Individual branding provides every product with its portfolio under a unique brand name. The method of individual branding varies with family branding or corporate branding where products are given a familiar brand name. Every product under individual branding enjoys a unique image and identity enhancing their promotion in the market. This triggers the positioning of every product in the market, allowing a firm to position its brands accordingly.
Definition Of Individual Branding
Individual Branding is the type of marketing strategy where individual products of a company have their unique brand name. The process of providing individual brand name helps in establishing a unique product image in the market. Moreover, it contributes to the achievement of a distinct position or positioning of the brand over rival brands. Individual branding is also known by terms like Multibranding, Individual Product Branding, and Flanker Brands. It also defends a company's reputation in the market if one of their product turns out to be a failure.
Individual Branding: How the Rise of Individual Creation
The need for Individual Branding came into existence to tackle the challenges faced by a parent brand in crisis. The term individual creation emerged with the demand for individual recognition of the new products launched in the market. Thus, to secure a parent brand from the risks and adversities of a crisis, the significance of individual creation was realised. In the marketing realm, terms like multibranding, and flanker brands are quite popular. But, have you ever imagined the threats that these brands possess on the launch of a new product? It could be undoubtedly devastating. So, to control this issue and derive a profitable solution, the method of individual creation was introduced in the market.
How Individual Branding Works?
Individual branding works on the concept of providing a product with a distinct identity and introducing it under a unique brand name. Solution to this, the firm needs to launch the product as an individual entity in the market. It is crucial for an organisation to establish a unique product image in the market to promote their latest products. Thus, individual branding works as insurance for the company's reputation in the market in case of failure of a product.
What is Individual Branding strategy?
Individual Branding strategies are the set of action plans adopted by various firms to differentiate their products from their competitors. For effective use, it is crucial for a firm to provide individual identity to its products. Essentially, this type of branding strategy allows you to build for your customers contributing to the promotion of your services. It focuses on the emotions and expectations of your consumers associating them with your company.
Do you want to be Authoritative, Sophisticated, Funny, and Professional? Of course, you do. A brand is an apogee of all the sentiments and thoughts coming across a consumer's mind after considering about your firm. Therefore, individual brand strategy helps you promote your services to meet your firm's goals and sustaining in the market.
Individual Branding or Family Branding: Which Strategy Is Best?
Individual branding emphasises on individual recognition of the products in the market. Numerous factors are contributing to the need for a unique identity of products. One of those factors can be the introduction of the latest product competing in a new market segment. So, individual branding is the best solution for this type of business as it safeguards the parent brand name against failure. You cannot deny the fact that the individual branding strategy has the potential to become the leading brand in the market. This is because it does not operate under the shadow of its corporate brand.
On the other hand, family branding is about accumulating all the products of an organisation under one brand name. During the time of crisis, this strategy can prevent heavy financial losses even if the product fails to profit the company. It provides economic benefits to the firms possessing a robust brand identity among the consumers. Thus, it can be concluded that both strategies possess equal advantages depending on market situations.
Advantages and Disadvantages of Individual Branding
- It allows the firms to position their products accurately contributing to an increase in consumer engagement.
- Every individual brand is capable of serving a wide range of customers with total satisfaction.
- The failure of one brand does not impact the entire company as its reputation does not depend on one brand name.
- It allows the firm to provide an extensive range of products and services.
- Individual branding increases the risk of instability within the organisation.
- Introducing a new brand name can prove to be undoubtedly expensive.
- The biggest threat that a new product possesses is to feed itself on the market share of an existing product.
Textbooks On Individual Branding
Authentic Personal Branding: A New Blueprint for Building and Aligning a Powerful Leadership Brand
Published by IAP in 2009
By Hubert K. Rampersad (Author)
The Science and Art of Branding
Published by M.E. Sharpe in 2008
By Giep Franzen, Sandra Moriarty (Authors)
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