Individual branding, also popular as individual product branding, multi-branding or flanker brands, can be defined as a marketing strategy for giving every individual product of the portfolio a unique name to be used as a brand. It is used for establishing a unique identity and image in the minds of prospective clients. Individual branding is also done for protecting other products of the company if in case one fails to achieve success. The companies which are making use of individual branding agreed to the point that it helped them in establishing a unique brand identity, positioning, and image in the industry.
There are some specific elements that are part and parcel of individual branding.
• Being authentic is one of the key elements of individual branding and that can’t be forced. Your authenticity needs to reflect in your words as well as actions align. You need to be authentic to get promoted as authentic.
• Consistency in the package: A consistent image is something which can help you in expanding the business well. You need to have a combination of logo, profile pic, social media cover images, color schemes, and dress style.
• The brand story… your story: Your need to present your story in a powerful way of your individual branding. We all love reading the good story, and so your story needs to be impressive enough to win the hearts of people reading it.
Apart from the above 3, there are many other elements which play an important role for individual branding
There are certain advantages of Individual Branding:
1. It helps in reducing the influences which are made by corporate identity.
2. It supports every brand towards developing its individual marketing strategy.
3. It supports creating an opportunity for developing multiple grades of product.
4. It supports a company towards serving customers in multiple ways.
5. It connects the company reputation with company products.
6. It helps in building multiple levels for consumer loyalty.
Apart from the advantages, there are disadvantages too.
1. There is a huge instability risk for the company.
2. Individual Branding is risky for new products.
3. Creating a brand new name will be expensive.
4. Market cannibalism, the risk is there., where new product kills the market share of the existing one.
5. Multiple market brands will split the efforts of the company.
Hope elements, advantages, and disadvantages gave you a clear idea about individual branding.
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