Effective Branding Strategies
The brand of a company represents its market identity. It tells the public what the company does, and about the quality of their products. It is a token of their reputation for trustworthiness. A brand is not just your company's name or logo or website or the products manufactured, it is much more than that. It is something that feels intangible, yet has the biggest presence. Following are some essential components that you can adopt to build your brand strategy.
The successful strategy that Old Spice adopted to market itself to the new generation is one of the prime examples of flexibility in branding. For decades, Old Spice remained a product for the older generation. Understanding the need to find a new customer base in today's competitive world, the company teamed up with one of the prominent advertising agencies, and marketed the product for the younger generation, with new commercials, new packaging, a new website, and new product names. It clicked, and now Old Spice is popular with both the old generation and the young generation. The requirement to stay relevant in this fast-changing world is to remain flexible.
When it comes to marketing, rationalism does not always take precedence. Take the case of Harley Davidson bikes. There are a number of bikes in the market that are equally well-made, still, people pay thousands of dollars more for a Harley. It is because the branding strategy of Harley-Davidson is based on emotion. They have a community created called HOG (Harley Owners Group) for their customers to connect with the brand. What it provides is a feel for the Harley owners to be a part of a larger group than just a small group of other-branded bike riders. Basically, a person will go for a Harley to be part of the HOG.
In today's market, it is not just enough that your brand makes a promise, it should have a defining purpose as well. For instance, take the case of Hyundai. Their vision is not just to sell vehicles, but be responsible towards the community and the environment. This appeals to a lot of people as it projects a commitment that goes beyond the point of sale, beyond just making money. Let your business purposenot be 'functional', where you only make money, but rather 'intentional', where you make money and do some good in the world. This is according to Business Strategy Insider.
You may also check out the branding strategies of your competitions so that you can learn from them and improve your own branding strategy.