The importance of Brand strategy

Setting your company up for long term success starts with an idea and creating an eye catching, memorable, brand image. That image is what your potential customers will use to identify you in any industry. So how do you keep people interested in what you are offering? How do you stay afloat in people’s mind amidst the overflow of digital information? That’s where Brand Strategy comes in. The concept as defined by explains and highlights the benefits of brand development strategy.

What is a branding strategy?

A branding strategy (a.k.a. brand development strategy) is the long-term plan to achieve a series of long-term goals that ultimately result in the identification and preference of your brand by consumers. A successful branding strategy encompasses the brand’s mission, its promises to its customers, and how these are communicated.

Often misconceived, a branding strategy is not the sum of your logo, color palette, or website; though these creative elements are integral to a successful branding strategy. A branding strategy revolves around all the intangible elements that over time drive  brand awarenessbrand equity, and brand sentiment.

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If you’re a small but growing business, looking to better your brand development and marketing strategies, listed below are three types of brand strategies that large franchised companies use.

The three brand strategies commonly used amongst large firms for deciding which products will contribute to which brand names are Multi-product Branding, Multi-branding, and Private Branding.

Multi-branding is used when a product or product line is targeting different markets. This kind of branding is used favorably within in the automobile market.

Multi-Product branding, also known as family branding, or corporate branding is when a company uses one brand name for all of its products within a class.

Private Branding is the production of goods by a manufacturer for a reseller. A prime example of private branding is store-branded goods…”

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