The enhancement of the marketability of product it follows the psychological concept that whenever a product carries the same brand name, it involves the same high-quality standards like the other brands within the umbrella is the underlying idea behind this brand strategy and this is what global umbrella branding is all about.
What is Umbrella Branding?
The marketing practice that involves the selling of several related products under the name of a single brand is umbrella branding. It involves the creation of good brand equity for a single brand as umbrella branding or umbrella brand is also known as the family branding. Since the markets will be required to coordinate effectively within every individual brand is what practically umbrella branding is all about as it can be quite a challenging marketing practice. However, the results can reap some great advantages as well when the marketing practice is implemented in a proper manner.
The other similar type of branding strategy where the company makes use of its credibility in the event of developing a new product or services is corporate umbrella branding. For being attributed to the several sub-brands where it allows brand recognition. The consumers will recognize corporate umbrella branding for sure as they might not recognize these sub-brands.
The company can add new products to its line and draw on the benefits of all the previous marketing efforts within the umbrella brand as it has an established reputation.
Benefits
· Inexpensive Market Entry
A company can add new products to its line and draw on the benefits of all the previous marketing efforts as the umbrella brand has an established reputation.
The service receives the benefit of the public goodwill that already exists for that brand by simply attaching its brand name to the new service.
The company would have to build that brand’s reputation from the scratch in contrast if the tax-preparation business attempted to market its retirement planning service as a new and distinct brand.
· Efficiency in a Single Brand promotion
It is efficiency which is the other benefit of an umbrella branding strategy. A company instead can focus its efforts on promoting a single brand instead of running multiple campaigns for different products.
The company would have to design and run a different commercial for each of its various products if it wanted to develop their brand images separately in contrast to all.
· Goodwill for Other Products of the Brand
It can translate into public goodwill for other products under the same brand are the success of one product within an umbrella brand.
The success of one would have no effect on the others if each product existed under a separate brand.
· Flexibility Umbrella Branding Strategy
For your products, the use of umbrella branding strategy does not prevent you from using a variety of strategies.
It might rely on billboard advertising and the individual campaigns might target different demographics with the customized direct-mail advertisements is what the general campaign is.
It is quite inexpensive while running simultaneous campaigns as if you have the funds as umbrella branding would be allowing you to remain flexible while still capitalizing on the benefits of your brand’s mass appeal.
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