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Corporate branding can take different forms, from defensive to high-end, and can be used to increase market share. Hunting branding involves launching a cheaper version of a luxury product to attract discount customers. Umbrella branding uses a brand name to market multiple products, while premium branding focuses on quality rather than price.
A company’s corporate branding is a form of marketing. It can be a logo, image or name, for example, and ideally a company’s branding becomes ubiquitous with its products or services. The downside to this is that, when a product doesn’t work as expected, the branding can become tarnished as well. Companies apply different types of corporate branding in specific scenarios. The type of marketing could be defensive and competitively minded, practical and designed to resonate with members of a struggling economy, or high-end in nature to appeal to an elevated lifestyle, to name a few.
Companies are often busy trying to increase market share. This can be through the merits of your brand, an attack on a rival company, or a combination of the two. A hunting brand is designed to do both.
When the competition heats up, especially during times when consumers opt for the cheaper options, a company with a high-end brand can suffer. Since it may not be prudent to target and market the luxury item at lower price points, a business might opt for a hunting brand. This involves launching a cheaper version of a similar product that targets the discount customer but meets much the same needs as the expensive item.
Hunting branding is designed to draw customers away from competing brands and attract them to the new offering. Best-case scenario, the consumer stays with the brand even as economic times change. A worse situation could be that the customer permanently downgrades from the luxury product to the discount item.
Another type of corporate branding is to focus solely on reducing the price of an item to beat the competition. Unlike fighting brand marketing, this approach simply starts a price war with products already on the market. This is an affordable approach to corporate branding. Separately, when a business uses its brand name to market a number of different products, it is known as an umbrella brand.
Corporate branding could also involve marketing premium products. While price may not be the message in this type of corporate branding, it can still be a factor. The real theme of this type of marketing is in the quality of the product or service. It is essential for a business to use the premium brand so as to reach the appropriate demographic. If not, the marketing is likely to be ineffective.
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