What's a brand's extension? Five ways to utilize it
As consumers, we have been exposed to and use the brand's extensions each and every day that we don't realize the impact. It's not necessary to fret about drinking a brand new beverage from Pepsi when watching TV, or exploring the frozen aisles of products at the store or browsing the internet for the latest moisturizer. probably, the product falls under the parent brand, and is an extension of what the initial product offered.
Why do businesses employ extension of their brand names? If you think you've got the answer you're right! Some companies are successful because they can be a master of a single thing however the main reason brands have extensions to their names is because of the fact that they're very successful if they're profitable.
What's an extension of a brand?
Let's get the definition of "brand extension" in the first place. It seems like an incredibly complex marketing term for corporations however, it's actually quite straightforward.
A brand extension is when an established company or organisation starts providing a brand new service or a product on a completely new market, branded with the name.
There is a difference between line extension and brand extension
Instead of getting into the specifics of each way you can create an extension for your product (there are many) The two main kinds that all business owners should know about are the brand name and an extension of a brand name. While they are both forms extensions for your products There are some key differences.
Brand line extensions are where the company launches an item that has a unique twist . Did you know the brand name Coke Zero Sugar or Diet Coke which contains Lime? It's the exact same thing which has been revamped with an attractive flavor that draws fans of Coca-Cola to try it. Line extensions generally have more security as they're within the same group as the brand. In some cases, a line extension could be called vertical extensions since they can be used to describe items which have tiered selections. Televisions are an excellent example of this as they're offered in a television that has an additional dimension, or with extra capabilities. It is a simple fact that you can pick more affordable alternatives or an upgraded model of the exact model.
On the other hand an extension of a brand might be an entirely new product within an entirely fresh line of products, for instance, Dyson Supersonic(tm) hair dryer. Dyson is a great illustration. At first, the company was known for its vacuum products, the company utilized its know-how in the field of science and technology to extend its selection of products for the cosmetics sector with the introduction of an ingenious hair dryer, and various other tools for hair styling. This paid dividends. Certain segments of the population where more people now know about Dyson's hair dryer than the latest version of the vacuum cleaner. It's also known as an extension horizontal of an established brand. This happens when an established company develops its own latest products within its.
Experiments in real-life extensions to brand names
As we've said before, extensions to brands are ubiquitous in the present. We've mentioned various examples before. Here are five other branding extensions that come from the world of reality for inspiration:
- Topo Chico Hard Seltzers
Topo Chico is a well-renowned mineral water manufacturer that originates from Mexico and now is an integral part of Coca-Cola. The brand is easily identified by its bottle , which has distinctive taste and a unique logo. The most recent addition to the company's name is Topo Chico Hard Seltzer - sparkling water that has been spicked. It entered a brand new category of products that contain alcohol, and has had major successes due to its well-established position in the world of drinks. The results have been impressive since its new beverage was the third fastest hard-seltzer beverage sold throughout the country in the year 2000.
- Apple Watches
Apple Everyone has heard of the brand, and probably have used or participated in its products at some point during the recent past. As the company was initially an IT company, the Apple Watch product is an excellent illustration of the brand's expansion. It's an extension of the iPhone Although initially it wasn't going to be an immediate success until a clever marketing plan and a concentrate on fitness and health, Apple users jumped on an occasion to purchase the new item. This is why with this Apple Watch has a brand line extension on its own due to the nature of the Apple often releases updates that feature different price levels.
- Fenty Skin from Rihanna
- Amazon and Whole Foods
If Amazon acquired Whole Foods, everyone did consider a second glance. However, this unorthodox combination has changed how people shop and buy food items. This is an extraordinary case of expanding a brand's reach since it was evident that at the time Amazon acquired Whole Foods, the grocery chain kept its own name. But, by utilizing Amazon's loyalty program, which offers discounts for groceries as well as delivery services, Amazon was able to expand its brand name into a brand new market.
- Star Wars Franchise
The industry of entertainment is famous for brand extensions! Spin-offs, sequels, and adaptations to television are just a few ways that companies in the entertainment sector develop brand extensions. Star Wars is a great example with several different series and franchises, as well being video games, as well as books, merchandise, and many other items. This theme park can be located in Disneyland. The Star Wars franchise has produced a massive number of faithful fans. Disney acknowledges that and has not only created new fan bases for the brand, but generated a profit on its many product improvements.
HTML0 What's the ideal method to extend your brand's name for the owner of a business online
It's not difficult to think of brand extensions in relation to physical products, but for entrepreneurs who operate online, the endless possibilities for expansion of your company. The possibilities are limitless.
Craig Beck is one of the most successful examples of an entrepreneur based on knowledge who uses his name to create a variety of extensions for his brand. By using his brand , Craig has launched a variety of online services. not only does he provide an extremely popular and well-known addictions-related coaching service, but he's broadened the reach of his company to include private investment and coaching! Craig is able to broaden the coaching brand he offers to include a variety of categories, which has allowed him to grow the number of people who are following him as well as the revenue he earns.
The process of extending a brand's name as an online entrepreneur should come out of three primary factors:
- research: We cannot stress enough how important research is! In particular, we're talking about the research of your audience. Your research on the most loyal customers of yours is vital to the expansion of your brand. If they don't trust you, it is likely that you'll discover that your brand fails. It is possible to send an email survey to the neighborhood, or conduct focus groups online or even have an open town hall Instagram live to find out what your customers think.
- Make your own image, keeping your brand in mindWhen designing an extension of your business ensure that you do not separate the products from the parent firm. If you're considering using the same brand name for your business, themes and logos or an entire line, it's important that your new extension is noticed.
- The test that tests is typical for digital goods and software. The beta test happens after you have launched your software or upgrade to a limited sample of individuals to see how they react as well as to identify any issues that may arise, and much more. This is an excellent way to try out and get information before making a decision on whether you want spend your budget and time in the creation of a complete expansion of your brand that might not yield a profit.
One benefit of the procedure for testing extensions to brands of digital goods is that there is no need to invest money. It is possible to offer the program or membership on your website for free, without the cost of making physical products. It's a win-win.
A word of caution in regards to extension of brands
It's true that the expansion of brands could be disastrous in the wrong way. Have you heard about the IHOP/IHOB scandal that occurred at the end of 2018. IHOP expanded its brand, offering new burgers andas a public relations move , they changed their logo to IHOb. While it received a lot of attention, many thought that it was more like an April Fools Joke instead of a brand extension. While fans and competitors ridiculed the business on the internet, there was no an official acknowledgement by the company's brand improved and new product (burgers) which led to humiliation for restaurant chains.
What can we gain from these mistakes? Learn from your customers and use them as your main source of innovative ideas along with the launch of your online products. Be cautious when you venture into unfamiliar areas with no authority as it could cost you.
HTML1 Growing your products and your brand
If you're an owner on the internet seeking to expand your business in the correct manner, doing the appropriate research and screening can allow you to create the expansion of your company to expand the amount of clients you have and also attract more customers to join your team.
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