Skip to main content

How to Extend Your Brand

In a MarketingProfs.com article, "How Far Will Brand Extensions Stretch?", Ted Mininni argues that you should attempt to extend your brand only after conducting some careful market research.

Money quotes:

"While there can be significant benefits in brand extension strategies, there can also be significant risks, resulting in a diluted or severely damaged brand."

"The most common brand stretches include line extensions within the same category."

"Yet, a large number of brand extensions into new categories have proven to be dismal failures."

"Many marketing managers think that it makes sense to 'transfer' the promise and equity of their established brand. But that isn't always true. Companies sometimes go too far trying to extend into categories that are not a good fit, and they risk losing credibility in their flagship brands."

"If consumer perception, based on research, does not corroborate that the proposed extension is a fit with the brand's values, it will not be a success, no matter how needed or exciting the new product is."

"Once a brand extension is executed, it is still important to identify any changes, positive or negative, in perceived core brand values, using the consumer as the barometer for these measurements."
Extending a brand is not something you should take lightly, and doing it effectively requires market research and strategy expertise. Read the article to get more specifc tips on how to extend your brand - if you dare.

Comments

Popular posts from this blog

Why Spreadsheets Suck for Prioritizing

The Goal As a company executive, you want confidence that your product team (which includes all the people, from all departments, responsible for product success) has a sound basis for deciding which items are on the product roadmap. You also want confidence the team is prioritizing the items in a smart way. What Should We Prioritize? The items the team prioritizes could be features, user stories, epics, market problems, themes, or experiments. Melissa Perri  makes an excellent case for a " problem roadmap ", and, in general, I recommend focusing on the latter types of items. However, the topic of what types of items you should prioritize - and in what situations - is interesting and important but beyond the scope of this blog entry. A Sad but Familiar Story If there is significant controversy about priorities, then almost inevitably, a product manager or other member of the team decides to put together The Spreadsheet. I've done it. Some of the mos

Use Case as a Black Box

Consider the following use case: Purchase Items Actor: Purchaser Precondition: Purchaser types at least thirty words per minute and has a web navigation efficiency rating of at least 40. Postcondition: For the average Purchaser acting at full efficiency, the number of seconds elapsed is no more than 30 + 20 * n, where n is the number of items purchased. The name of the use case represents a functional requirement. What does the product do, or enable the user to do? Purchase items. What are we to make of the preconditions and postconditions? What relationship do they have to the requirements for the product? Answer: the preconditions and postconditions are the nonfunctional requirements attached to the functional requirement . Another way of expressing the nonfunctional requirement would be as an attribute and associated constraint: Usability: For a Purchaser who types at least thirty words per minute and has a web navigation efficiency rating of at least 40, it shall take no

Henry Ford's "Faster Horse" Quote

You may have heard the ( apocryphal ) Henry Ford quote: If I'd asked customers what they wanted, they would have said "a faster horse". Over at the On Product Management blog , Saeed gives his take on this infamous quote. He "hates" it, and gives some compelling reasons. Saeed is spot on in his explanations. Personally, I think the quote is great, but it's a matter of interpretation. The valid point of the quote is not that it's a bad idea to facilitate a conversation with your market to better understand it. The valid points are: You must ask the right questions to get valuable answers. You must interpret the answers thoughtfully - often outside their direct meaning - to glean reliable information. Asking questions is not always the best way to "listen" to your market. (E.g., sometimes pure observational studies are more reliable.) Nonetheless, I find the quote is helpful to combat "armchair product management" in the