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What is Branding Strategy and Different Types Of Branding Strategies?

What is Branding Strategy and Different Types Of Branding Strategies?

What is Branding Strategy?

A Branding Strategy is also known as Brand Development Strategy. It is a long-term goal to perform a series of long-term plans that will eventually result in the identification and presence of your company or brand by your audience. A successful branding strategy consists of its mission, what a brand promises to its audience, and how they are communicated.

Many people think that a branding strategy is a company’s logo, colour palette, or website design. In comparison, a company’s logo, colour palette, or website design are essential elements of a successful brand. A branding strategy is also a combination of brand awareness, brand sentiment, and brand equity.
In easy words, branding is the marketing approach or special techniques that help shape a brand or company.

What Are The Different Types of Branding Strategies?

There are many branding strategies around, and it is not easy to specify which branding strategy will work for your business. The best practice is to pick the right strategy to understand the meaning of branding and describe your brand identity or uniqueness.

Once you understand to position your brand and take benefit of brand strategies, you will be able to receive brand commitment, awareness, equity, and recognition. A product or service that is well delivered to the target audience can change into a business. As your target audience has many options, the businesses need to be more strategic in their branding efforts to ensure that their services or products meet high in-demand value. The best practice is that a company should design or develop its products/services with a great strategy that aligns the value of your business and attracts the audience.

Types of Branding Strategies:

Each branding strategy adds different value to the business, depending on the target audience, budget, marketing campaigns, and industry. Here are the different strategies that a business should consider to create brand value.

1. Personal Branding:

Personal branding is about how you are promoting yourself. It is a great combination of experience, skills, and personality to show the audience.

It depends on how you tell your story and behavior, attitudes, and many other things. You can use personal branding to show your difference from other people. You can hook your branding with your business or use it to differentiate yourself from others. It will help you stand out, and you can also show your knowledge and skills about different areas of expertise.

2. Product Branding:

Product branding is a common type of branding. Once you realize your business identity, you will propose a product to fit the market and audience needs. Product branding is not always limited to the products but it also includes services.

3. Service Branding:

Not every business is going to sell physical products or materials. Here comes service branding, which is the experience that you deliver through brand awareness, communication, and support to your customers.
Service branding consists of customer experience strategy, voice tone, feedback, and promotions.

4. Retail Branding:

Like in a supermarket, we always find similar products kept side by side on the shelves of each product. On the other hand, if you visit a specific brand store, you will only find specific products related to the brand. Retail branding can be difficult because each store needs to achieve different goals.

5. Cultural and Geographic Branding:

Cultural branding creates a positive shared identity and importance for the people living in a certain place or people of a specific nationality. In other words, cultural branding concentrates on cultural elements. It is relatively connected to geographical branding. These two types of branding work similarly. Geographical branding is for countries, regions, states, or cities to attract other regions or countries people to invest in their companies or businesses.

6. Corporate Branding:

Corporate branding is the image of your business or company. It plays a huge role in the journey of a successful business. Corporate branding helps you deliver a clear message through everything a business does, sells, and says.

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