Different kinds of branding includes:
What is branding?
Branding refers to a step by step process which synchronously aligns your company to create a powerful aura around it.
In simple terms, it is a process which needs to be in place to set you apart from your competitors for your specific product and services.
It is a never stopping Wheel. Why? Because your consumers are changing and adapting to new trends and technology.
It is an important methodology which helps a small, mid-size and large business to outsmart their competitors strategically.
Hence the business owners must understand the importance of branding.
In terms of marketing, branding is a marketing practice in which a company creates a name, symbol or design that is used to identify the company. This helps to differentiate a product and distinguish it from other products and services. Branding is important because not only is it what makes a memorable impression on consumers but it allows your customers and clients to know what to expect from your company. It is a way of distinguishing yourself from the competitors and clarifying what it is you offer that makes you the better choice. Your brand is built to be a true representation of who you are as a business, and how you wish to be perceived.
What are the different types of branding?
Before we know what are different kinds of branding are. Do note branding is not just done for a product, service or company. It can be done for individuals, nations or lifestyles of a particular kind.
1. Product Branding:
This is basically for a company that is focused on products or services. This type of B2C branding is mostly for the FMCG industry or application-based companies. The main intent is based on common consumer needs. For example, retail branding can go under this umbrella focussing on geographical branding as well.
2. Corporate Branding:
This type of branding is used by organizations that are providing a solution to a problem to a particular set of consumers or niches. A corporate brand that has a rich heritage, an asset to showcase, has solid core values.
3. Personal Branding:
We all have a unique style. And when this style is being promoted to a larger audience it becomes personal branding. Personal branding is developing an individual aura as in how other people will perceive you.
celebrity branding is a good example of personal branding or cultural branding.
4. Employer Branding:
Employees are the company's face. For example, the receptionist is the first face with which your stakeholders interact. He/she has to know about the brand in and out. So that he/she oozes out the company culture confidently. Or your customer service. The kind of service provided by them determines the company's brand credibility. Hence employer branding is important.
5. Digital Branding:
Branding of individual, corporate or employees is no more in the phase where only traditional marketing or branding works at its full potential. Digital or online branding has evolved and has become more and more relevant, unlike offline branding. Hence digital branding with time has become important. It is getting your company's brand online.
When two company brand exists together it is called co-branding. For example Nike + Apple = Nike+
This type of branding extends the reach instantly, establishes credibility and doubles your marketing budget. Hence important to choose your co-brand wisely otherwise it will backfire and plummet your brand value.
7. Shadow Branding:
Usually, a brand endorses another brand. But not connected visually. For example, BMW is a shadow endorser of MINI Cooper.
How to choose a branding strategy?
Now that we know some of the forms of branding. Now the question is how to determine which type of branding suits the company or what branding focuses. The brand architecture helps in determining the best possible way. Broadly it is divided into three categories monolithic, house of brands and branded house which can be used in identifying what kind of marketing campaigns to be fostered.
Choosing which brand architecture to adopt, you have to identify whether you have a diversified portfolio or a single portfolio. If you have a single focused product or service with a single brand name, then go for monolithic brand architecture. Or if you have diversified services to offer with different brand names then you follow house of brands architecture. And finally, if you have different products with the same brand name then you have branded house. This architecture will help to develop your marketing strategy for your target audience in the end.
Follow these steps to find the best strategic approach that fits your business.
Define Your Brand Identity
The brand identity of your company is everything. It should not only reflect who you are, but also what kind or difference that will make in the marketplace and industry at large- which means it's crucial for everyone from top executives down to every single employee (even those unannounced) play their part! There’s no one size fits all solution here either; companies have different needs when considering how they want people around them to perceive them. So ask yourself these questions:
· What do we stand for?
· What makes our product or service unique in its marketplace?
· How will people know us when they see our name on something (or consume content from us)?
· Lastly, what would be the three words best describe my business' mission statement?
These are the key questions that every business needs to ask themselves. There's no one right answer, but there should be some thought put into each of these aspects before coming up with a cohesive vision for your brand identity and how it will function visually as well as what kind of difference you want to make in an industry or field where people can see their impact on society through product design
How can you make sure that your customers see your brand the way you want them to?
· By defining who you are and what makes you unique.
· Crafting an effective message that will resonate with customers.
· Communicate your brand story.
Decide Your Brand Objectives
Your brand identity is what identifies your company as unique from other companies. Once you know what makes your brand unique, it should be easy to decide the objectives and work towards achieving the desired results!
Determine your target audience
Before you can frame the right brand strategy, it's important to know who will be seeing your finished product. Who are the people you want to reach most with your message? What do they like, or not like, about other brands in their category that might be competing against yours? These insights will help guide future decisions on everything from pricing and distribution channels etc. Define their needs and wants so that the right message is designed. This will lead into framing an effective strategy with which the business will able to succeed!
Understand your industry