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A family brand may be identified as a group of different products belonging to a single brand that is marketed under the parent brand. The different products or items with different images are designed under the parent brand. The family brand is also known as an umbrella brand.
The family branding strategy results in a significant saving in the promotion and costs of advertising. It also helps in launching new products easily and enhances market acceptance of new products. One pertinent family branding example is Apple and its products, where all the products are marketed under the Apple brand. The Apple brand and logo allows consumers to identify Apple products and instill faith in them.
Core Values: Building strong core values acts as a foundation supporting the entire structure on which your brand relies. There are a few non-negotiable fundamental foundations on which an organization builds its reputation in the market. As you admire and work according to your core values, the opportunities for you to sustain in the market also increases.
The Intention of the Statement: The intention of the statement helps to achieve a better understanding of the prime goal of your organization. It includes factors like the strategies to ensure the sustainability of your brand, your priorities, and area of focus. It strictly depends on you the intensity of impact your family brand has in the market or legacy you leave behind.
Creativity: It is crucial for you to have an unmatched level of creativity to stay ahead of your competitors. The ability of a grand vision helps you to paint a perfect picture of your firm in the mind of your consumers. It also determines the boundaries of your success that depends on the potential of your organisation.
Family branding works on the concept of promoting numerous products and services under the name of a single parent brand. To promote any goods or services under family branding, it is crucial to realize the quality of the parent brand. If the popularity of the parent brand is higher in the market, it positively influences the sale of its products; and vice-versa. So, family branding is different from individual branding that depends on stand-alone fashion for the promotion of its products. It works on the principle of promotion of family products or services under a parent or umbrella brand.
To understand the concept of family branding, you can go through some of the following parent brands:
Procter & Gamble also known as P&G is an American multinational corporation, providing an extensive range of consumer products. Apart from being a parent brand, P&G also manufactures individual product brands like Pampers; umbrella branding is implemented within the individual brands. Some of the individual brands under the umbrella of P&G are given as follows:
P&G is one of the most renowned brands known to manufacture different products of individual brands under its umbrella branding. This strategy allows P&G to avoid the risk of deterioration of the brand image due to the release of an unsuccessful product.
Apple Inc. is a globally leading brand that develops and sells an extensive range of products in the market of electronics. All the products manufactured by Apple are introduced in the market under its corporate brand name. Some of these products are given as follows:
Brand architecture can be defined as the composition of brands inside an organizational commodity. It is the technique of differentiating the brands from one another within an organization. Thus, family branding plays a crucial role in deciding the brand architecture because of its quality of pictorial depiction. It can successfully render every form of relationship within and across the family of brands. Therefore, family brands act as a foundation for designing the brand architecture for a parent or an umbrella brand.
Cheap Market Entry: A family brand or an umbrella brand is one of the most renowned brands in the market. Thus, having an established reputation saves the cost of introducing new products in the market. This quality of family branding benefits the company at the time of launching their new products in the market. Efficiency: The efficiency of family branding contributes to the ability of a company to focus on promoting a single brand. It saves the futile efforts of running multiple campaigns for different products. Flexibility: The practice of family branding allows you to research and implement a wide variety of strategies for the promotion of your product.
An umbrella branding strategy is defined as the type of branding where a company promotes its goods and services under its parent brand. Thus, umbrella branding is the parent brand which acts as an umbrella accommodating numerous products under its name. All products under the name of their parent brand exercise similar identification method and lack additional brand names or symbols. On the other hand, mixed branding refers to the strategy of manufacturing similar goods but selling to different sections. Therefore, under mixed branding, it is not necessary to accommodate all the products under the same brand.
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Answer: Family branding is a specific marketing strategy that promotes a family of services or products under an umbrella brand. Businesses can have some advantages with this strategy, like a cost-effective promotion for various lines, capitalising on grouping products and developing brand awareness. This strategy is different from individual branding that promotes each product in a stand-alone fashion.
Answer: With the family branding key steps, products can be managed easily and at a reduced cost under an established brand, as they can take advantage of the existing trust and knowledge of consumers. Marketing costs and brand-building efforts are hence lower as compared to a single brand strategy. From a brand strategy perspective, it's specifically relevant that the individual brand products fit with the brand core.
Answer: Insurance agencies would be the perfect family branding examples. It could also offer certain financial services or bank products. Local insurance agencies generally work on promoting one line of insurance that’s the easiest to capture a client. If the agency adopts family branding, it will promote the agency brand as the all-inclusive entity to find the insurance policies based on your needs like for home, auto, life, and even for business.
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