One of the ways in which to grow your business and to increase your market share, it to launch your brand into a new category. Brand extensions enable you to build your business and to engage with new leads.
Over the years we have seen numerous collaborations between brands across categories, from some of the world’s largest brands like Fenty venturing into fragrance to the iconic Harrods creating beauty only related stores. From embracing pop culture to reaching a younger audience through collaborations with artists and innovators, brands have become far more creative in their approach to reaching a new audience.
The Benefits of Extending your Brand
Brand extensions are not a new phenomenon. Louis Vuitton, Jamie Oliver and Paris Hilton have all added their names to products – from beauty, to fashion, fragrance, hotels, and homewares to name but a few. Before you venture into a brand extension, you truly need to understand your brand equity – how people perceive and value your brand – and their anticipated response should you decide to extend your brand. Not every brand extension is the right extension for your brand, so tread carefully when considering your approach.
To implement a brand extension successfully, study and analyse new trends in the marketplace, to ensure you achieve the right product/market fit. This is a far more attractive way of growing a business, particularly for those businesses that can quickly identify and align the relevance and appeal of their brand, to that of another category, opening them up to a new customer base (sometimes a younger customer base, which is important for a heritage brand, or a sector that is performing better than the current sector they are in). Perhaps from fashion to beauty, or food to beauty?
Are you looking for support with extending your brand? We are a brand management company working with our clients to build their business from ‘concept to shelf’.
Get in touch to discuss how we can support you.
Unless someone comes from a background in this industry, you wouldn’t know what is required. Not only do I have the support of an experienced team to help me to make things happen and to grow my brand, but I also have a great personal relationship with Janet and her team, working in this way means I have someone to turn to, to share the journey of running a business.