When you launch the product in the market place, it must be branded. Brand can be in the form of a name, symbol or combination of these two. Branding your product offers benefits in different ways – it becomes easier to communicate with your customers with the help of brand.
Brand also helps your customers to be aware, retain and recall the brand name. It is always easy to recall Phillips brand than “that product which sells electronics products and was a leader in radio market segment till couple of decades back”.
You can use two different types of branding strategies – you may give different brand names to different products launched by you. This strategy is called multi-branding strategy. Lever Brothers, world fame marketing machine, follow this strategy. The advantage of this strategy lies in the fact that the failure of one brand doesn’t have any cascading effect on other products. The other strategy is called blanket branding. Companies like Colgate 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 new brand is pretty low as compared to that involved in multi-branding strategy.
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