8 Strategies to Use When You Want to Expand Your Brand
Just to make sure we are all on the same page, a brand extension is when a company uses its leverage to launch a new product in a different category.
There’s a Good Way and a Bad Way to Expand Your Brand
A good brand extension would produce a product or service somewhat related to your current products or services. For instance, Honda is known for having quality motors, so when they extended their brand to providing lawnmowers with their motors – it was a success.
Whereas, Bic expanding into selling underwear, and perfume was a complete failure. No one wants to smell like pens and have razor-sharp underwear. One of my personal favorites is when Colgate made food entrees like TV dinners. Don’t you want to know how minty it was, because I do!
If they only took a moment to research their brand’s reputation, they would have realized these were all bad decisions. But once you have a decent idea of what product or service you want to expand on, you can start strategizing.
8 Strategies to Expand Your Brand
There are 8 strategies to expand your brand, each utilizing a different tactic. Which strategy should you use? That depends on what you’re trying to sell. Take a look at the various strategies below and see which one works for your to expand your brand.
- Similar product in a different form from the original parent product – This is the strategy Snickers used to create Snickers Ice Cream Bars.
- Distinctive flavor/ingredient/component in the new item – Hershey’s chocolate milk uses this strategy. Consumers purchase this product because they know the taste of Hershey’s chocolate
- Benefit/attribute/feature – Febreeze is known for smelling good. Extending into the car air freshener category made sense for this company.
- Expertise – Honda is known for reliable engines, which made Honda lawn mowers a good move for the company.
- Companion products – Aunt Jemima, or I guess now Pearl Milling, launched a pancake syrup to go with its pancake mix.
- Vertical extensions – This strategy has the reputation of going backwards. For example, Rice Krispies are used to make Rice Krispies Treats. So Kellogg decided to offer a ready-to-eat version of this snack.
- Same customer base – This strategy is used when a marketer knows they have a product that could be used by their current customers.
- Designer image/status – Harley-Davidson found success with this strategy through its clothing line.
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