Creative Ways to Expand a Brand in New Directions
Growing a business is a massive challenge but some creative solutions can be put to use to ensure your firm continues to achieve new levels of success. Here are a few of the best methods, tried and tested by some of the biggest brands in the world. Learn how to expand your brand.
Collaborate with a Market Leader in Another Area
Teaming with an industry leader in a different sector of the market can be a smart move. Huge brands like Starbucks, BMW, and Apple have all looked for ways to benefit from joining forces with other brands and media personalities. It’s a difficult strategy to get right, as you need to find an approach that works for both parties and suits both sets of clients.
Branded casino games offer a good example of how this works, with respected game developers teaming up with brands and public figures from all walks of life to create branded slots. Users can play the Ruby Walsh Slot at Paddy Power; the game is based on the legendary jockey and features a classic slots mechanism with 20 paylines where wins can be formed with identical symbols. However, the design adds a horse racing feel by featuring Walsh and several of the jockey’s accessories as symbols in front of a grandstand.
Develop New Products or Services
A new product can be the key to unlocking a different market, but it’s an area where it pays to be careful and think through any plan. One of the most interesting historical examples comes from Michelin, which began life as a tyre manufacturer at a time when there weren’t a huge number of vehicles on the road. To help fuel interest in driving, they produced the Michelin Guide featuring restaurant reviews as well as useful local information. It’s now one of the world’s leading sources of restaurant ratings.
Another crucial example is the story of Colgate’s attempts to reach new markets with some impressive success stories and also a notable failure. After starting with starch, candles and soap, they produced the world’s first toothpaste sold in a tube before cleverly expanding into many other related areas such as toothbrushes and accessories. The controversial image of Colgate lasagne is often stated as an example of a brand failing in new areas. While the image itself is fake, the company made an ill-advised attempt to enter the frozen food market with Colgate Kitchen Entrees.
Look for a New Audience
Finding a whole new audience which is willing and eager to buy your products is one of the most exciting parts of expanding a brand. This can be done by looking at your current target market and customer base. Is there anything you can do differently to reach a new group of potential customers?
Red Bull began as an energy drink but has established itself as a big player in the high-octane world of motorsports and extreme sports thanks to their many sponsorship deals. This has led to a lucrative line of sports gear and accessories that could appeal to people who have never even tried their drinks, as well as those who drink them regularly. Using technology gained from their experience with F1, Red Bull launched the Alphatauri brand and used New York Fashion Week to prepare for its launch in the US.
All of these varied approaches have worked incredibly well for many brands, but the key to success in each case lies in choosing the correct methods and implementing them well.
