As I continue to ramble, I want to reiterate (one more time) that most of what I say in this blog may not seem like rocket science. And its not. But as we strive to over perform in our professional/personal roles, it’s the very basic and seemingly mundane concepts that we take for granted....
That said; let’s go back to the world of brand extensions. What are the 5 things to keep in mind when considering a brand extension?
Top 5 things to consider:
1. The brand should have equity and awareness in the market....if the brand isn’t recognizable, the extension is pointless
2. The extension should be a logical fit for the consumer. There should be synergy (and that’s why Trump Steak didn’t work)
3. The extension should make business sense.
4. Look out for over-extension - avoid slapping the brand name on everything possible.
5. For the extension, select a permeable category - not an over-saturated category with strong market leaders.
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