Extending an established consumer products brand into other product categories to capture new revenue streams
Extending an established consumer products brand into other product categories to capture new revenue streamsEquiBrand2023-10-19T10:53:56-07:00
Project Description
An established brand was facing rapidly declining sales as a result of disruptive technology. The corporate brand had broad awareness and familiarity, though its core technology was now only relevant for niche applications given changing consumer dynamics.
Opportunities existed to extend the brand into new areas by building ‘equity bridges’ to new benefit areas. Category attractiveness, brand equity research, focused ideation and create-test-and-learn concept iteration were used in creating the new brand extensions.
Challenge
Declining market share and decreased category consumption due to disruptive digital technologies
Strengths in existing brand equity and mass channel distribution
Action
Brand equity assessment to identify potential leverage points
Identification of potential extension categories
Qualitative research to optimize potential concepts, assess brand fit and determine category attractiveness
Sequencing strategy to enter new categories and extend the brand over time
Result
Redefinition of the category frame-of-reference, from product to benefit-orientation
Integration of significant new business platforms that leverage brand and operational strengths
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