Product Branding Strategy
In Marketing, the product branding strategy helps to build equality among brands available in the market. Brand strategy has the potential to grow and reach the targeted audience. Also, it helps to generate value from the perspective of the customers. There are varieties of strategies for branding, but the intentions of those are the same.
The brand of the company is more than the slogan, logo or name. It is the whole factor and the view that the customer has for the company. Generally, it is nothing but the plan that incorporates the long term goal and vision of the company which can be attained with the evolution of the brand.
A well-defined and appropriate product branding strategy will affect each and every feature of the business, and it is connected straight to the customers need, emotion and to the competitive world. First of all, the name of the brand is not the product, logo or anything else. It is more than that. The brand is intangible, so proper work must be done to rise the values for the brand.
The Value of Defined Product Branding Strategy
Notably, the branding will play a crucial role in businesses. It gives the product and services, a value in the market. For this purpose, the branding must be unique and exceptional. So that it can effortlessly attract the customer and becomes popular in the competitive environment.
The brand equity will be there only if the product branding is good. Otherwise, the competitors will throw them out of the competition.
List of Strategies for Product Branding
For attaining the good results follow the following branding strategies.
- 1. Recognition of Name Brand
- 2. Individual Branding
- 3. Attitude Branding
- 4. “No-Brand” Branding
- 5. Brand Extensions
- 6. Private Labels
- 7. Crowdsourcing
Recognition of Name Brand
A well-known and popular company will always use its name’s weight for the extension of their product. In fact, the company with the big brand name will identify by their logo, colors or something else. But for creating such recognition, the branding is necessary. Companies like Starbucks, coco-cola, KFC are iconic while producing a new product beneath the company name.
Some of the big companies we know may be derived from their parent company. Such companies will produce the product under their name independent of their parent business. In this strategy, the name of the brand is made unique and easily identifiable on their own.
In case of this attitude branding, the ambiguous branding can go beyond the real product. Such brand use tactics that bring a personalised experience to the product and services. Brands like Nike and New York Yankees comes in the list of “Most valuable sports brand” by Forbes. Also, Ed Hardy and Apple too reflect the self-expression of their customers.
“No Brand” Branding
The minimal approach speaks the loudest. This types of branding are always generic and simple in design. Majority of companies becomes successful under this category. The excellent example is Muji, a Japanese company which means No Label.
Brand extension is nothing but the brand which is already known for a specific product will start a new venture under the same name of brand. This is the most general strategy now a days. As we all know, Adidas is a trademark solely for shoes. But now they are also producing perfumes, sportswear, and some other products related to sports.
Private labels are also known as Store brands become popular and widespread at supermarkets. Retailer chain like Wal-Mart can produce useful products at low cost to compete against the large retailers.
It involves in the progress of engaging customers for the brand creation. These kinds of brands are exposed to the public, and the customers can have the chance to name the brand. It drives the personal interest for that particular product and brand.
These are the different product branding strategies for naming the brand. It will help you to inaugurate a brand campaign of your own product. You may sell any product that is similar to other companies, but your brand must be exceptional. So plan a well suitable approach for your product brand name and be unique from others.