Did you know that your branding strategy will affect whether your business is successful?
Different types of branding strategies are used by companies to grow, but it can be hard to choose one that applies to your company. Depending on what you’re trying to accomplish, you can use branding strategies for a variety of things.
Using branding materials, you can sell both products and services. You can also sell yourself as a person, making it easier to land deals with larger companies for advertisements. Understanding different types of branding strategies will make choosing one easier, so you can find success with any venture.
Here are 7 popular branding strategies for businesses in 2021!
- Personal
Personal branding is a type of branding that revolves around a person. This is often done when someone is trying to sell themselves instead of a business. You’ll see people like celebrities, politicians, and athletes use personal branding to convince people to invest in them.
One example of a celebrity athlete that uses personal branding is LeBron James. Taking up the nickname, “King James,” he uses a lion to represent his brand. With this type of personal branding, people can quickly tell who he is and identify his products.
- Product
Product branding is one of the most common types of branding because it involves making a product stand out from others, something that every business tries to do. When it comes to product branding, symbols, and color schemes are the main focuses because they’re what people will notice when looking at the products. Because of this, establishing a powerful logo is critical, and using a logo creator software will surely help you get there.
Look at a company like McDonald’s. Most of their products are plastered with a large, yellow M (their logo). They also use red backgrounds, helping people identify yellow and red with McDonald’s.
Another example of product branding is Coca-Cola. All of their cans look the same, with few differences in their products. Using package design testing, Coca-Cola has found success with its distinctive font and combination of colors that no other company has.
- Corporate
Similar to product branding, corporate branding relies heavily on using imagery. However, many businesses go as far as hiring certain celebrities to help promote them, essentially taking advantage of personal branding in their corporate branding strategies.
Companies like Nike and Adidas regularly hire athletes to participate in commercials. This helps them attract those interested in fitness, which is the two companies’ target audience. They’ll also sponsor athletes by paying them to wear certain things.
If an athlete is sponsored by Nike, you won’t see them wear anything but Nike when playing their sport. For Example, LeBron James is sponsored by Nike and he has his own line of shoes with the company. Anyone that’s a fan of King James will get interested in the shoes he’s wearing and buy them.
- Service
Service branding is a unique branding type in that it revolves around building a reputation for a certain service. This is commonly done when businesses provide excellent customer service because it gives them something to boast about.
You’ll often see service branding in companies that work in construction, food, retail, and more. Building off the needs of customers, companies can use service branding to attract more customers and gain positive reviews. This results in people referring others to use the services, which acts like free advertisements for a company.
- Co-Branding
In the food industry, co-branding helps a plethora of businesses stay relevant. Co-branding revolves around having multiple companies come together for a product. This type of branding is designed to help all businesses involved by spreading awareness and reaching out to new audiences.
One of the best examples of co-branding is Taco Bell releasing an exclusive Mountain Dew, Baja Blast. Mountain Dew Baja Blast cannot be purchased anywhere outside of Taco Bell, encouraging customers to visit the restaurant if they’d like to try it. While they’re at the restaurant, there’s a good chance they’ll buy other products.
- Online
Online branding (or internet branding) is used by those that want to focus on targeting people on the internet. This type of branding is regularly used by most businesses because it’s an easy way to present themselves to large masses.
Over 3.5 billion people use social media, so companies can use internet branding to establish themselves and attract social media users. A company can create social media accounts, websites, blogs, and more to improve their online branding strategy.
- No-Brand
Out of all the types of branding strategies, the no-brand strategy is one that not many businesses invest in. This branding strategy involves using minimalist packaging and imagery, letting the products speak for themselves. It’s an effective strategy for those that want to build relationships with customers.
Many companies that use the no-brand strategy are in the health industry. This minimalist strategy attracts younger audiences, who are often interested in health-related things. You’ll find that many of these companies sell fitness products, including food and exercise equipment.
Think About the Different Types of Branding You’d Like to Use
If you own a business and are having a hard time attracting customers, you should take a look at your business plan and reconsider the branding strategy you’re using. Branding is crucial if you’d like to establish yourself in your company’s industry.
Start by looking into different types of branding, such as online branding and product branding. If your business is selling a service, try to gather customer reviews and make them selling points on your website and ads. Showing people that others have enjoyed your products or services will encourage others to invest in you.
Check out our other articles to learn more about branding strategies!
