Brand Strategy-Defining and Building Your Brand
For any business strategy, branding as the most critical aspect plays a significant role. So, if we want to develop a successful brand in this competition to achieve specific goals, we need a well-defined and executed brand strategy. But the question frequently asked by most people:
Types of brand strategy
Large companies with a variety of well-known products may opt for an individual branding strategy by giving each product its own brand name. For example, Apple is the parent company but relies on an individual branding strategy to market its different brands such as Mac, iPhone or iPad.
Sometimes a company will rely on an overall feeling or attitude to market its products and reflect its business. This branding strategy brings the business to life by marketing a larger feeling to create an emotional connection between the brand and its customers. Brands such as Nike use attitude branding not only to sell athletic shoes, but also to promote a healthy lifestyle that aligns with its infamous slogan, “just do it
Brand Extension Branding
An existing strong brand may decide to extend its success into a new venture with effective use of a brand extension strategy. Many clothing companies use brand extension strategies to launch a new line of shoes, fragrances or accessories. The products may be different, but the brand identity stays the same.