchy tag line and a majestic logo.
Top 6 Brand Building Strategies
Building a brand takes several years therefore the strategy chosen for building the image be determined on the basis of the product kind, cost involves, consumers reach, type of advertising etc. Widely there are six major branding strategies. Knowing the concept of each brand strategy helps in choosing the best one.
Umbrella Branding Strategy
When Sunfeast pasta launched, we tried it without much hitch, because it is one of the products of the established brand ITC, as has its charisma everywhere from hotels to InfoTech, from foods to personal care, from apparels to stationary. In this a product line with diverse category is launched under the same brand name, it is like a clan branding or popularly known as corporate branding.
It is economical, for instance, with a punch line “we are listening”, Amway advertises all its products under single campaign and accelerate the acceptance of new products launched by the same company.
On the other hand it compels the brand to maintain its reputation and quality over its multiple specialization, as in the case of Pepsi blue launched to boost Indian cricket team morale, but proved as a big disaster as was not able to meet the standard set by Pepsi. Therefore, this strategy generally suggested for a product line of similar quality products.
Private-label Branding Strategy
You must be aware with the name Aashirwad Aata, Chakkifresh Aata, but how many of you are at ease with food bazaar. It is a local product of big bazaar, is a quality product available at a relatively cheaper price in comparison to the later ones. This is private level branding, prevalently found in the retail sector.
It paces up with the demand of time, as in the retail sector, with the intensification of warehouse clubs, discounters, competition between and within retail organizations, has forcibly given rise to private level branding or store brands.
It successfully grabbed the public’s attention because of the matchless association of service quality, merchandising, credit policy, pricing and product assortment, attached to it. To differentiate with the contending brands they provided with a name different with the other opponents.
It comes with a pack of advantages like, significantly better margins, liberty to craft out own marketing plan and pricing strategy, lesser reliance on brand names and can be positioned firmly in a constrained economy, still it takes time to get recognized in the market flooded with familiar logos.
Co-Branding Strategy
When two or more companies come together through any kind of strategic alliance by way of partnership or joint venture to explore the market and strengthen their customer base by extending the brand is Co-branding. It is of two types take an example of Dell computers and its processor Intel, they both are renowned brands, and nowadays they both are complementary to each other and projected themselves as a promise for quality products.
Popularly known as ingredient co-branding, its main and ingredient brand has further access to grander distribution channels for loftier promotions and thus can generate notable profits. On the other hand, when two brands offering distinct products come together to take the advantage of others popularity to establish itself and increasing its client base is Composite co-branding for instance, shoppers stop and citizenship card of Citibank.
Though it benefit each other by sharing risk, generating more customer base with ample amount of their trust, greater income through sales and royalty, co-advertising, technological benefit and financial resources. However, it is always on a verge of risk, as an image of one can affect other adversely and it may be possible if their mission and vision contradicts each other, and major determinant is the quality of composite product offered.
Product Line Branding Strategy
Unlike product bundling whereby numerous products pooled into a new one-off product, product line branding or family branding is a strategy where several related products of dissimilar color, size, shape or price offered featuring their individual qualities, under the same brand name.
An element, which can be a hustle in branding product line, is the cost incurred in its advertising, Signage, copyright and trademark. Otherwise, the image established by the brand can make the product line to reach its loyal shopper base and easily recommended further through existing users of the brand, as the product line brings forward the vision and mission of the brand.
Specific Product Branding Strategy
Branding of a specific product is a multidimensional process in which, existing culture of the brand, which include its image, experience, representation and its insight for a relationship.
Driven by environmental change and competitive benchmarking, it engineered through product design; service delivery and quality; packaging; retail designing, pricing, promotion; corporate communication and advertising through personal selling, public relation results into the goal of brand culture.
There is hundreds of toothpaste available in the market branded as well as generic, price from lowest to highest but still we choose to prefer Colgate or Pepsodent, because this brand conveys its attributes and benefit of product, quality of its ultimate user, product’s personality and manufacturer values.
Subsequently, a specific product infused into the heart and mind of patrons through advertising. To get an eye to recognize project it with unique named, designed, colored, and shaped and appealing gag line. Smart cars, crest, Pampers are a few examples of it, they are expensive to create and difficult to bring about a consistent importance in the purchaser’s mind.
Combination Branding Strategy
Skoda Laura, where Skoda is a brand and Laura is the product of the brand , when the product name and brand name are combined together to project the distinctiveness of the product offered, in terms of cost, quality and features, from its product line is combination branding.
Following this strategy requires incurring advertising expenses, planning marketing strategies and plotting a budget specific to the differentiated product. If successful, accomplishment attributed to the product not the brand and vice versa.
For example Maruti Ritz, it faced criticism, for its shape, when it launched, but put no effect on the brand. This attribution of success or failure to the product not the brand also considered as its advantage.
Photo Credit: Worrell.com/capability/industrial-design
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