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When you launch a new product in the marketplace, it is necessary for the product to be branded. Branding a product can be in the form of the product’s name, a symbol representing the product, or combination of the two. Branding your product offers many benefits, one of which is that it becomes easier to communicate with your customers.
Branding also helps your customers to become aware of recall your brand’s name. It is easier to recall the Phillips brand as opposed to, “that company which sells electronics products.”
You can use two different types of branding strategies. The first strategy is known as the multi-branding strategy. The Lever Brothers, a world famous marketing machine, follow this strategy. The advantage of this strategy lies in the fact that the failure of one brand will not have any overlapping effects with any other products. The other strategy is known as blanket branding. Companies like Colgate and Palmolive follow this strategy. Under this strategy, all the products are launched under the same brand name. For example, all skin care products are Palmolive brands. The advantage offered by this strategy is that the cost of launching a single brand is less expensive than launching multiple brands.
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