Brand development is a strategic process for creating and distinguishing your company's image, products and services from those of the competition. A brand extension moves an existing brand to a new product category, with a new or modified product in some way. In this scenario, a company uses the strength of an established product to launch a product in a different category, hoping that the popularity of the original brand will increase the receptivity of the new product. An example of brand extension is the offer of Jell-O cupcakes in addition to the original product, Jell-O jelly.
This strategy increases brand awareness and increases the profitability of offers in more than one product category. The idea that customers have of you as a brand is called brand positioning. For example, Coca Cola positions itself as a brand that brings happiness. Having effective brand positioning will improve your brand's relevance.
The objectives of your brand positioning would be to include relevance, differentiation and credibility. All three of these things must be considered when developing a brand positioning strategy. Let's say that if you're a very relevant brand but there's no differentiation, then you won't differentiate yourself from a mass-produced product. WEBINAR How leading organizations are creating the new standard for the digital experience Centralize and manage your digital assets in one place Create a digital home for your brand guidelines Collaborate more efficiently during the creative process Create, review and approve structured content Scale and automate digital content creation Automated way to deliver optimized assets Create, edit and reuse print-ready templates Data-based information about your content and the use of the Distribute portal The assets within your technology How to maximize the reuse of B2B content This The Forrester report is an essential guide to maximizing the impact of your content Improving the digital experience Discover how today's leaders are gaining a competitive advantage with digital asset management Boost your brand and optimize assets with dynamic asset transformation The CPG marketing specialist's guide to DAM The 6 marketing mistakes holding back CPG brands A brand strategy (a, k, a.
The brand development strategy is the long-term plan for achieving a series of long-term goals that ultimately result in the identification and preference of your brand by consumers. A successful brand strategy encompasses the brand's mission, its promises to its customers and the way they communicate. Often ill-conceived, a brand strategy isn't the sum of your logo, color palette, or website; however, these creative elements are an integral part of a successful brand strategy. A brand strategy revolves around all the intangible elements that, over time, drive brand awareness, brand value and brand sentiment.
Crafting a successful brand development strategy starts with asking the right questions. Find them in our handy workbook on brand growth. The main objective of a successful brand strategy is to let the world know that your brand exists, what purpose it has and what defines it. A brand strategy is a fluid, long-term strategy that often requires review over time based on its success (or lack of it).
The success of a brand development strategy isn't always easy to measure. Brand strategies usually include intangible elements that are not easily quantified, and when planning these types of strategies, it is important to decide early on how success will be measured. What are your brand's goals and how do you communicate them? — What problems will your brand solve and how will it benefit your potential customers? How do you identify your ideal customers? — who will benefit from the brand? How do these customers feel and how would they like to feel? How do you identify your competitors, who are already giving your potential customers what they want and how? How do you attract potential customers? — What personality and tone of voice will your brand have to achieve its goals? Understand the benefits of DAM, how to select a DAM provider, which DAM is right for your business, and get an overview of Bynder and other DAM platforms. Learn how Bynder's social media asset management and creative automation tools help companies create a strong and consistent brand presence on social media.
Learn how Bynder's brand guidelines help brand managers ensure that their brand identity is always consistent and controlled, while sending the right message to their audience. When you dare to develop a complete brand strategy, you'll be in a much better place if you study the strategy of your competition. The “brand house” strategy is well suited to companies that operate in many product categories at the same time. As organizations establish and create strong brands, they can apply a number of strategies to further develop them and extend their value to stakeholders (customers, retailers, supply and distribution chain partners and, of course, to the organization itself).
In this scenario, the brand owner works with a partner (sometimes a competitor), who takes responsibility for manufacturing and selling the new products and usually pays royalties each time a product is sold. The strength of your brand is a reflection of your reputation and visibility in the business ecosystem. An interesting example of collaborative branding is Timbers Army, the independent fan organization of the Portland Timbers team of Major League Soccer (MLS). It makes your current customers feel comfortable and, at the same time, develops a sense of identity for your new customers.
Brand dilution can also occur when new products do not meet the standards consumers expect in terms of quality, workmanship, price, design, or other differentiating brand features. From an operational point of view, brand ownership should be the responsibility of the organization's management and employees. A new brand occurs when the company is expanding its offering (by developing a new line of products that it has not offered before) and, as a result, needs to create a new brand. Since co-branding affects existing brands, partners may struggle to protect their current brands while introducing something new and possibly risky.
The slogan is backed by a “promotional speech” that makes sense for consumers, conveys your brand and stays engraved in the minds of viewers. The downside of this multi-brand strategy (as opposed to a product line extension strategy) is the cost and time involved in developing a new brand successfully in the market. You should follow up with a brand statement or message that resonates with consumers, that your company can offer and that differentiates your company from your competitors. As a company, your goal, as expected, will be to create products that are transformative and innovative, but you should also focus on developing a voice that explains what you want your customers and prospects to think of you.
Personal branding treats people and their careers as products that can be branded and sold to the target audience. . .