by Amy Handlin.
Finding your identity in the marketplace can be obtained by narrowing down which marketing plan is best for your business. In general there are three main strategies that many if not most like to abide by.
|Manufacturer vs. Private Brands.|
|Individual vs. Family Brands.|
It is most often easier to brand a business by associating the business with the manufacturer that might already be well established and widely known. An example of this is Coca-Cola, a very well know manufacturer who markets their brands such as Vitamin Water, Fuze, and Smart Water among many others.
“But some products, especially if they are not well-differentiated in the marketplace, benefit by being associated with the store where they are sold. For example, major drugstore chains routinely offer their own private-label brands of staple products like pain relievers and skin cream.”
Another strategy one must consider is whether or not it is more beneficial to market your brand as its own entity, or to market the brand under the same name as other products that are similar.
“It makes the most sense when a company sells items in very different categories, like candy and detergent, or to highly distinct target audiences. Conversely, firms with multiple offerings in the same category, like soup or cereal, often market a variety of products under the same name. This use of a unified platform is called family branding.”
Co-branding is very popular and seen very often. In MGG’s opinion it is one of the most effective ways to market a brand in recent times. With the high influence of social media, it is imperative that your marketing team come together with common brands to enhance the impact your brand has as well as help another brand along the way.
Another key point stated in the article is the use of Trademarks. When working with different brands across all different platform there is always one thing that remains the same and that is the importance of obtaining exclusive rights to the name, symbol, and design of your business.
“To obtain a trademark, the company must file an application with the U.S. Patent and Trademark Office and follow specific guidelines. But the alternative is to risk a competitor copying some aspect of the brand identity and benefiting unfairly from the original firm’s investment.”
This is just a simple guide to key elements in marketing but the list goes on. Underneath you will find other great articles that outline more detailed ideas behind the world of marketing.