One often-used means to grow a brand is through extensions—using an established brand name or trademark on new products or in new product categories. Despite the potential benefits, however, only about 20% of brand extensions succeed.
One common issue that can derail an extension strategy is failure to understand whether the category extension has “permission” from consumers loyal to the core brand to operate in the new category. Another is not identifying whether the brand extension dilutes or denigrates the core brand. Missteps in either area inevitably lead to lack of consumer engagement and subsequent channel partner rejection.
The Bloodhound Group takes a holistic, ground-up approach that includes validating all assumptions and closely examining consumers’ emotional connection to your core brand. Our process includes:
Let us show you how our process can work for you.