Should you expand your brand?
Published March 24, 2014 at 10:19 am
The brand is an integral component of any business. It’s how people identify your business and the value your company and product lines hold for them. People can become loyal to brands they love, and go out of their way to avoid brands that they don’t like.
There comes a time in the life of a business when the option of whether to expand a brand into another area comes into question.
A recent Adage article discusses the role of timing in a company’s brand expansion plan, explaining that timing is a very important factor in this process that can mean either success or failure. Timing is especially important for start-up companies looking to expand into other areas.
One of the key takeaways highlighted in the article is that when a brand is already strong, like Google or Apple, expansions of that brand are less likely to be detrimental to the company. When a brand is weak, too many line extensions could prove harmful to the brand, as its focus is too wide and the brand not yet strong enough to handle it.
Before a company considers extending its product lines, it must make sure its brand is already strong. Until your brand reaches that level, it may be beneficial to maintain a narrow focus and hone in on being truly great in one area before moving into others. If you’re looking for ways to expand your company’s brand, a good starting place might be to take a look at what successful companies have done to get to where they are. This will help you as you develop your own plan and tailor your marketing efforts to successfully build your brand so it will be ready when the right time for expansion comes.