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By definition, Branding is a marketing place in which a company creates a design,
symbol or name that is easily and specifically identified as belonging to the
company. Branding is important because it is what makes a memorable impression
on consumers but it allows your customers and clients to know what to expect from
your company.
There are many types of branding strategies in marketing which builds brand equity
and adds value to your company. There are brand strategies that vary based on
target audiences, marketing campaigns, and budgets.
Here are types of Brand Strategy -
1. Individual Branding
A bigger company may produce products that carry their own leverage separating
from the parent company. This strategy means establishing the brand as specific as
it can and become more recognizable.
Individual Branding is giving each product that a
company sells it’s own Brand Unique Name.
For Example Thumbs Up has it’s own Unique
Name but it’s Parent Organisation is The
Coca-Cola Company.
Brand separation allows a wider variety of products of different quality to be offered.
2. Personal Branding
Personal Branding refers to the
establishment of your own company
and promoting what you stand for.
This is a unique way of differentiating
one company from the other.
Your personal branding says a lot
about your brand and it shapes your reputation as a brand in a wholesome manner.
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3. Umbrella Branding
An Umbrella branding strategy describes the way an Umbrella brand achieves its
self-position. It comprises of principles and
ambitions of the brand architecture.
For Example, P atanjali market itself as a brand
which is Pure, Healthy, Ayurvedic. People tend
to buy the product of Patanjali by having a
perception that it’s very Ayurvedic.
It comes along with its own advantages, such as a cost-effective promotion for
various lines.
4. Corporate Branding
Corporate Branding is referred to using the brand
name in the company in the overall advertising efforts.
It provides an advantage to the company as the
consumers become well aware of the company due to
its solid identity and brand name.
An emotional connection gradually grows and
develops a feeling of brand loyalty.
5. Co-Branding
Co-Branding is the marketing strategy and
advertising partnership between two brands
where the success of one brand brings success
to another. It runs on codependency.
For Example: Recently, Cadbury collaborated with Oreo and Launched its new
chocolate called Cadbury Dairy Milk with Oreo.
The typical Co-Branding involves two or more companies forming a synergy to work
together.
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6. Celebrity Branding
Celebrity Branding strategy involves a famous celebrity or a public figure to offer an
endorsement of a product. The involvement can vary between explicit and implicit
endorsement of a product.
For Example, Virat Kohli and Anushka
Sharma got married. Because of which
Manyavar - - A Clothing Brand got great
marketing leverage because they’ve
already signed Virat and Anushka for
Endorsement for their brands.
The right way to practice Celebrity Branding is matching the right product with the
right brand. This can bring huge profits and immediate change.
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