Whether we are more interested in floating a successful product brand or a business brand it will become imperative that we bear at the back of our minds these concepts so briefly detailed. Understanding what brand is will further assist to channel our focus on making it a going concern. Enough of these. We will now proceed to our main interests, which is the product branding.
Already defined earlier in a more generic sense, it is also known as individual product branding. It contrasts with branding strategies like family branding, corporate branding and umbrella branding although these are the various forms of product branding, they are usually employed by firms who chooses to market all their products with the same company brand.
Individual product branding is best suited for and most effective for companies offering numerous unconnected products and these products vary in quality made specifically for different market segments. It is also employed in products that are highly innovative with a great risk for failure. This simply implies that the various products manufactured by the same parent company can get to bear different brand names despite the brand which the parent company bears.
It is a branding strategy involving the use of a single brand name for the sale of two or more related products. Umbrella branding is mainly used by companies with positive brand equity. It is a type of brand extension.
It is used to provide uniformity to certain products lines by grouping them under a single brand name, making them more easily identifiable and thus enhancing their marketability.
Factors determining its impact
-The degree of commonality among the products falling under the corporate umbrella
-The brand equity of a corporation
Theories in support of this type of product branding;
Categorization theories, confirmation bias, schema congruity theory etc.
This implies that there are versions of the same product that serve a segment of the target market and increase the variety of offered products. For instance Coca-Cola company coke versus diet coke versus coke zero. This tactics would only be successful based on brand loyalty and brand awareness associated with an existing product brand
Product Brand Image
Same as Brand Image earlier discussed
1) Advertising efficiencies through a reduced cost of brand development.
2) Market entry for such products are relatively inexpensive
3) It does not exclusively prevent the parent company from implementing other brand extension, thereby making the company flexible with marketing strategies.
4) Lastly the success of one umbrella branded product may translate to other products under the same corporate umbrella due to a positive brand equity.
1) Promoting a product under umbrella branding may prove to be unsuccessful if the company do not have brand equity.
2) The consumers experience with one umbrella branded product may adversely affect their perception about the other products and services falling under the same corporate umbrella brand.
Advantages of individual product branding
a) It allows a wide variety of products of different qualities thus, lower quality products cannot weaken the image of higher quality products
b) Each brand can serve the consumers in a different way
c) The company's global reputation is not tied to the product. That is to say, if one product fails, it will not adversely affect the company's global reputation.
a) Instability within the company may occur
b) It might serve to split the market into factions and this will divide efforts.
c) It runs a high risk of market cannibalization.
That is to say the company's newly launched product may take sales and demand from its older products.
Right now you wish to create that design? Pause and take a deep breath. There are factors you may want to consider before taking that step.
1) Go for a feasibility study
Get out feelers about your consumers’ needs and how they would love to have their needs met, and at what price they would be willing to pay for it.
This would give you correct information about the market dynamics and also assist you to create the proper message about your products.
Brands are forever
-Products perform its general functions
Brand offers value to consumers
-Products may be tangible or intangible in nature and form
Brand is intangible and can only be expressed.
2) Educate your team
God forbid if you and you alone know what the product is all about. So you will to thoroughly educate your employees all they should know about the company and its products too.
They should be able to state boldly and accurately everything about the company including the company mission and vision statement. Failing this, any lack of information can breed not just uncertainty and in the long run a fall in sales and consumer base.
Also, you can have giveaways with items like branded custom bluetooth speakers given out to your clients. These should be items they use from day to day, bringing them in contact with your brand and creating a brand identity with them.
Focus on consumer needs
Create a forum to access consumer needs and feedback. Then customize your products to meet those needs
Make your products brand memorable
The brand has to be the same at all times
Be strategic and updated with new technologies
Every interaction counts
Be intentional about your messages
3) Create consistency
No matter what you do, stay consistent. Be intentionally and deliberately consistent. Be clear and precise about what you do, about what you offer. Consistency is the key.
Secrets to successful product branding
Promote what your products provides.
Make sure your consumers know what benefits they stand to gain by purchasing and utilising the products.
Position your products as a service
What value dies your product seek to provide to consumers?
What service does this new product seek to offer?
Know your products brand positioning
Who are the product target consumers?
What is the product positioning with that consumer in terms of price quality?
Consider your employees
Make sure your staff and workers understands everything about this new product brands
This cannot be over emphasized.
Differences between product and brands
-The product is an item or service produced and offered for sale by the company in the market
A brand is an entity like the logo, symbol or name used by the companies to make their products identifiable among other products in the market place
-A product can be your need but your brand is more than a need
-Copying / imitating a product is easy but it is practically impossible to copy/ imitate a brand
-Companies create products
Consumers create brands
- Products can be replaced by other products because it becomes obsolete over here
- Both may yield returns and profits for the company if properly utilized
-As long as consumer needs and demands remain, both will continue to be in existence.