Family branding
Umbrella branding is the other name for family branding.
Family branding is a marketing exercise that involves using a single brand name on one or more similar products.
What are the significant risks of family branding?
a). Improper positioning
Brand positioning is the act of forming a unique and distinctive niche for your brand among your competition. It is a very vital exercise in branding to attract the correct type of customer.
Branding position helps the customer know how a company views its products, whether trustworthy, luxurious, or fun. Also, by branding products, a company can gain attributes such as security, status, and a sense of luxury.
Branding position also promotes its growth since the company can progress successfully, which will grow steadily fast.
b). Low brand loyalty
Price-conscious is one of the factors that affect the purchasing power of a customer in the market. Customer(s) are likely to shift from buying certain products if they realize the price of these commodities keeps on hiking.
When the company fails to promote its products by promotion, it is likely to cause low brand loyalty.
Other risks of family branding
c). Lack of differentiation
d). Brand ambiguity
e). Overextension
Examples of family branding
An example of family branding is the LG products, where all LG products market under the LG product. The customers can identify the product by the use of its symbol in the market.
Another example is the RAMTONS products, where products can market under the RAMTONS products. Customers can quickly identify the RAMTONS products in the market by identifying the symbol in its products.
Steps for creating a solid family brand
Step 1: Gather information
The collection of information is one of the essential tasks when carrying out family branding. It helps a company or an organization know some of the company’s challenges and how branding will help develop a solution to that challenge.
Step 2: Positioning
By positioning, it creates a unique niche for the branding, making it unique in its workspace. When a company positions its branding, it helps it develop the vision, mission, goals, and the purpose of the branding, amongst other components.
Step 3: Creativity
After the researcher has come up with the findings, the researcher should be present the results creatively to avoid being flat and the same as any other brand.
Creative work will be innovative in all styles no matter how little the substance is hence attracting more customer (s).
Step 4: Creating a touching point
A company will need to create a touching point where its customer (s) will see and interact with the commodities. The most crucial inspirational point is introducing the product to the market. There should be effective communication to inform the customer (s) what is different about the new branding and why the rebranding of the product is essential in case of rebranding.
The company can go ahead and go advertisement of its products to be market them. The company can do some ads via different websites, social media platforms, among others.
Step 5: Market research
More research is needed even after the product’s branding due to competition in the market. The researcher needs to know how the needs, wants, desires of the competitors affect their position in the market. Stiff competition creates the need to keep improving the branding of their products in the market from time to time which helps promote their products.
Advantages of family branding
- The marketing cost of products is cheaper in family branding, unlike in single branding.
- Marketing of a single product creates awareness of other related products under the family branding.
- Products are managed quickly at a lower cost. Managing products is done by a brand founded by gaining an advantage from how conversant the customers are with another product.
The disadvantage of family branding
- If one of the products performs poorly in the market, it affects all other related products and the parent brand.
Speedywriters.us is a last minute essay writing website that offers affordable and quality papers to students across the globe. Order today any type of homework eg math assignment and we will complete before its due.
