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’. Read our Case Studies on brands we have worked with to develop their brand strategy, brand identity and their product range.
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.
‘Bespoke Advantage helped us to bring our brand to life creatively and strategically. We have a clear strategy in place, with a distinctive brand message that enables us to articulate our brand to retailers and to journalists.’
‘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.’
‘I highly recommend Bespoke Advantage to business owners across the beauty, spa and wellness industry. Janet has been a fantastic support to my business. Through her in-depth knowledge of the beauty industry she has provided me with strategies specifically tailored to my business needs, to help me to grow my business across the marketplace’.
‘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.’
‘Janet is extremely professional, knowledgeable and thorough, an expert of her field. This shone through from our first conversation, which instinctively led me to want to work with Bespoke Advantage. As a new skincare brand the expertise of Bespoke Advantage has been invaluable.’
‘Janet, absolutely fantastic to meet you today. Thoroughly enjoyed The Beauty Workshop. You definitely excel in your area and beyond.’
‘We have been really pleased to work with Janet. Through her 6-Month online coaching program she showed us exactly what we needed to do each step of the way. Really look forward to having future opportunities to work together.’
‘Many thanks again for all the help, support and words of encouragement, as I said before, best and most sensible thing I’ve done in developing my beauty ideas is to engage with you!’
‘It’s been inspirational working with Janet. We are in the process of launching a skincare brand however have received conflicting opinions from so many people we were really confused. I am so impressed by Janet’s knowledge and experience in product development, marketing and retail and the way she explains everything so clearly. She is very motivating and positive, and so much fun to work with. I have much more clarity and confidence in how to move things forward.’