What critical questions would you recommend to evaluate brand extension pathways?
I would suggest four questions that brand teams ask themselves as they plan their brand extension strategy:
Do you know your Brand Lover?
It is imperative that you not only know, but really understand and integrate what your best customers believe about your brand, as this is what you must deliver in any product extension.
Does the anticipated product or service convey not only your brand promise but answer a need for its potential customers?
In many cases, the “need” is not clearly voiced, e.g. Apple’s customers may not have requested an IPad, but may have indicated the ITouch was too small, or the MAC was too heavy, etc. Well-planned and carefully analyzed research is key.
Is this a product or service you can realistically produce in-house on a quality level commensurate with your base business, or should you align with a partner that has the necessary expertise to ensure success?
Knowing your own company’s core strengths – and what are NOT its core strengths – will help you define your next step and evaluate your need for a partner.
Are you anticipating a win-win-win-win situation?
Specifically, your brand, your customer, your potential partner and your chosen distribution channel should all benefit from the extension planned. A zero-sum game is not a long term strategy. Before planning brand extensions at Fila and Nine West, for example, I spent considerable time analyzing consumer research and discussing potential strategies with international distributors and key accounts, ensuring not only that the plan was viable, but that it had their support.
Brand Extensions Strategist
Tracey is a recognized leader in the fields of brand management and brand extension. She has over twenty years’ experience in senior strategic brand management and consulting positions for world-class multinational companies, including Polo/Ralph Lauren, FILA Sports and Turner Networks. Her work spans multiple channels, product categories, industries and countries and her cross-industry experience gives her a unique perspective and expertise on the potential of brands to mine new revenue opportunities while enhancing brand equity.
Consistently designing and delivering on growth-oriented strategic and business plans for large enterprises, Tracey has also crafted numerous strategic alliances between brands and companies. She has a track record of building consensus around common goals, across multiple departments, divisions and companies, as well as a P&L management track record and perspective.
Tracey received her MBA, with a concentration in international marketing, from the Thunderbird School of Global Management. She is on the faculty of the University of Texas’s McCombs Graduate School of Management. Tracey speaks on multiple brand topics to industry groups and serves as an expert witness in trademark litigation.
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