There are several ways to expand your brand, and the reasons to do so are plenty. When done correctly, expanding your brand can generate more revenue, increase market share and create cross-selling opportunities.
Here are four examples of companies increasing their visibility and amplifying the value of their brand.
Develop a co-branding deal
Team up with another brand name, or names, to create a new product. (Red) is one of the largest co-branding partnership efforts in history. The Global Fund has joined forces with American Express, Apple, Gap, Starbucks, Alessi, U2 and many others to fight AIDS in Africa.
Introduce your brand name into new categories
The Virgin Group name was born when Richard Branson’s flight to the Virgin Islands was canceled. Annoyed, he chartered a plane, wrote ‘Virgin Airlines’ on a blackboard, and approached other passengers with cancelled flights to join him. Virgin Airlines was born. Since then, the Virgin Group has brought their name to new categories including Virgin Mobile and Virgin Galactic, the world’s first commercial spaceline.
Build a house of brands
Starwood Hotels and Resorts is an example of a house of brands, each targeted to slightly different demographic groups. The Westin guest is a little different from the W Hotels guest, who is a little different from the Aloft guest, for example. By building a house of brands within the same category, you can capture more of the market while leveraging the reputation and goodwill established by the parent company.
Create a sub-brand
We see it in retail with the traditional Ann Taylor store and its lower-price-point LOFT outlets. What’s most important is that your sub-brand(s) reflect and reinforce the core values of your corporate brand.
Is your brand ready for growth? Let’s talk about how L&A can help you develop your market presence and increase your brand equity.