Branding is a marketing practice that involves the creation of a symbol, design and name that consumers can use to identify and differentiate a product from other products (Hestad 23). Organizations that execute branding strategies successfully have an added advantage in the vibrant business environment. A well carried out branding strategy gives a product a competitive edge over its competition since consumers can relate to the quality of the product and its market status. This paper aims to look at different marketing strategies including brand extension, brand sponsorship, co-branding and breakaway brands. The branding strategies will be connected our team (Fit Friends) product.
Brand extension is a marketing practice used when an existing brand name is used promote a newly developed product. A company can use brand extension for different reasons. One of the reason is to find leverage in brand equity. Brand extension can also be used in product innovation when a company wants to get the attention of the consumers. Brand extension can be used to create more interest among consumers and reinforce the brand. Organization can increase their profits through brand extension when they introduce and promote new products. My team came up with a wristband as its product. The wristband drives activities levels for the entire family. The device comes in an adult and children edition to make healthy living a family effort. Our team can use brand extension by introducing a new product related to health matters such as an earphone to compliment the wristwatch that can also provide entertainment in terms of music. Since consumers already know of the wrist watch, using the existing product to promote the newly developed product (earphones) can increase sales and profits.
Co-branding is the combination of use of two established brand names from different companies to promote a product. Co-branding can be used to create a marketing collaboration. In order to promote and increase our brand image, my team intends to collaborate with other established brands. One of the established brands is Google; Google can be used to create a mapping that can assist in offering the consumers with simple navigation instructions. Bfit being a product that can be used to conduct exercises, the collaboration with sporting outfits like Nike and Adidas can also be used as a co-branding strategy. Co-branding can help a newly developed product be popular and increase sales when it collaborates with another established product.
A product may be promoted under the manufacturer brand name or under a distributor’s brand name. The reason for use of a distributor’s brand name is to increase the consumer base who could be loyal to the distributor’s brand. Bfit wristband is health product that can be said to be under sporting products. Therefore, in order to use a distributor’s brand name to promote a product, choice of sponsor is important. One way to develop the Bfit product is through sponsoring popular events like the UEFA Champions league, Super bowl or the English Premier League. An example is Barclays bank; it has gain popularity amongst the soccer fans who watch the EPL nine months a year.
The period that the brand has been in existence does not matter when it comes to brand strength. The strength of a brand is determined by how well a brand can connect to its customers and potential customers. Fit team intends to improve its relationship with its customers the relationship is well built and lasts long. First, Fit team will ensure that on weekly basis customers will be emailed not for the sole purpose of promotion of Bfit wristbands but also to ask for suggestions on ways that the product can be improved. During the weekends, calls can be made to customers to check on them and promote the product. Customers will receive greeting cards during a holiday so that they can feel that the company cares about them.
Hestad, Monika. Branding and Product Design: An Integrated Perspective. Farnham: Ashgate Publishing Ltd, 2013. Internet resource.