Today every business firm needs to do branding and it has become an integral part of doing business presently. Advertising companies in Gurgaon are providing the best possible services in this field and have the capability to make you the leading brand in your domain. Different strategies are considered and molded according to the organization’s demands for popularizing a brand.
Some of the top branding strategies which always result in growth and offer tangible results for clients are:-
1. Product line extension
A product line extension means introducing a new product that is quite similar to what the company already offers but would provide more ease of life to customers. This approach is quite common if the brand name is popular and has a strong customer base.
In general, having a well-established market presence is a good opportunity to develop a product line extension because you already have loyal customers that are likely to be curious to try out your new product. This strategy of product line extension increases your prominence in the customers which results in growth later by boosting demand of your products.
2. Multi-brand strategy
A multi-brand strategy means that a business firm is marketing several products from the same market as its competitors. In other words, a company has several products in its portfolio. This strategy makes sure that you don’t have too many competitors and stops them to enter the market against you.
This approach is commonly used by large companies that have the money and resources to develop and manage more brands successfully. The underlying advantage here is that different brands in each group may have a battle against
each other, but the large corporations are still able to cover a wide area with their products.
3. Brand extension strategy
Brand extension strategy, also known as brand stretching is the strategy that involves using one of its brand names for a new product. stands for providing more than one product or services brand extension strategy implies extending the market’s understanding of a brand. This happens when the brand provides more than one product or service under the existing brand name.
In general, companies should be vigilant about this strategy, as the market be reluctant to embrace their expertise in another product category. If you extend your brand it should be connected with your existing brand so that consumers will be able to associate with it. For the best results, the new product category has to have some connection to the existing product category
4. New brand strategy
A new brand strategy stands for making a new product and a brand associated with it. The newly developed products or services should be different from your existing brand’s offerings.
This strategy is used when the prominence of a brand is declining in the market and it needs to regain its lost prestige. A new brand strategy brings back your prominence in the market and reflects your image as a rising brand in the sight of your consumers.
Lastly, it can be said that applying different branding strategies can bring a big positive move to your business but for that, you have to choose one of the best advertising companies in Gurgaon like Triverse, a branding company in Gurgaon that acquires some of the best advertising and branding experts who frames new strategies as per the situation. Triverse considers their consumer’s satisfaction as our premium motive and they know how to be a top by making you touch the heights.