4 Steps of Brand Development Strategy
1. Choose the Brand Name and select the Logo:
While building a brand development strategy name plays a vital role. A good name and style can add positives to a product’s success. It is the most difficult task to start with. Simplicity is the first step. The name should be easy to pronounce, recognize and remember. Moreover, it should suggest something about the product’s benefits and qualities.
Names like Google, Nike, Facebook, Apple, KFC etc. are among the most established brands all over the world. Interesting fact about those names is that they are easily translatable in different languages around the world. Hence the meaning of a particular word should not be something which indicates bad, wrong or negative.
Again the name should be extendable to cover up multiple product lines. For example, Amazon.com started its business with bookselling and now has been extended to multiple product categories.
2. Establishing the brand in the minds of customers:
An interesting saying by a marketer- Products are created in the factory, but brands are created in the mind. This can be done in multiple ways- At the basic level, it starts with introducing the target customers the product and its distinguishing characteristics.
The more effective way a brand can be positioned by associating its name with desirable benefits. Thus, Kindle is beyond an e-book reader- it is lightweight, on the go dictionary, stores thousands of books which are easy to search, no glare and zero distractions.
3. Brand Sponsorship:
Brand sponsorship can be of three types:
- Private Brand sponsorship
- Licensed Brand sponsorship
Private Brand Sponsorship:
Lots of advertisements and social marketing strategies work behind the big brands to emerge and are termed as National brands. But for smaller Companies, it may not always be possible to endorse brands with a huge out of pocket expenses. In those scenarios, brand sponsorship is very important. As against National or Manufacture’s brands, there are Store brands.
Licensed Brand Sponsorship:
In this brand sponsorship, some companies buy the names and symbols of other manufacturers or creators with a fee and endorse its products under such brand name.
Under such a brand sponsorship strategy, to established brand names of different companies are used on the same product. Because each brand dominates in a different category, the combined brands create broader consumer appeal and greater brand equity.
4. Developing Brands:
To augment the brand equity it is very important to prepare a brand development strategy incommensurate with changing business scenarios. There is no hard and fast rule to dictate over.
Brands name of a product can be extended to an existing line of products to accredit new forms, colors, sizes, ingredients or flavors of an existing product.
It happens when a current brand name is extended to a new or modified product in a new category. For example, Nestlé’s popular brand of noodles Maagi has been extended to its tomato ketchup, pasta, soup etc.
Multibranding offers a way to establish different features that appeal to different customer segments, lock up more reseller shelf space and capture a larger market share.
Brands are not created in a day or two; you ought to have the patience to grow it. The above – mentioned points suggest some best practices to build a brand, but the real test begins in the field. Brand development strategy differs from place to place, even urban branding and rural branding are way different in their practical applications. Remember that behind a successful brand development strategy, there lie lots of endeavors, a vividly clear vision and above all an uncompromised quality of product or service.