What’s the best branding strategy for your company?

The answer is, it depends.

The latest thinking in the field of branding (which first began to emerge as a true field of study back in the early ’50s) identifies five branding strategies that reign supreme in today’s corporate world. Although each strategy can be successfully employed by companies offering very different products and services, they all seem to work best within fairly narrow parameters that pertain to the industry, product or service and market being served.

Choosing the best strategy for your company, then, depends on matching the parameters of your product/service and market to the appropriate model.

Keeping in mind that entire books have been written on the individual branding strategies, here’s a quick snapshot of each one:

1. Mind-Share Branding. Success in this category requires owning and consistently expressing a set of abstract associations that customers relate to the product or service. However, the perceived benefits of buying and using the products (i.e., consistently low price, great selection) are very real to the customers. As the company consistently expresses the “brand DNA” through each and every transaction, it becomes firmly entrenched in the customer’s mind as the only choice in this product category.

Interestingly, mind-share branding works equally well at opposite ends of the product spectrum. Functional and low-involvement product categories (such as Tide, Southwest Airlines and Wal*Mart) and complicated, high-involvement product categories (such as Dell computers) can both prosper under a mind-share brand strategy. At each end, however, the goal — and primary benefit — is to simplify the buying decision for the customer.

Good reads: Positioning: The Battle for Your Mind, Differentiate or Die and The Disciple of Market Leaders

2. Cultural Branding. Cultural branding is probably the most American of all branding strategies in that it uses cultural icons and “brand religion” to establish and sustain a brand myth with which individual consumers can passionately identify. The focus is not so much on the product or service as it is on the relationship between the cultural icon and the product and the brand myth that the consumer buys into. The most successful brand myths address acute contradictions in society that touch people at a very deep level.

Culturally branded companies run the gamut from home d

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