Product branding and their strategies

                      Product Branding Strategy

 What is product branding? Simply put, it is how a product interacts with its consumer audience through design, logo, and messaging. It is difficult to settle on one product branding definition because branding triggers an emotional connection in consumers. If done well, product branding can be maintained and produce a solid, well-connected connection throughout the life of the product. The challenge, however, lies in new media, licensing and social media, where the “message” might be communicated via the audience and not the expert branding professionals.

                            

                      

Marketers have three major strategic options-

1-     Manufacturer branding vs. private labels

2-     Individual branding vs. family brands

3-     co-branding

                  

Manufacturer vs. Private Brands

When a brand identity is clearly linked with the manufacturer of the product, it is called a manufacturer brand. Also known as a national brand, marketers usually choose this option when the firm has a strong, positive image. But some products, especially if they are not well-differentiated in the marketplace, benefit by being associated with the store where they are sold. For example, major drugstore chains routinely offer their own private-label brands of staple products like pain relievers and skin cream.

Individual vs. Family Brands

Individual branding is a strategic approach used by firms with sufficient resources to create a separate identity for each product they offer. It makes the most sense when a company sells items in very different categories, like candy and detergent, or to highly distinct target audiences. Conversely, firms with multiple offerings in the same category, like soup or cereal, often market a variety of products under the same name. This use of a unified platform is called family branding.

Co-branding

Co-branding is a strategy that links two existing brand names to create an identity for a new product. There are three variations of this approach. Ingredient branding is when one product is integral to the other, like an ice cream brand blended with a well-known liquor. Cooperative branding involves two or more brands sharing a promotion. For example, Hilton Hotels and Hertz might advertise jointly for holiday vacationers. In complementary branding, brands are marketed together to suggest the benefits of using both, like a restaurant offering discounts at a local movie theater.