Smart Brand Extensions Aren’t a Stretch
Precious Moments caskets and urns? That’s just creepy. Who would want those big-headed, doe-eyed children following them into the afterlife? And based on a survey conducted by TippingSprung, a branding company based in New York, it was agreed; this brand extension was DOA.
TippingSprung surveyed 785 marketing executives to get their thoughts on the best and worst brand extensions of last year. Some of the best? Newman’s Own Wines, Curves cereal, PetSmart’s Pet Hotel and Food Network’s kitchenware. And the worst? Danny Devito Limoncello. Disney’s Party Fizz (a bubbly, non-alcoholic party drink) and the Humane Society’s Dog Lovers Wine Club. And coming in dead last, Funeral by Precious Moments. (Sorry for all the puns, it’s just too easy).
The strategy for a great brand extension marries the brand equity with a new marketing opportunity. That may seem intuitive, but many brands get greedy when they see a growing trend. They try to force a connection hoping for a piece of the revenue pie. It is an agency’s responsibility to help their clients avoid the pitfalls and find the right brand extensions. The ones that enhance brands, and excite their customers. And ultimately result in an increased bottom line.
Sometimes it isn’t so obvious at the inception. Who would have thought that Bic, which originally sold ballpoint pens, would easily enter the disposable lighter and razor categories? But “quality disposable household items” fit the brand equity they had created with their original product.
The successful brand extensions will make you say, "Oh yeah, that makes perfect sense. They were made for each other."
Of course, I have to pitch a couple of my ideas:
- American Airlines Luggage: The suitcases and bags have tracking devices sewn into them. Even if they lose your luggage, you can rest easy knowing now they can find it.
- Taco Bell should offer an after meal Gas-X strip. (I see a partnership around the corner!)
- Britney Spears Crotch-less Panties. (too far?)
- And finally: I would love to own a limited edition Vera Wang Lexus (I know, I know – but wouldn’t it be lovely?)
View the Mediapost article.
Comments
I absolutely love the AA luggage idea: it's a two way marriage. It adds value to the old product which is little more than a commodity as is, and establishes a new revenue stream with the new product line. Brilliant.
Thanks. A prototype is in the works and I am currently working on my pitch presentation.
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