By Davies Zhai
Individual Branding Strategy
Individual branding is a policy of naming each product differently. Unilever Australasia, for example, produces a range of food brands, personal-care brands and home-care brands. Unilever food brands include well-known brands such as Lipton and Walls (also known as Streets).
Family Branding Strategy
When using family branding, all of a company’s products are branded with the same name or at least part of the name, such as Kellogg’s Coco-Pops, Kellogg’s Special K and Kellogg’s Corn Flakes. In some cases, a company will use both individual branding and family branding strategies within the company’s brand portfolio, as does the Coca-Cola Company. A company that uses primarily individual branding for many of its products may also use family branding for a specific product line.
Brand Extensions Strategy
A brand extension occurs when an organization uses one of its existing brands to brand a new product in a different product category. Honda, for example, is a well-known car and motorcycle manufacturer brand, but Honda also manufactures marine engines, jet engines, and generators.
Rather than developing a portfolio of brands, another option is to use a co-branding strategy. Co-branding is the use of two or more brands on one product. Marketers employ co-branding to capitalize on the brand equity of multiple brands. Co-branding is popular in several processed-food categories and in the credit card industry.
Ingredient Branding Strategy
Ingredient branding is a marketing strategy where a component of the business is branded as a separate entity. This helps to add more value to the parent company and make its product/service seem superior to its competitors.
Brand Licensing Strategy
A popular branding strategy involves brand licensing, an agreement in which a company permits another organization to use its brand on other products for a licensing fee. Royalties may be as low as two per cent of wholesale revenues or higher than 10 per cent.