16 Aug Key Brand Development Strategies – 2021
What is Brand Development?
The most valuable asset a company can have is brand value. Brand development value is key in starting any brand. The strength of the brand is measured as the conjunction of reputation and visibility. It’s a process of creating and strengthening your professional services outlook. The branding process is divided into 3 steps as given below.
Firstly, getting the brand strategy right as per the business mission and vision.
Second is the use of the tools you will need to communicate the brand. It includes a logo, tagline, and a branded website.
Lastly and importantly, strengthening the brand using the latest branding strategies. Given below is a list of brand development strategies.
We are one of the leading Branding agencies in Toronto.
Overall business strategy
Having a strong brand value will make growing a business much faster. Overall business strategy plays a vital role in the context of your brand development strategy. Having a clear business strategy is very important to take your business to be successful among peers and competitors alike. We are proud to have accomplished the position of Toronto branding agency.
You should know about your target clients before you start selling any product or service. Knowing your target audience and branding specifically to target them in a more precise manner is a lot more valuable than just marketing for the sake of marketing. The more diverse your audience is, the more diluted it becomes for you to target the audience and it requires a lot more effort. Firms that do research on their target clients beforehand grow much faster than those that do not. Research helps in understanding what’s trending and what is the client’s perspective. As the world we live in is changing with every passing second. New client interests come and take over the previous ones. In order to stay among the best, one has to continuously stay up to date with the user perspective and change the plan of action accordingly.
Development of Brand Positioning
Positioning your brand for a certain niche is what brand positioning is all about. You can not position a brand for more than a niche. For example, if you are opening a restaurant, you have to be sure what food you will be selling. You cannot be selling seafood and fast food at the same time. There has to be well thought out brand positioning plan before starting the business.
The messaging strategy includes how a firm sends a message across the board. It includes both the employees and target customers. The tone of the message gives away the firm’s body language. It has to be well-matched with the brand positioning and vision of the company. All things have to be aligned in order be get to the end result. An important thing to remember is that core brand positioning must be the same for all audiences. Each sect of the audience should be answered specifically so that no question goes unnoticed.
Development of Name, Logo, and Tagline
A logo is a pictorial representation of the company. It gives away what the company is about in imagery form and helps build the first impression among the viewers. It is the first step in the branding of the company. Likewise, the name and the tagline are similar to a logo which provides a one-word or a brief representation of the company. The name and tagline are a textual representation of the company.
Content Marketing Strategy
Content Marketing done with the help of the latest digital tools helps the target audience in a more targeted manner. Social media has always been a tool used to market products and services, and branding without digital tools is nothing. Increasing brand visibility without increasing reputation is not going to be profitable in the long run.
In the present digital world, businesses without an online presence are not here for the long run. As almost each and every business in the present day and age has its online presence. The website is the first proof of that. Having a website is one major sign that a business wants to go global. It has become a norm nowadays to have a website. It helps consumers reach businesses from the ease of the home. Simply by just being one click away from potential buyers.
Importantly, it is not expensive to have a website of business. More than 1 billion businesses run online with the help of a website. Some of them have just an online presence and any on-ground presence, with the help of a website at the core of it and social media in order to do branding.
After implementing all the key branding strategies. It is important to keep track of all the elements and see the progress over time. If there has been an improvement in number, it is certainly a great omen. But if there is no positive result after a few months have passed by, and everything has to be looked back and see what can be done to bring change to the results.
I would also like to bring your attention to another important aspect of branding. It is known as branding strategies and not as brand development strategies.
4 Brand Strategies
Branding strategies have been divided into 4 strategies. They are as follows.
Product line extension
As the name suggests, adding a new product into an existing list of the product line is called product line extension. Most businesses follow this branding strategy methodology and are by far one of the most common branding methods. If we take an example of PepsiCo, they first came up with the Pepsi and after a successful response by the customers, they decided to add more products to the existing line of products i.e., Sprite and many more. As the brand was already famous. Adding new products to the line and promoting them becomes a lot easier.
In the multi-brand branding strategy, a new brand is added under the same product category. It is a common approach used by large companies. For example, manufacturers of frozen vegetables may have multiple brands to compete against each other. But have the same corporate ownership.
The main reason for this is to have a large portion of the market shelf and reduce the competitor’s space. The disadvantage of a multi-brand strategy is the cost and time it may take to reach the top.
Branding extension means adding a line of products of different categories under the same brand name. If we take an example of Superdrug store, they deal in multiple lines of product. From eye drops to cosmetics, and from hand wash to baby diapers. This branding strategy has been a huge source of business profit and boost.
A new brand means adding a new brand under the same parent company. A new brand is like starting from a completely new slate. The example which comes to my mind is JD Sports. The owner of the store has been running the store successfully for many years. He started from a single store and now has a chain of a store across the UK. After successful results by having stores across the UK, he decided to open a luxury store by the name of ‘House of Fraser’. As he decided to start a new brand with the name of House of Fraser. He had to do everything from zero to make it a successful venture. Given he had previous experience of setting up store and running store successfully. He had not a big of a task on his hand. And successfully launched the new brand.
HOW PNMGROUP CAN HELP YOU WITH BRAND DEVELOPMENT SERVICES?
PNMGroup is a leading Branding company in Toronto, Canada. We specialize in providing branding services to Real Estate Agents and agencies. As of now, home buyers, sellers, or leasers don’t have to go to the Realtor’s office to see the properties. However, with the help of an Individual Realtor like RINA.CA or a social affair of realtors’ site i.e., PPRETEAM, you can interface with your customers any time of the day without the worry about going to the office.
Brand development Agencies with the help of cutting-edge instruments can help you with quality regular traffic to your site. This return helps increase the leads. One should develop the brand story and brand care using showed and latest modernism publicizing designs for exhibited accomplishment. PNMGroup is a branding firm in Toronto with a portfolio to facilitate its success stories. If you’re looking for the best branding companies for your association, PNM GROUP has them all.
PNMGroup has branding specialists in Toronto. This helps with situating among the best in their specific niches, our clients continue being one of the top service providers in their field of work.
ABOUT THE AUTHOR
Ammad Ahmad is working in the marketing team of PNM Group. He has a background in Computer Networks and a passion for learning and sharing knowledge with others. He has working experience as an SEO writer in a diverse range of fields, Tech is one of his top interests