Brand strategy is an important part of an enterprise's decision-making in operating its own products (including services). It refers to the strategy for an enterprise to use its brand trademarks in the most reasonable and effective manner based on its own situation and market conditions. Brand strategies usually include the following:
1. Unified brand strategy
Unified brand strategy refers to the strategy in which an enterprise uses the same brand for all series of products it operates. Using the same strategy will help establish a "corporate identification system." This strategy can reduce the cost of promoting new products and save a lot of advertising costs. If the company has a good reputation, new product sales will be strong, and using a unified brand is the easiest way to launch new products. Companies adopting this strategy must strictly control the quality of all products to maintain brand reputation.
2. Individual brand strategy
Individual brand strategy refers to the company using different brands for various products. The advantage of this strategy is that it can separate the success or failure of individual products from the reputation of the company, so that the poor reputation of individual products will not affect other products and will not cause adverse consequences to the overall image of the company. However, to implement this strategy, companies will spend a lot of money on advertising. It is best to build a strong corporate brand first and use the corporate brand to drive individual brands.
3. Expanded brand strategy
Expanded brand strategy means that companies use brands that already have a certain reputation in the market to launch improved products or new products. Using this strategy can not only save promotion costs, but also quickly open up product sales. The implementation of this strategy has a premise, that is, the expanded brand has a high reputation in the market, and the expanded products must also be high-quality products suitable for it. Otherwise, it will affect product sales or reduce the reputation of the existing brand.
4. Brand innovation strategy
Brand innovation strategy refers to the strategy for enterprises to improve or merge original brands and establish new brands. There are two ways of brand innovation: one is gradual change, which makes the new brand look similar to the old brand, and gradually changes the brand with the development of the market to adapt to the psychological changes of consumers. This method costs very little and can maintain the original goodwill. The second is mutation, abandoning the original brand and adopting a new brand with the latest design. This method can arouse consumer interest, but requires a large amount of advertising expenses to support the promotion of the new brand.