A product and brand strategy develops the brand and identity knowledge that separates your products from the many others based only on the brand name.
A well-designed strategy repeatedly reminds current and potential customers why they should buy your product instead of others with similar characteristics.
The brand forces a customer to buy a product based on the emotional ties that this implies, not necessarily for quality or price, although quality and price are vital for the life of the brand.
The brand is a name, term, sign, symbol, design or a combination of these that is assigned to a product to identify it and distinguish it from other products that exist in the market.
But in addition to allowing to identify and distinguish a product from the other products of the competition, other utilities or functions of the brand are:
A brand strategy should position products in relation to immediate competition. Decide if you want consumers to think of your product as cheaper than the competition, of higher quality than the competition or with more status than the competition. These and other factors determine the position of your brand and products in the market in relation to the competition.
The implementation of a strategic brand and product branding should make consumers have a positive emotional relationship with your brand. To achieve this, a brand and product strategy must be aligned with the core values and mission of the business, easily adapted to various businesses and economic climates, and have a clear meaning and relevance to your target customer base. For example, brand and product strategies designed to attract runners and other athletes should include activities that reinforce their brand association with sports and body care.
A brand and product strategy works in close coordination with other vital sectors of your business plan. Transmit your brand strategy in the pricing strategy, sales and marketing strategy, and the mission of the company. These other areas of the business plan are fueled by the brand strategy. Brand and product strategy is the base that influences advertising campaigns, the company’s literature, public perception, and customer commitment.
The brand is the basis on which the image of the company or business is built.
The brand that we will put to our product will determine to a great extent the success of our advertising and, therefore, of our sales.
Therefore, the decision of the brand that we put to our product, must be a decision that we consider well.
As a recommendation, the name of our brand should be an attractive name, preferably short and easy to pronounce, so that it can easily be recorded in the minds of consumers.
Likewise, it must be in accordance with the essence of our product, as well as relating it to our target audience; For example, if our product is made up of jeans for ladies, as a brand we could choose to put the Italian name of a woman, because Italy is often related to fashion.
Finally, let’s see some recommendations as to what the brand of a product is referring to:
Small businesses often feel they do not have the budget and knowledge to develop a competitive and effective brand and product strategy. Because of this, they can choose to simply renounce any brand planning and strategy. Brand strategies require market and industry research, as well as an understanding of the emotional needs and desires of the target market. Small companies or startups might be surprised at how affordable it is to outsource their marketing and branding activities to small boutique branding companies like ¡Gotcha! Brands.