You’ve taken growth to an entirely new level in the last year — from personal growth to starting up a business, you’re more dedicated than ever to building your character as well as developing a business, product, or service that holds meaning and will resonate with people.
But how do you know what marketing strategies to implement into your business, product, or service? How do you possibly contribute something meaningful to your team and the marketplace not knowing the success behind it?
Is there some magical or unique strategy to ensure marketing success, or do you just have to wing it?
The foundation behind branding is incredibly complex, especially for a new business owner, team lead, or product developer. Taking on the challenge of marketing a product, service, or new brand means a lot of trial and error.
As a beginner, knowing the dos and don’ts of branding and marketing strategy is crucial.
While there is room for trial and error, researching the four main brand strategies that are in any digital guru’s arsenal could give you the edge to brand like a professional and ensure the continued success of your business, growth-marketing style.
1. Line Extension
What drives the market more than anything else, regardless of what industry you’re in?
Supply and demand.
Say you’re marketing your brand, and the client intake rate is great. But you need something new and fresh, something different to offer your clients. This is where line extension branding comes into play.
Line extension brand growth strategy relies on offering new or additional products and services in response to client needs.
Two great examples of line extension brand growth strategy come from Apple and Microsoft.
In the case of the Apple iPhone, the new phones are always some of the most popular digital products on the market. Consumers always want more when it comes to Apple products, leading to the creation of more variety to each version of the iPhone. The latest: iPhone 12. iPhone 12 pro. iPhone 12 pro max. iPhone 12 mini.
Similarly, Microsoft combined the consumer drive for laptops and mobile technology in one. The Microsoft Surface laptop offers basic computer structure. Microsoft took that a step further for their consumers by creating the Surface Pro tablet line (with bluetooth keyboards available for those still wanting the traditional computer feel in tablet mode) and the Surface Book, a 2-in-1 laptop and tablet with a detachable magnesium lower body that houses the keyboard, ports, and auxiliary battery.
The growth of a brand stems from what the consumer wants and how the business responds.
2. Brand Extension
Brand extension growth strategy incorporates a new brand within a new market to help grow the already existing brand (except you mesh the two together).
If we wanted to be technical, we could just call this the “spin-off” brand.
The most basic of brand extension branding strategies involve some of your favorite store shelf products. Nearly every brand (from Kotex, Crest, and Colgate to Nike, Hershey, Lay’s, and Coca-Cola) has implemented brand extension into their growth strategies over time.
Take Reese’s for example. You have the classic Reese’s Peanut Butter Cup. Everyone loves it, right? Hershey took it further to incorporate multiple spin-offs of everyone’s favorite peanut butter cup.
Now you have Reese Puffs, Reese Peanut Butter, Reese Pieces, Reese Minis, and more, giving an already profitable market even more potential to grow.
3. New Brand
New idea, new brand, new product.
You’re creating a new brand because the new product or service doesn’t quite fit the niche that everything else under your existing brand is in.
Take Frito Lay, for example: Corporate giant that owns many of the brands we know and love. You couldn’t possibly expect Flamin’ Hot Cheetos, Fritos Scoops, and Cool Ranch Doritos to all fall under the same brand name, right? They all cater to completely different people/snack needs.
Starting a new brand means you need a team specifically for that brand. You’re talking about bringing on individuals for advertising, sales, production, and more.
While this can be a beneficial growth strategy, it is also costly, so keep that in mind.
4. Flanker Brand Strategy
Flanker branding takes a new or existing sub-brand and positions it in a part of the market where it is most likely to succeed or grab a new audience.
Let’s go back to the iPhone example. Apple has a history of releasing products back-to-back in release years.
Apple strategically timed two products to be released at the same time. The iPhone 8 and X both transitioned the iPhone universe into glass-back, wireless charging phones but with different features. While the 8 is a functional phone with a great screen and Apple’s signature touch ID technology, it didn’t quite hit the same pricing mark of the iPhone X that offered facial recognition technology, Full HD+ resolution, and OLED display technology (provided by Samsung, ironically).
Pricing was all the difference here. You walk in thinking you’re getting the newest iPhone for the same price, but the X ended up being just a little bit better and asking just a little bit more. The iPhone X is on the higher-end side of the market for those who are in-the-know and want the highest tier smartphone experience (or those who were already planning on spending $1080 and could be persuaded to spend just a few hundred extra for a potentially gimmicky feature). Were you likely to miss much if you went with the iPhone 8? Probably not, but the enticement of a higher tier product for just a little bit more was a surefire way to capture a portion of the market that is already interested and has a flexible budget.
Still Looking for the Right Branding for Your Business?
Having a powerful brand does not automatically happen with powerful marketing. It happens after you’ve fully researched and engaged with your target audience.
Marketing merely helps you align your brand with your audience’s needs and desires. Ultimately, though, branding happens when you successfully connect with the people you want to reach — and give them a meaningful, valuable experience.
The good news is that this isn’t something you have to manage all on your own.
If you own a small business and you are looking to expand your brand and make it more recognizable, desirable, and prestigious, Seedling Digital is ready to help. Our process is designed to dig into the heart of your offering and develop a brand suite that lands with your target market, builds trust with your dream clients, and represents your business in the best light. To get started, contact us today!