“Know thyself.” This sentence from antique times is the key when we advise customers concerning strategic branding issues. Only when it is clear in which market the company or the product is in today and should be in tomorrow, who the customers are today and tomorrow, and what still is or will be possible in the future, can the work on the branding strategy commence.
For the core positioning, the essence of the brand and the intrinsic value of the product or service must be described. This results in the answers to the question of what use the product or service is to the user. A further very important aspect is the search for the unique features and the decisive differentiating characteristics in the market. When you know this for your product, you can divide the market and reposition the competitors in the minds of your customers.
When the branding concept is complete, it is a valuable route planner for consistent marketing and marketing communication.
If the branding concept of an existing company is reconsidered on account of basic changes in the direction of the company (change to the product program, takeover, succession), the existing value of the brand is to be looked at closely and to be taken into account.
Three Definitions and Many Combinations
The branding strategy is often determined by three basic directions:
- Individual brand
- Family brand (often for a product range)
- Corporate brand