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the 4 proven branding strategies that will drive more sales

5 Proven Branding Strategies That Will Drive More Sales

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Creating a brand is one of the most important aspects of marketing. It is what sets your product or service apart from your competitors and gives customers a reason to choose you over them. There are four main branding strategies that businesses use to create and maintain a strong brand: Product range extension, Brand extension, Co-branding, Trademark registration and Intense advertising campaigns.

Product range extension

Product/range extension is a branding strategy employed when a brand introduces a new product similar to one it offers already, targeting an existing market. The strategy is often used as a way to enter new markets or segments with products that have already been proven successful.

There are several reasons why a company might choose to employ product/range extension as part of its branding strategy. First, it can be an effective way to enter new markets or segments without having to start from scratch with new products.

Second, by leveraging the equity of an existing brand, product/range extension can help reduce the risk and costs associated with launching new products. And third, because customers are already familiar with the parent brand, product/range extension can help accelerate the adoption of new products.

When executed successfully, product/range extension can be a powerful tool for building brand equity and driving growth. However, there are also some risks associated with this strategy that companies need to be aware of. One key risk is that of cannibalization – where the introduction of new products eats into the sales of existing ones. Another risk is that of tarnishing the parent brand if the quality of the new product does not live up to customer expectations.

Despite these risks, product/range extension can be a valuable tool in any company’s branding arsenal – provided it is executed carefully and thoughtfully.

Brand extension

There are four main types of brand extensions:

Product Extensions:

This is when a company takes an existing product and creates a new version of it. For example, Apple recently released the i phone SE which is a lower cost version of their flagship device.

Service Extensions:

This is when a company takes an existing service and creates a new version of it. For example, many airlines now offer premium economy seating which is an upgraded version of their standard economy service.

Line Extensions:

This is when a company adds additional products to an existing product line. For example, L’Oréal has many different shampoo brands including L’Oréal Paris Elvive Full & Strong Shampoo which targets customers who want fuller hair.

Brand Stretch:

This is when companies take their established name and use it to enter completely new markets or product categories that are not related to their current offerings.. An example of this would be Harley Davidson making branded apparel such as t-shirts and jackets.

Co-branding

There are many reasons why companies may choose to pursue a co-branding strategy. In some cases, it may simply be a matter of increasing visibility and reaching a wider audience. In other cases, it may be an opportunity to tap into new markets or customer segments. And in still other cases, it may be a way to create added value for customers by offering them a product or service that is more than the sum of its parts.

Whatever the motivations for pursuing co-branding, there are certain best practices that should be followed in order to make sure that the partnership is successful. First and foremost, it is important to carefully select a partner brand that is compatible with one’s own brand in terms of values and target market.

Secondly, each brand should clearly define its role in the relationship and what it hopes to achieve through the partnership. Finally, both brands should commit to promoting and supporting the co-branded offering over the long term.

When done right, co-branding can be an extremely effective way for companies to grow their businesses and better serve their customers.

Trademark Registration

A trademark is a word, phrase, symbol, or design that identifies and distinguishes the source of the goods or services of one company from those of others. Registering your company’s trademark is vital to preventing others from using it without permission and will give you legal recourse if they do. It also allows you to use the ® symbol next to your mark, which lets potential customers know that it is protected.

Intense Advertising Campaigns

Marketing campaigns that feature your brand prominently are key to getting potential customers familiar with it. If they see it often enough, they’ll start to remember it and associate it with positive qualities (like being innovative or high-quality). Consistent branding across all channels (television, radio, print ads, online ads, etc.) will help

Jeremy

Jeremy is a SEO and web traffic specialist with years of experience in lead generation, sales, copywriting, and conversion optimization. He has helped countless businesses grow their online presence and increase their sales. His passion is helping businesses succeed online and he is always looking for new ways to improve his craft. He loves sharing his experience through articles and videos to help people achieve their marketing and sales goals.