117) Brand Extension Done Right: Strategies for Sustainable Growth
In this episode, hosts Sharan and Sudeep unravel the complexities of brand extension, offering a roadmap for sustainable growth without diluting the core identity of your brand.
They delve into the nuances of:
The Danger of Over Extension: Why focusing on a few core products often yields better results than spreading too thin across a vast portfolio.
Lessons from Industry Leaders: Insights from Anand Kripalu’s transformative strategy at Cadbury and the concept of "Fewer, Bigger, Faster, Better."
Luxury vs. Affordable Brands: How aspirational value drives brand success, and why creating a new brand identity (like Toyota’s Lexus) is crucial for entering premium markets.
The Art of Periphery Extension: Strategies for leveraging trust and equity in your core market to reach peripheral consumers without losing focus.
Through relatable examples like Nexa's distinct branding strategy, they explain why clarity in leadership and thoughtful portfolio planning are the cornerstones of effective brand extension.
KEY TAKEAWAYS
1. Focus on the Core: Avoid unnecessary portfolio extension; concentrate on what truly defines your brand.
2. Align with Your Brand Positioning: Ensure every product or category aligns with your brand's strengths and right to win.
3. Learn from Others: Brands like BMW, Lifebuoy, and Yoga Bar illustrate how to innovate while staying authentic to your core.
4. Cost vs. Impact: Brand extension doesn’t have to break the bank; smart strategies can create impactful growth with minimal spend.
QUOTES
“The more you keep doing it, the more your habits change, and consumers’ perceptions change too. That is creating brand equity.”
“If you're expanding, it should align with your brand's strengths, reinforcing your right to win.”
This episode is a treasure trove of insights for entrepreneurs, marketers, and brand builders looking to grow strategically and sustainably. Tune in and discover the secrets of brand extension done right!
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CREDITS
- - Album Art & Design by ting.in
- - Voiceovers by Anjale Stephanos
- - Music from Zapsplat.com
