Many companies and organizations have a brand. It’s why people buy or use their product and service, and it’s very important to stick to a brand and develop its strategies.
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Brand development can be a challenge, but it is inevitable. We all want to make a big impact on the people who will buy or use our product and service.
You can use many strategies to develop your brand, but first, you need to understand what brand development strategy is.
What is Brand Development Strategy?
A brand positioning strategy defines your brand in relation to the competition, what it offers consumers, and where it fits in the competitive landscape. It helps you become unique so consumers can easily recognize your product or service from a distance. In addition to this, branding is important because it differentiates your product or service from the competition.
All the brands are developed using one of the following strategies: positioning, platforming, and repositioning.
These three strategies are quite popular because they are implemented at various, these are as follows:
Positioning strategy is where you try to establish your brand by being different from its competitors. It would allow you to develop a strong brand that is already recognized.
One example of the positioning strategy is when Microsoft was doing pretty well in terms of their business, and companies decided to start using Macintosh computers due to the more accessible interface it has with Windows.
The Mac still uses the same operating system as Windows, but they’re always boasting that it’s much easier to use than Windows PCs.
Plat forming strategy
Plat forming strategy is where you build your brand using a model that has already been proven successful and well-established in the market.
Some examples of companies using this include Subway, IKEA, and Starbucks. All three developed their brands by using platforming strategies because they’ve focused on putting up the same product worldwide.
This strategy is where you develop your brand by changing your original image in order to adjust to what’s already being done in the industry at that time. This can be a risky tactic since it is complicated to change your image initially.
It can be done if you want to dissociate yourself from the competition, but only if it is done with professionalism and not in a drastic way. One example is what MTV did when they focused on reality TV shows that were different from the original music videos they showed before.
These reality TV shows were what other stations offered, so they changed their image to focus on those instead.
Benefits of brand development strategies
Anyone can use these strategies
- You can benefit from the advantages of your competitor
- It’ll help improve your brand and grow its reputation
- It’ll allow you to adjust to what’s already being done in the market
- Different industries may choose different strategies, depending on their needs
Disadvantages of brand development strategies:
- You may risk losing loyal customers
- You may risk losing money and time
- It takes a lot of effort to implement these strategies
- It requires a lot of change, and it can be scary for some people.
In conclusion, these three strategies are very effective as long as you implement them correctly.
It is important to know the advantages and disadvantages of using each one before doing anything drastic. It will help your brand stand out better than the others, and it will also minimize the chances of your product and service not being taken seriously.
We hope that the strategies mentioned will help you know how you will develop your brand in the best way.