All brands will have multiple options for branding strategies to choose from. It may not be easy to pinpoint which strategy works best for your business. Some of the best ways to choose a branding strategy start with understanding what branding is. Once you understand branding and brand identity, it is much easier to gain brand loyalty, equity, recognition, and awareness.
What is Branding?
Branding is the process of marketing your product or service in a way that helps customers differentiate your business from others. Branding encompasses all of the elements and processes involved in any type of marketing communication.Your brand is a representation of your business.
Each business demands a different branding. Your branding technique is based on your business. Some of the most commonly used branding techniques are personal branding, product branding, corporate branding, and service branding.
Product branding is one of the most popular types of branding. This branding process focuses on creating a single product that is recognisable and distinct. Designs, logos, or symbols are essential for product branding. Red Bull energy drinks have distinct packaging and logos that make them different and recognisable from other brands.
Personal branding is defined as branding that focuses on a specific individual. This type of branding establishes the character, work, or personality of that individual as a brand. Celebrities, athletes, leaders, and politicians use this type of branding to market themselves to the public.
Service branding focuses on the needs of the customer. This type of branding aims to provide value to the customer by facilitating top-class service. In service branding, the customer is the first priority. The branding forms through customer feedback and a loyal audience.
The core values, visions, and philosophy of a business are what shape the corporate brand. It is a corporate image that the business develops to present itself to the public and to the company members. Corporate brands tend to expose their personalities, core-values, and missions to prospective customers, employees, and the public. Nike’s business has developed through strong corporate branding. They made their values recognisable across all of their products and services.
To select the best branding strategy, you need to define your brand identity, determine your brand objectives, and define your audience. More importantly, understanding your needs for the business and what you aim to achieve is really important. When deciding on a brand strategy or technique, consider what you hope to deliver to your customers.