Branding is the way of expressing your thoughts to people and letting them know what your brand is all about, what your business has to offer, and what the consumers can expect from your brand. Branding is very important to all businesses as it gives recognition and proves your existence in the market. Branding has some major advantages like increasing sales, customer loyalty, popularity, etc. Branding is the only way through which people connect with you as it will create awareness among the people. The main goal of branding is to reach the maximum number of people with the help of various channels.
Branding gives a unique identification to brand/product/services. Examples of branding include logo, taglines, jingles, etc. The brand name lets your product to stand out differently in the race of similar products available in the market. There are different types of brands like individual brands, service brands, organization brands, etc. There are different types of branding strategies like line extension, brand extension, new brand strategy, and flanker/fight brand strategy. One of the most common branding strategies is the flanker brand strategy also known as individual branding.
Let us know what is individual branding and what are the advantages of it.
Individual branding: In simple words, individual branding is a marketing strategy where the products under the same company have different brand names and have a unique identity. They usually don’t have a connection with the previous products or brands offered by the same company. Some of the examples of individual branding are Nestle, Procter & Gamble, Unilever, etc. explaining in detail about Nestle, it is a company which produces different products of different variety and are a brand themselves such as Maggi, Nescafe, kit-kat.
Individual branding came into existence when it was realized that a single product failure ruined the entire reputation and image of the whole company. A single product failure cannot decide what a company is capable of doing and that’s when the individual branding strategy came into the picture.
Some of the advantages of individual branding are as follows:
- Positioning is done better and easier as the product is completely different and has its unique features. This way it is easier to influence the consumers by giving a detailed description of the product.
- Marketing strategies are unpredictable. A strategy that has worked for one product may not work the same for another one, or maybe it can stop showing results after a while. With individual branding, the marketing team can apply different strategies for each product as they are unique.
- Separation of brands under the same company allows it to offer a wide range of products with different quality and prices. Hence the lower quality products will not affect the higher quality products.
- Every consumer has different requirements and hence with the different brands under the same company will let to serve each consumer differently, focusing on their smallest needs and hence getting 100% customer satisfaction
- As mentioned earlier one of the major advantages of individual branding is as it is not connected with the previous products/brands of the company. One’s failure will not affect the other product’s failure.
Conclusion: Individual branding works great when your company is capable of offering different products in different domains.
Avtar Studio is one of Top Branding Agency in Bangalore