Branding is a creative way by which a unique brand identity is created for any product or service considering its KPIs and USPs. It can elevate the status of any newly begun venture from being just one among the many to the ‘one and only’ in the market. Branding helps us to establish our identity as a unique symbol that is easily identifiable enabling better brand recall and enhanced sales. An efficient and transparent branding when coupled with great quality products and services can facilitate effective business conversion and it helps in better customer retention and better ROIs.
Branding includes various strategies and activities to create and promote a brand which in turn can reach the target audience adequately and improve customer loyalty thereby improving our market value. It also encompasses various brand activation services, starting from scratch such as naming, logo conceptualization and design, tagline, brand story, package designs, advertising campaigns, social media activation, website design and development etc.
Here is a list of seven types of branding that you should know:
Product branding is the most common type of branding. It involves creating a unique identity for a specific product. Product branding includes the finalizing an eye-catching and unique name for the product, which needs to be the basis of the logo conceptualization, package designs, and other relevant marketing and advertising campaigns.
Product branding is essential because it helps customers to identify a specific product and differentiate it from other products in any crowded market. It helps in easier brand recognition and improved customer loyalty thereby making room for commanding premium pricing. People are willing to pay more for products which are ‘seemingly’ of superior quality. So, a well-executed product branding helps in establishing a strong brand image which is perceived as that of high-quality product which in turn improves sales and word-of-mouth recommendations.
Service branding involves creating a unique identity for a service-based businesses. It includes the proposition of an appropriate name, logo design, tagline, and advertising campaigns for the business. It helps customers to identify a specific service and differentiate it from other services in the market.
A strong service brand can help to build a business’s reputation. A well-branded service can often be associated with positive customer experience which in turn results in an improved customer loyalty. It can also command higher price due to its increased perceived value.
Corporate branding stands for the creation of a unique identity for a company as a whole. It includes the name of the company, the logo, a suitable tagline, and innovative and result-oriented advertising campaigns which in turn creates a strong brand image for the company and helps to build better customer loyalty.
A well-branded corporate identity is entitled to a special competitive edge in a crowded market by attracting an incredible possibility of better employee engagement as each employee feel valued and motivated owing to the brand value of their employer which will definitely reflect in their performance and productivity.
Personal branding involves creating a unique identity for an individual. It includes establishing the individual’s name as a trustworthy brand name, creating a strong brand image, and building positive reputation. Personal branding is very important for professionals who would want to establish themselves as experts in their field or entrepreneurs who would want to build a brand around themselves.
It helps to increase the individual’s visibility and exposure which will instantaneously help in building improved credibility. When individuals have a strong and unique personal brand, they are often perceived as more skillful and meritorious. This improves the rate of success and the related benefits of better recognition, better networking, etc.
Online branding involves creating a unique identity for a business or product in the digital space. Online branding includes the name of the business or product, the logo, website design, social media presence, and online advertising campaigns. Online branding is important because it helps businesses to establish a strong online presence and reach a wider audience all across the globe.
Increased visibility, better customer engagement, improved brand reputation, increased customer loyalty are the key competitive advantages of developing a strong online brand for ourselves. It can also provide valuable analytics and insights into our audience, engagement levels, and areas for improvement by monitoring our online brand presence, businesses and target audience.
Geographical branding involves creating a unique identity for a product or service based on its geographic location. Geographical branding includes the name of the product or service, the logo, tagline, and advertising campaigns that highlight the product or service’s connection to a specific region. This type of branding helps the brand to build a special affinity with its target audience by exploiting the psychological links of humans with their respective native places.
By creating a unique and memorable identity based on the product or service’s origin, businesses can differentiate themselves from their competitors and stand out in the marketplace. It can help businesses build stronger connections with the local community. By highlighting the product or service’s local origin, businesses can appeal to local customers and build a stronger sense of community around their brand. Also, it provides improved marketing opportunities by highlighting the product or service’s origin or location. Businesses can thus create unique marketing campaigns and target customers interested in locally-sourced or unique products.
Co-branding involves creating a unique identity for a product or service that is the result of a strong merger or collaboration between two or more companies. It includes the branding of names of the collaborating companies, the logo, tagline, and advertising campaigns that highlight the product or service’s unique features. By leveraging each other’s strengths and resources, brands can create innovative and unique products or services that appeal to a wider audience and generate mutual benefits through co-branding.
Co-branding can also help expand a brand’s customer base. By collaborating with a brand that targets a different or complementary audience, both brands can attract new customers who may not have been interested in their individual offerings. By leveraging each other’s existing customer bases and marketing channels, co-branded products or services can reach a wider audience than either brand could reach alone. By partnering with a well-respected and established brand, a lesser-known brand can benefit from the partner’s reputation and expertise.
A brand can differentiate itself from its competitors and create a unique value proposition by collaborating with a complementary brand. Both brands can save money and improve efficiency by sharing resources, such as production facilities, marketing channels, or distribution networks. It can also lead to increased sales for both brands. By offering a unique and innovative product or service, co-branded offerings can attract customers who are willing to pay a premium price.
Be it any time of branding, every business should strive to create a unique identity that sets them apart from the competition.