NerdBrand
NerdBrand

Episode · 2 years ago

How Brands Diversify: Part 1 - Brand Extensions

ABOUT THIS EPISODE

On this episode of the NerdBrand Podcast, we’re diving into how brands diversify. This episode kicks off a three-part series starting with Brand Extensions. A brand extension (sometimes called a category extension) is when a brand uses its established name or an established product line to launch a new product or category. The idea is of course to leverage the brand reputation and loyalty to catapult the new product. In other words, the existing brand is a low-cost marketing tool. Brand extensions are often introduced with the goal of opening a new revenue stream with a complementary product, improving the customer experience, or solidifying a competitive advantage in the market. Let’s look at some examples we talk about on the episode. Tesla Tequila: Yes, from space ships, electric cars, to now liquor. KFCFingernail polish: WUT? No seriously. Launched in the Hong Kong market. Fire Logs: Yes – this just gets weirder. Make your house smell like KFC when you do not have KFC. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app --- Send in a voice message: https://anchor.fm/nerdbrand/message Support this podcast: https://anchor.fm/nerdbrand/support

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