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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Five Tips for Branding Small Businesses

Do not follow the myth that Branding is only for large companies and not for you. Follow these five tips to brand your small business as big business.

Tip#1 Your Brand Logo doesn’t Really Matter-

Would you choose MSN over Google because the logo is not so attractive? A good professional logo is great but it rarely increases the sales. It is more important to include your logo in every piece of communication. Include your logo in newsletters, letter heads, envelopes, invoices, yellow pages ad, building signage and so on.

Tip#2 Have a Professional Website-

It is good enough to have a website which will reflect your brand.  Your website should be updated at least once in 2 years. The website should include all the relevant information in detail. If you are not on web then you are nowhere. These days’ people refer internet to get the information about anything.

Tip#3 Blogs are Good-

Blogs help your business on multiple levels. Firstly, valuable content on a consistent basis will make you look like expert.  People are looking for experts and not apprentices. The software that powers blogs has multiple advantages.

Tip#4 Blogs are good but they are just one tool-

A blog should not only be your marketing tool. You can market through various other tools, like direct mail, email campaign, webinars, sponsor a local and attend tradeshows. There are a thousand numbers of ways for you to be noticed.

Tip#5 Prepare on page corporate view-

Use short sentences in short paragraphs - people like to read it quickly. Also make it conversational because it is not a whitepaper. Your one page view should include your value proposition, target audience benefits, previous audience experience and a mini case study and do not forget your contact information.

#Bonus Tip- Branding is as much about your people as anything else- Never forget the best interaction comes from one-on-one conversations between executives, suppliers, employees and customers. Employees that want to help and do the best job possible go a long way. 

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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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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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