Having a strong brand isn’t enough in today’s fiercely competitive digital landscape. You need to know how to build brand equity that will add value to your company and deliver benefit to your consumers. Having a strong brand marketing strategy, combined of course with a compelling cross-channel marketing agenda, will significantly help you to increase your reach well beyond your initial target audience.
Today lots of different brand strategies can be implemented and these will vary depending upon your target audience, the type of marketing campaign you are running, and more crucially as always, the budget your business has available.
There’s no denying that a well thought out overarching brand marketing strategy has the potential to build brand equity and better establish your brand in your marketplace.
Once you’ve defined your target audience and your new product or service is ready to launch, just how do you go about building reach?
7 Types of Brand Marketing Strategies
To gain trust, growth and thereby potential customers and sales, any one of the following 7 brand strategies are recommended.
1. Brand Name Recognition
Well known and established brands use their name and even their logo to carry weight and they extend that brand and logo to all their products and services so that it adds to their visibility. From the name to the logo to the colours and the font, all of these elements can help to reinforce your Brand Name.
2. Individual Branding
Larger companies frequently introduce new product lines that have a life and an identity outside of their parent company. Decide whether this is the right route for you to go down with your new brand.
3. Attitude Branding
It really pays to bring your brand to life. To give it a personality that consumers can easily relate to. What does your brand say about the people who use it? How can you customise and personalise the experience between your consumer and your products and services?
4. No Brand Branding
Yes, that really is a thing! Sometimes less is more and the minimalist approach might just work for your product. Just think about the whole concept behind Japanese company, Muji, which quite literally translates to “no label.”
5. Brand Extension
This is a typical expansion route for a company who has aspirations of growth into other complementary (or not!) sectors. Plenty of designer names have attached their brand name successfully from clothing to cosmetics and fragrance.
6. Private Labelling
This is becoming an increasingly popular and cost-effective route to market and can help a smaller brand get a foot in the door, competing against the larger retailers who have more money for product R&D.
7. Crowdsourcing
Not sure what your brand marketing strategy should look like? How about outsourcing it to the public and putting your fate in their hands to decide what shape your campaigns should take? No good for anyone who’s a control freak but it certainly drives up a lot of external interest in a product without paying for PR.
These are just some of the popular brand marketing strategies that the most successful companies today adopt.
Which one do you think is going to be right for your next product campaign? We’d love to know and love to help you define it!
Get in touch with us today to find out how we can help you realise your brand potential.