Learn about the best strategies for brand growth

 

In this article, you will learn about the four most important brand growth strategies for businesses that are looking to extend their product offerings and services. The four strategies are brand extension, flanker/fight, line extension and new brand, brand strategy. Let's read about them in details.

 

Brand extension brand strategy

Brand extension strategy involves using a fresh market to introduce a new brand after establishing your position in the market of your choice. Many people wanted to brew their own cup of Starbucks coffee. Starbucks understood this and introduced a line of k-cups for coffee lovers so that they could enjoy a cup of Starbucks gourmet coffee at home. Starbucks has used a number of strategic implementations in the past to consolidate its brand name in a variety of fields.

 

Flanker Brand Strategy

This brand strategy places a new brand or sub-brand at the low or high ends of a price spectrum in order to get hold of all kinds of customers. For example, the Sony Alpha mirrorless camera series is made for professional, intermediate and amateur photographers. Sony also keeps the older models in stock, so that a person who can't afford the latest high-end model can still buy a high-end model from 3 years ago.

 

Fighter Brand Strategy

This brand strategy is used when a firm needs to create a new brand to get hold of someone else's market share. A fighter brand strategy isn't created to target customers; it is created to target competitors. For example, Dr Pepper's Squirt was a grapefruit soft drink that had no competitors when it was introduced in the year 1938. Soon Coca-Cola launched Citra, a new fruity soft drink to gain Dr Pepper's market share.

 

Line extension brand strategy

The line extension brand design strategy is all about creating additional products in anticipation or response to the customer's needs. Apple released the iPhone 6 to satisfy customers who wanted a bigger screen. With this strategy, Apple has captured a significant portion of the big screen Android market. Instead of letting its customers go to the competitors, it made a significant profit by catering to their needs.

 

New brand, brand strategy

This brand strategy is applicable when a company decides to create a new brand for a new product. It is a costly affair because everything is done from scratch- advertising, manufacturing, hiring new personnel and targeting new sales channels, etc.  Frito Lay has created a number of snacks under a variety of brand names like Cheetos, Lays and Doritos, Sun Chips. If done correctly, this strategy can reap huge benefits. When you bring an entirely new product in the market, you are able to capture a sizeable market share.