You can use four brand awareness strategies to create brand recognition and grow your business. These strategies are brand extension, new brand, flanker, and fighter.
Brand extension involves the introduction of a new brand, in a new market, after consolidating your brands’ name in a related field. Mad Marketing Pro explains brand extension using Starbucks’ introduction of k-cups as a prime example. Starbucks is a solid brand that knows its audience. To reach coffee drinkers who wanted to have the benefit of Starbucks coffee without leaving their home, Starbucks invented to portable k-cup. Starbucks was a solidified brand, but they extended their brand to the home by introducing this new way feature for customers who wanted to stay in.
New brand strategy involves creating both a new brand and a new product and russia phone number list combining the two. For example, consider DoubleTree by Hilton, and its sub-brands Signia Hilton, Hilton Garden Inn, Hampton by Hilton. Each brand is different from DoubleTree and requires different marketing, but they all fall under the DoubleTree brand.
Flanker brand strategy is the placement of a new brand or sub-brand, at the high or lower ends of the spectrum in order to capture new market segments. Consider Apple’s release of the iPhone X on the high end of the pricing spectrum when they released the iPhone 8 on the lower end.
A fighter brand involves a company creating a new brand not targeted at consumers but competitors. For example, Dr. Pepper introduced Squirt, and Coca-Cola created Citra as a fighter brand.