These are four common brand growth strategies for companies looking to expand their service or product offerings. The basis behind branding is incredibly complex, especially for a new business owner, team leader, or product developer. Taking on the challenge of marketing a product, service or a new brand involves a lot of trial and error. Let's say you're promoting your brand and the customer acquisition rate is great.
But you need something new and fresh, something different to offer your customers. This is where the line extension brand comes into play. The growth strategy of the line extension brand is based on offering new or additional products and services in response to customer needs. Apple and Microsoft provide two excellent examples of the brand's expansion strategy.
Similarly, Microsoft combined the consumer push for laptops and mobile technology into one. The Microsoft Surface laptop offers a basic computing structure. Microsoft took it a step further for its consumers by creating the Surface Pro line of tablets (with Bluetooth keyboards available for those who still want the traditional computer feel in tablet mode) and the Surface Book, a 2-in-1 laptop and tablet with a detachable magnesium underside that houses the keyboard, ports and auxiliary battery. The brand expansion strategy incorporates a new brand into a new market to help grow the existing brand (unless the two are combined).
The most basic brand extension strategies include some of your favorite products on store shelves. Nearly all brands (from Kotex, Crest and Colgate to Nike, Hershey, Lay's and Coca-Cola) have incorporated brand extension into their growth strategies over time. New idea, new brand, new product. You're creating a new brand because the new product or service doesn't quite fit the niche in which everything else about your current brand is located.
Creating a new brand means that you need a specific team for that brand. You're talking about attracting people for advertising, sales, production and more. Most companies dread the implementation process, even after creating solid brand development strategies. If you are a small business owner looking to expand your brand and make it more recognizable, desirable and prestigious, Seedling Digital is ready to help.
Good branding strategies will surely help you increase your sales, which will be reflected in the increase in your market share. For example, a manufacturer of frozen vegetables may have several brands (which seem to be competing with each other to the consumer), but have the same corporate ownership. You have taken growth to a whole new level in the last year, from personal growth to the creation of a business, you are more dedicated than ever to developing your character and developing a business, product or service that has meaning and that resonates with people. When you create an entirely new brand and product, you have the opportunity to capture (and possibly create) a whole new market, as Starbucks did when it created the ready-to-drink cold coffee category.
When you have a strong brand, through your marketing activities, you'll be able to find your most loyal customers. Having a strong brand helps you distinguish yourself from your competition and shows you as someone more recognized by both customers and potential customers. With brand licenses, you don't have to create or oversee private product labeling to grow your brand. The company sought to develop a new drink that would naturally sweeten, so they added the green variant that uses stevia leaf extract.
For example, we have worked with the University of Leeds to change the name of all of its cafés and bars, each with a distinctive positioning and offering, but all owned by the same parent organization. Establish a loyalty program that also increases the value of your brand and use it so that your current customers stay with you and buy from you. As a company, your goal, as expected, will be to create products that are transformative and innovative, but you should also focus on developing a voice that explains what you want your customers and prospects to think of you. For example, the Volkswagen Group has several brands under its ownership, in an attempt to attract different types of customers.