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Various Forms of Business Branding

Branding of products, services, or the company itself, is obligatory for long-term success of any business. Various companies practice different types of branding strategies, based on their industry, products, customer preferences, geographic targets, etc. Here are some most common forms of business branding strategies.

• Personal branding: This is the use of personal name for branding. This work well is the person is famous (for that industry or service). It is the least common branding strategy also lesser effective.
• Company branding: This is the branding technique highlighting the name of the company, all the products/services are branded using company name. Work well when the company have good reputation, tradition, a wide range of (low cost) products, or have good advertising budget.
• Individual product branding: is the strategy of assigning a brand name to individual product types. This work tremendously well with companies offering a limited number of products (especially costly quality products).
• Multiple branding: This is the practice of branding even same type of products with different brand names. Successful brands are stay and new brands are introduced in place of failed brands. Many electronic companies, automobile companies, manufacturing companies, etc follow this marketing strategy to occupy a major portion of industry. This strategy requires good planning and marketing.
• Brand extending practices: This is the practice of assigning a similar brand name (of existing successful brand) to new products. Many IT companies, automobile companies do this. Some common practices include adding plus, 2, neo, new, pro, mini, words to existing brand names.

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