Building a sustainable, successful brand needs careful planning as well as consistency. It requires a strategy. Branding strategy is the plan which defines the stories and ideas behind the products, the relationship and structure of the brands in the organisation as well as the elements of core identification. These can take in elements like company and artefact names, logo’s, tone of voice, colour schemes and the like. It also offers the framework for employing the brands all through the organisations operations and for making use of them to proficiently work towards the business objectives. It’s not simply a cosmetic work out; it’s a chief constituent of business strategy.
By having a clear strategy in mind, managers can make co-ordinated, appropriate, informed decisions not only in marketing, but also in every department from product development to customer service as well as recruitment. This procedure of exemplifying the brand idea all through the organisation is known as branding.
The exquisiteness of branding is that through informing your customers with compelling, authentic stories, you not just make your merchandise more valuable and attractive; you provide your clients something to talk about. People generally love to share and tell stories. By presenting them fine stories to tell, you get access to what is considerably the cheapest as well as most effective form of advertising – word of mouth.
The international brand strategy
Company offering services in the international marketplace don’t form an extensive adaptation of their offers, branding as well as marketing to diverse local conditions. Hence, a brand, intended for domestic marketplace is utilized on external markets in the similar form. Such an approach is appropriate for companies whose products and brands are really unique and they don’t experience any severe competition on foreign marketplaces. For instance: Microsoft Corporation.
The global brand strategy
Corporation that makes use of this strategy don’t acclimatize the conception of branding to potential national differences and utilize similar brand name, slogan and logo all around the world (for example Intel Corporation did at the commencement of its operation). Brand positioning, market proposal and communications are alike. Hence, the whole lot is originally developed for the global addressees. Branding operations standardization causes considerable economies in terms of investments required.
The transnational brand strategy
Company making use of this strategy builds individual concepts of branding for every foreign market it’s concerned in. Not just brand name, but moreover market proposals as well as marketing events are specifically adapted to local conditions. However, the theory of corporate brand is pretty perceptible and it works like a framework that directs local adaptation. Thus, a brand can be positioned various ways and a suitable price can be resolved and trade policies utilized. High investments required going with all local needs, and the absence of advantages of standardization are pessimistic aspects in this case.
Execution of Branding Strategy entails certain difficulties. Regular adaptation is essential due to dynamic development and changing conditions of the market. Moreover, mentioned three key strategies are barely seen in their purest type in practice. In actuality we are dealing with numerous options and a broad variety of hybrid forms. Yet, these strategies offer a good starting point as well as assist to characterize a all-purpose direction of branding strategy.