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By definition, brand strategy is a long-term plan for the development of a successful brand in order to achieve specific goals. A well-defined and executed brand strategy affects all aspects of a business and is directly connected to consumer needs, emotions, and competitive environments.
Branding consists of a set of complex branding decisions. Major brand strategy decisions involve brand positioning, brand name selection, brand sponsorship and brand development. Before going into the four branding decisions, also called brand strategy decisions, we should clarify what a brand actually is
Types of Branding Strategies
- Name Brand Recognition.
- A well-established company will often use the weight of its own name brand to extend to its products.
- Individual Branding. ...
- Attitude Branding. ...
- Brand Extension. ...
- Private Labels. ...
New brand. The final brand development strategy is a new brand. A new brand occurs when the firm is expanding is offering – by developing a new product line that they haven't not offered before – and as a result, need to build a new brand.
The obvious reason is that a brand helps distinguish you from your competition and makes you more recognizable to customers. ... It provides a clear purpose for why you are engaging customers and how you are doing so. Having a cohesive brand strategy helps you communicate with your customers more clearly.
Brand Strategy. Your brand is more than your logo, name or slogan — it's the entire experience your prospects and customers have with your company, product or service. Your brand strategy defines what you stand for, a promise you make, and the personality you convey. ... A customer's opinion of you versus your competition.