Brand Extension – Definition, Advantages, Success and Failures.

Brand Extension

Brand extension is marketing strategy in which a marketer launches a new product with well-developed brand using the same brand name. Brand use this strategy to increase visibility and leverage equity.

An existing brand that develops brand extension is known as parent brand. For example, Nike dealt only with shoes but now it has variety of products like watches, caps, jackets and so on.

While there can be significant benefits in brand extension with significant failures in brand extension. With every advantage there is disadvantage.

The advantages of brand extension:

1.    It increases brand image.

2.    Cost of developing new brand is reduced.

3.    Consumers can now seek for variety

4.    There are packaging and labeling efficiencies.

5.    The expense of introductory and follow up marketing programs is reduced

The disadvantages of brand extension:

1.    Brand extension may get loss of reliability, if it is extended too far.

2.    There can be chances of damaging the image of the brand by the new product.

3.    If the brand extension has no advantage over competing brands then it may lead to failure.

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How to Brand your Brand?

Branding your brand. A brand is a message based upon a promise and expectations of the product/service and overall company. The message is developed and distributed via various channels for consumers to receive and react. As consumers encounter, experience the product/service and develop a relationship they begin to influence the brand.

So what can a company do to increase their recognition at marketplace? Here are 10 tips to how to brand your brand to increase the name recognition of your firm.

1.    Hire a branding company to bring your image and message under a brand.

2.    Develop a mission statement that shows your reason for being and the value you provide to your customers.

3.    Develop a memorable tagline that expresses who you are and what you do.

4.    Make a matrix of all those you would like to reach in the next year and the potential influencers on those people.

5.    Develop all collateral and image materials to coincide with the brand and your message.

6.    Regularly write and issue press release to the media, your website, and onto the internet.

7.    Diversify all marketing, PR and media to reach the markets where your clients are to be found.

8.    Participate in at least two national and local industry conferences.

9.    Create and issue an online or direct mail newsletter.

10. Participate in professional internship programs.

Branding your brand is very important task to look into. Without perfect branding you will not be recognized at the marketplace.

To know more on Branding, grab a copy of Build YourBrand on web. 

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It’s all about Brand Packaging. Are you replicating your company’s image through your brand?

Your brand image is your company’s image. Does your brand reflect your company profile? What is your brand talking about you in the market?

It is important to realize that packaging always either has a negative or positive influence on the purchaser. A negative impression can detour a potential customer, just as a positive reaction can influence a customer to buy. A time to pay special attention to your packaging is when you are in the launch of a “new” brand.   

Packaging can be judged and represented by the following common business tools:

·         Business cards and stationery

·         Website

·         Answering system

·         Email address

What does your business cards and stationery saying? What does your website say about your company? What does your answering system say about your company? And what does your email address talk about your company?

These areas can strengthen or weaken your image of your brand. Use a valid image, formal/business email address so that it builds your image quality and your company’s reputation.

Clients, customers, prospects, will measure your company’s image on these areas. These act as very important keys to build your brand and your organization’s status.

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Branding your Brand Logo and Tagline

The Brand is recognized for its Logo and Tagline. If these are not amusing then you cannot blame your consumers. It is your entire fault for not making your brand logo attractive and dissimilar from other brands. When you are on for a shopping, its human tendency that we chose the product which has well design and striking package.

The two most important elements for Brand Awareness are:

-       Brand Logo

-       Brand Tagline

Brand Logo: Your Company would be big and the name of it will say it all. Give a shape or design to the company name which will bring even more awareness. It will demotivate the hesitation among consumers to buy your product.

The 7 key elements for making a Brand Logo:

Keep in mind that a powerful logo design,

Brand Design

1.    Has a strong, balanced image with no little extras that clutter its looks.

2.    Is distinctive and bold in design, making it easy to get a glance.

3.    Has graphic imagery that looks appropriate for your business.

4.    Works well with your company name.

5.    Is done in readable font.

6.    Communicates your business clearly.

7.    Looks good in black and white, as well as in color.

Brand Tagline:

A tagline is a three to seven words phrase that accompanies a logo. It describes your company’s services provided and the benefits for the customer. A Tagline can build company’s reputation and can also spoil the reputation.

A Tagline should be crisp, short and original. It should talk about your company on a whole. The words should be chosen carefully and it should have authentic look.

To know more about Brand Awareness/ Building, Grab a copy today of Build Your Brand. Click here. 

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