Types of branding strategies and their importance

Posted on May 25, 2020
Types of branding strategies and their importance

What Is Branding?

Branding helps creators to distinguish their business products or services from others. It is a smart marketing strategy that includes developing elements like a mission statement, a design that is consistent with every marketing communication type, and the logo. The brand represents your status in the business market, and if you utilize them effectively, you can progress and evolve beyond your target audience.

Here are the popular types of branding and its significance for a business.

1. Personal Branding

Personal branding defines the branding of a particular individual instead of an entire business. The person’s personality, work, and character as a brand is highlighted with the type of branding he/she goes for.

Many prominent examples are politicians, athletes, celebrities, and thought leaders that use the branding strategy to depict the best versions of themselves to their targeted audience.

2. Product Branding

One of the most famous branding types, product branding focuses on highlighting a single product in the market and making it recognizable. To help your customers and audiences find your product with ease and convenience, symbols or designs are a crucial part of the product branding.

For instance, there is a stark difference between the packaging logos of a Monster Energy drink compared to that of the Red Bull energy drinks.

3. Corporate Branding

Corporate branding is considered to be an important ethic of a business and the ideology that the business follows to present itself to its own employees and the world.

A good and effective corporate brand displays the company’s personality, core values, and mission in a simple yet catchy way. This stays consistent with each aspect when prospective customers, past customers, and current customers are demanding it.

4. Co-Branding

Co-branding brings the companies together in a union. To put it in other words, it is what business leaders call a marketing partnership between two or more businesses. It helps the brands to help each other, which, in result, lets the world see them in a more positive light which may even result in the growth and progress of the business. It can also spread brand awareness and breakthroughs in new markets.

Synopsis

Branding in today’s competitive world is a necessity in the global business ecosystem. Without fool-proof strategic branding of businesses, thriving and sustaining in this market is next to impossible. Above-listed is some of the primary types of branding strategies and their impact on business. You can opt for the best fit considering your business type and audiences to get the best out of it.

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