BRAND EXTENSIONS AND HOW THEY CAN BENEFIT YOUR COMPANY Content Brand Extension Brand Extension - Examples Types of Brand Extension Benefits of Brand Extension Take Away Brand Extension If you own a company and expand to offer a new product, would you give that product a name that is related to the name of your business? If the answer is yes, the new product would be considered a brand extension. Brand Extension Examples There are many ways companies can use brand extensions. Here are some examples: Snickers: With its creation of Snickers ice cream bars. Hershey’s: With its creation of Hershey’s chocolate milk. Febreze: With its creation of Febreze car air fresheners. Types of Brand Extension There are many ways companies can use brand extensions. Here are some examples: Line extension These are used to release a product that is a variation on an existing one. Product extension This is when a company launches an entirely new product and related to the existing products the company sells. Extension of company expertise These are extensions that occur based on the expertise of the company. Extension of customer franchise This is when the company’s product range is extended. Extension of brand distinction These are brands that extend based on the unique benefits they offer their customers. Benefits of Brand Extension Raising brand awareness. Greater chance of success for new products that are already related to a reputable company name. New products can attract customers who will try other products the company manufactures. Cost of developing a new brand, including some web design and branding expenses, will be avoided. Boosts image and energy for the brand. Gives the brand a leg up on its competition. Take Away Brand extensions can help your company to grow. However, they will only have a positive impact if your product is successful. Do what you can to create a product you know your customer base will love and follow it up with marketing that will appeal to your target audience. Good luck making your brand extension work for your business.
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