Branding is very important for a company as it establishes it as a brand in its niche market. In a competitive landscape where companies are mushrooming, brand gives identity to a company. Product and management are important for a company, but branding is vital for marketing. Creating a completely unique identity and being known for it makes the brand successful.
The Importance of Branding
With a unique identity and brand story, the company will be able to connect with the audience and secure its user base. Companies are trying to emerge as leading brands with a widespread presence, and this can be done only when they invest in branding strategies.
According to relevant research, more than 70 percent of today’s companies have invested in branding and marketing. Branding and digital marketing agencies help companies with the implementation of branding strategies. The use of such services with no complications, even if you have no creative background, can help companies thrive in a highly competitive business environment.
If the goal is to shine the limelight on a brand, knowing which type of branding strategy is good for your company is important. In this article, the types of branding strategies and the choice of a good branding strategy are important.
Types of Branding Strategies
There are many types of branding strategies, and depending on your business type, you should choose the branding strategy. The most notable types of branding strategy are as follows-
Personal Branding Strategy
Personal branding is done for a person or an individual. These days, even people are emerging as brands because of the influencer culture present on social media. Influencers and content creators online and eminent personalities offline are treated as personal brands.
Celebrities, politicians and social media influencers are examples of personal brands that are in the public space. The truth is everyone has a personal brand or identity, but increasing personal brand value can be done with your achievements and branding strategies.
If the statistics are taken into consideration, there are more than 3.2 million influencers in the social media ecosystem. However, personal branding does not work well with companies and joint ventures.
Product Branding
Product branding strategy works for product packaging and presentation in the market. Product branding is like a little puzzle piece in the story of complete brand establishment. Before a product launch, it is important to put resources into product branding. Because the market is saturated with products, it is important to invest in product branding so that the product stands out in terms of utility and packaging. There are many companies that have established their product so well that the entire sector is known by that one product identity. Good product branding can give you a reliable product that sells at a steady pace and is always popular. If your company is getting ready to launch a new product or relaunch a new one, the company should focus on product branding.
Corporate Branding
The branding strategy of corporate branding is done to establish the identity of a company in its competitive landscape. The image of a company is built with the help of corporate branding strategies. Corporate branding strategies are based on the mission statement and business objectives of a company. The branding team also defines the personality of the company based on the sector of operation and the user base.
The branding image and personality are very important to connect with the audience consistently. The campaigns are based on the core values of the brand and the mission of the brand. The company has to build a brand identity so that it can create brand equity and continue business in the sector for a long time.
Branding is more about establishing a significant presence and customer engagement over just revenue and profits. Once the brand identity is established and customer engagement is steady, the profits also increase manifold. If your company is a venture that produces products and wants to create its complete identity in the competitive landscape, going for corporate branding strategies can be helpful.
Service Branding
Service branding is slightly different from corporate branding because it is based on the services that the company disperses. Service branding works towards knowing the needs and wants of the customers and catering to these needs in a better way.
Most of the companies that use service branding strategies want to focus on service instead of product and highlight customer service and satisfaction instead of other areas of operation. Companies that offer services like repair companies, a company that offers salon services, or a company that offers hiring services, should focus on service branding. In such cases, the branding agencies focus on the quality of services instead of a singular product.
Even product-driven companies also adopt a mixture of product and service branding to highlight their response and customer service. Customer service and satisfaction are important parameters for every company. Therefore, some sort of service branding strategy is implemented for every company.
Co-branding
Co-branding is becoming very popular today as companies are collaborating, much like influencers, to create fruitful branding campaigns. The strategies of co-branding can be between two allied companies or two competitors.
Clever branding strategies often pitch the two competitors in a way that both brands benefit from the campaign. Co-branding is also used for personal brands to bring forth social media collaborations and other ventures that uplift both persons.
Co-branding is very effective because it combines the user base and increases the audience spectrum for the campaigns. Many leading brands have taken up co-branding strategies which have brought great marketing campaigns in the sector.
Conclusion
Depending on the objectives your company wants to achieve with the help of the branding strategies, and the identity it wants to establish, it should choose the branding strategy. The agencies also change the branding approach from time to time as the company evolves as a brand. Taking a branding consultant on board or a branding agency as a marketing partner can help establish the company as a brand.