14 of the Most (& Least) Successful Brand Extensions to Inspire Your Own
Branding14 of the Most (& Least) Successful Brand Extensions to Inspire Your Own
Hailee Steinfeld is mainly known for her acting chops, but her singing abilities bolster her esteem as a performer and stretch her brand to more audiences and fans. And just like her venture into music, companies often extend their brand to develop new products in industries where they don’t have any market share.
These initiatives are called brand extensions, and they allow companies to leverage their brand awareness and equity to create more revenue streams.
In this article, you’ll learn more about what a brand extension is and see examples of extension ideas that could inspire you.
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What a Brand Extension Is
Brand Extension Types
Brand Health Measures
Brand Extension Examples
What is a brand extension?
Brand extension is a marketing strategy that involves a company using its well-established brand name or image to introduce a new product or product categories to its customer base.
This strategy works best when the new product category is related to its parent category and is something consumers and customers want.
Many companies use brand extensions because it allows them to leverage their parent brand’s brand awareness and authority to reach new demographics and open up new sales channels.
One company that does brand extensions well is Apple.
Although Apple started as a technology company that makes only computers (Macs), it soon extended its product line to include music players...
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