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?
GET IN TOUCH to discuss how we can support you with your brand extension.
‘Janet has a wealth of experience across retail, buying and marketing. She conducted a full strategic review of our cross functional business and the travel retail market to develop a comprehensive buying and quality control strategy that was signed off at board level. I highly recommend her as an asset to any business.’
‘Through Janet’s management skills, expertise and proven track record on the job she successfully managed the purchasing of our retail operations and ensured the integrity of our brands in-stores. Her enthusiasm and total dedication, delivered results in any project she was involved in.’
‘Janet has excellent beauty market knowledge. Level headed with clear vision, direction and the ability to drive business forward, Janet led the teams through a complete product design change advising on what the key marketing messages should be, incorporating her technical knowledge and beauty expertise.’
‘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.’
‘Absolutely fantastic course. Condensed learning from Janet, an expert in developing beauty brands. Also, valuable introductions to expert professionals, in the Masterclass sessions. In 12 weeks, you will learn from Janet, what would take years to learn by yourself. A very worthwhile investment’