This involves creating a strong and coherent brand culture, marketing without borders, internal centers, a new “glocal” structure and joint creation with consumers. Your brand development strategy is how you perform these tasks. To make the task a little easier, we have divided the brand development strategy into 10 steps. There you have a 10-step brand development process to boost your company's growth and profitability.
Cox Business 548 views Cox Business Follow 26,461 101,169 Cox Business 548 views Cox Business Follow 26,461 101,169 Brand voice, brand design, brand values, brand history and brand environment are the key elements of a successful brand strategy. Next, we'll show you each one of them, describe what it's all about, and analyze why each of them reinforces the experience your brand creates for new and existing customers. The three brand strategies that large companies usually use to decide which products will contribute to which brands are multi-product branding, multi-brand and private branding. Multi-branding is used when a product or a line of products targets different markets.
This type of brand is favorably used in the automotive market. Chevrolet, for example, has many different cars and each one has its own brands such as Spark or Camaro. Both vehicles belong to the Chevrolet brand (the parent brand); however, they serve completely different purposes for different consumers in a given market. The Spark is a small, affordable car for those looking for an environmentally friendly car to get from point A to point B.
While the Camaro is for drivers looking to get from point A to point B with the support of performance and style. In short, the multi-brand strategy allows companies to gain market share by evaluating external opportunities to define a profitable market segment. In most cases, private label products are considered to be of lower quality, but in some cases, this can help retailers build customer loyalty. Frito Lay has created many different savory snacks under different brands, such as Doritos and Cheetos.
If your brand is the way you present your business to the world, your brand strategy is the framework that supports it. While this brand growth strategy is the most expensive, it can also reap the most benefits if done correctly. Creating an environment contributes to the overall customer experience with your brand and can leave a more memorable and lasting impression. A well-known brand increases its credibility with its customers, its industry and the entire business ecosystem.
It not only increases the voice and knowledge of consumers of a brand, but it also gives it identity and value. In addition to tone of voice and visual identity requirements, brand guidelines may include a mission statement, detail the brand's core values, and share what should and shouldn't be done to appear on social media and other content marketing channels. The more a brand is used on products of a different class, the greater the diluted effect on brand value. The Fly By Jing website shares the brand's values, such as “the power to empower”, and takes a stance on why it believes its products are so important.
This article is used as a strategy of the Flanker brand to attract consumers who want to have a Fitbit step tracker, but at a reasonable price.