All that you need to know about Family Branding
Branding refers to the method of crafting a distinctive name and image for the product in the minds of consumers. This happens through the advertising campaigns having a reliable theme. With the help of Branding, the company targets to establish a major and distinguished existence in the market. Sometimes, the brand name and image becomes the reason for the customers getting attracted.
The marketing approach that involves the selling of many related goods under a single brand name is known as FAMILY BRANDING. This type of branding is also known as UMBRELLA BRANDING.
Don’t get confused with the Individual Branding.
INDIVIDUAL BRANDING is the branding strategy where every single product is given a separate brand name and image. Every product of the company will have a different name, identity, and image. This type of branding works effectively for the company that deals in several products.
Have a look at the following information that explains about Family Branding.
While the company chooses family branding, a great burden is enforced on the brand holder. This is for the maintenance of the product quality. Since there are several goods being made under one brand name, therefore, it is very essential to retain the quality of each and every good. If single product losses its quality, the name of the brand and company drops down. The main objective of the company behind opting for family branding is to make an extensive range of products that are both desirable and cost-effective for the company.
Family branding offers many advantages to the businesses
Inexpensive Market Entry
When a company chooses family branding, it automatically establishes a name in the market, this means that the company can increase the number of products by adding new products that will further add benefits to the company.
Umbrella branding is a very effective marketing strategy. This is an easy method, as the company doesn’t need to run for numerous drives for various goods and has to put in efforts to promote a single brand name.
Another benefit of umbrella branding is the rise in the success. If one product receives a great response from the customers, it will automatically increase the goodwill of the company. But, this doesn’t happen in the case of Individual Branding.
The family branding concept is very flexible as it allows the use of a variety of strategies for the goods being made in the company. There may occur a situation where the company is unable to run campaigns for advertising and further the family branding allows the company to use the funds of the company.
Moreover, family branding leads to a substantial saving in the advertising and promotion costs. It further contributes to launching new products.
Let us make the concept clearer with the help of the following example.
Example: You all are aware of the brand name APPLE. Under this brand, a consumer has choices for iPhone, IPad, Mac Book, Mac Air, Apple Watch and many other products. The novel brand of the Apple Company has been the Mac computers. With the umbrella branding, it has been distributed into IPad, iPhone and all the other products.
Family Branding is all that a company can opt for the success, by offering fine quality products.