By: First Union
Are You Making the Right Moves to Build Your Brand?
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Only U.S.-Based Businesses are Eligible. No startups
You may have a first-class product or service. You've focused on creating a company that is synonymous with great customer service and integrity. And these are certainly wonderful attributes for a small business to have—but how much work have you put into building your brand? A solid branding strategy is essential for any company; in fact, some might say that building that brand is one of the most important things you can do for your company. Below are a few branding strategies that you might consider implementing.
Individual Brand Names. Of course, you have your company name, but then within that company, you have the opportunity to create some individual brand names. For example, Kraft owns both Velveeta and Jell-O. Adding individual brand names can help give your company more flexibility and also offer consumers an even stronger sense of who you are.
Branding by Attitude. More so than tying a brand to a specific product feature, you're tying your branding strategy to a feeling, or an attitude that your company seeks to convey, just as Apple focuses on self-expression.
Brand Extension. If you've built up your brand name and it consequently has a strong presence in the marketplace, you may use it to extend into other areas. Fashion companies might extend their brand name into fragrances or even furnishings, among other such product lines.
Private Labels. If again, you have become something of a well-established brand, you might consider developing your store brand to compete with the existing brands out there. Some companies have enjoyed quite a lot of success this way and their private label brands often outperform the bigger brands. For example, Trader Joes sells its house brand within its stores.
Personal Branding. In this instance, an individual(s/) within a company is the "product" to be branded. That person and his/her career and accomplishments are thus at the core of the branding campaign. You do want to be careful—if that person encounters problems, those problems then come to be associated with the brand.