What is a Multi Brand Strategy:
A company has a multi-brand strategy when their portfolio of products has different brands or names. This strategy is a way of securing greater shelf space with little remaining for rival products which also allows for saturating a market by occupying all price and quality vacancies.
The multi-branding strategy refers to the company’s approach to introducing different brands or products within the same market segment under a different or same company name. For instance, Facebook owns Instagram and What Up which are both mobile applications but don’t have the name mentioned in the brand’s title. Another example is Mattel which has several brands under their umbrella Hot Wheels, Barbie and Fisher Price to name a few.
Whether we use the same parent company name for our product or don’t want to mention the parent company in the title, all of these brands should be managed properly and, moreover, separately. A multi-brand marketing strategy allows us to ensure our brands are positioned and promoted within the same market addressing separate target audiences without creating internal competition.
Like any other strategy, multi-branding has its own Pros and Cons:
- When our company is introduced in several market segments and targets different audiences, people are likely to see our name more often. As a result, we increase our brand awareness and sales.
- If our previous product is in demand and gained popularity among our target audience, our new brands and products can feed with the success we’ve already achieved in the same or related market segment. Newly launched products from an already existing company are likely to be more visible to customers rather than a product introduced under an unknown name.
- Modern clients want to have more options and choices within a single market. When introducing new brands we give our customers an opportunity to switch between our products rather than leaving us for a different company.
- When introducing a new product, our company can first start reaching out to existing customers from our contact database. These are our potential buyers who already have a good impression of our business and products
- This is one of the major problems every company faces when addressing multi-branding. A proper differentiation strategy for each product separately should solve the issue.
- Sometimes businesses that implement multi-branding become more focused on profits rather than clients. As a result, devoted customers might lose their trust in the company and find a better alternative with more attractive pricing. Better Family finds both to be equally important and strive to keep the profits up and provide the best customer service and competitive pricing to overcome this becoming an issue.
How we Manage Multiple Brands to Succeed?
A marketing strategy for different brands should be created and implemented separately. By introducing a new product to the market, the marketing approach may be different for each product. Here are some steps that Better Family will follow with our multi-branding marketing.
Create Landing Pages, Sites, and Domains
New brands require a proper presentation. To launch a product using the same parent brand name, we use a separate landing page on the official site. However, when we are planning to introduce a product within an adjacent market, a new website is a must. It will allow us to attract maximum attention from potential customers specifically to the new product. Along with the new site, our product will need a separate email domain to reach out to our clients and partners.
Connect our Brands
Connecting existing and new brands allows us to leverage our current business capabilities and apply them to the new market segments. For instance, Instagram provides a possibility to connect your account with the Facebook profile, thus allowing your friends to find you in the new app. The same strategy is applied to our types of products.
Enable Marketing Automation
When managing multiple brands, we focus not to get lost in multiple campaigns, subscriptions, contacts, etc. Using marketing automation platforms such as https://choozle.com/ and https://365degreetotalmarketing.com/ helps our company to streamline our marketing processes making things easier for marketing and sales teams. 365 Degree has recently introduced a multiple domain feature that offers platform users the ability to add several email domains for different brands, as well as managing campaigns and subscriptions for each brand separately.
Create Impactful Ad Campaigns
New products should be powered by strong multi-brand marketing campaigns that address different market segments and audiences. We try not to rethink previously launched campaigns but rather create new ones aligned with our new business goals.
Multi-brand marketing is an important part of our business strategy when it comes to launching different products to the same or adjacent markets. As long as we have a clear idea of what our new brand represents and what audience it targets, multi-branding will work to enhance our company’s overall marketing objective and strategy.
Better Family Inc is not only a Multi Branded focused company we are an incubator for unique patented children and baby care products that Make Parenting Easier.
Please watch for our upcoming updates as we have more big and exciting announcements as we continue to grow!