7 Brand Extension Ideas for Your Small Business
Here at Dox Design, we’re big fans of brand extensions because they are a true sign that our client not only loves, but takes pride in, the brand we created for them.
Brand extensions sound more complex than they really are. Formally, a brand extension leverages a businesses’ preexisting reputation and customer loyalty to launch a new product. Informally, a brand extension just means taking your droolworthy brand and dreaming up fresh ways to implement it in every aspect of your business and thinking beyond your current income structure.
When done right, this marketing strategy can benefit your business greatly by building brand awareness, targeting new demographics, increasing sales, and boosting profit margins.
After reading this post, you will have tons of inspiration for successfully designing brand extensions for your small business!
HOW TO DEVELOP A SUCCESSFUL BRAND EXTENSION:
As mentioned above, brand extensions are beneficial when done correctly. If you are developing a new product/service, it is important to keep your current ideal consumer in mind and create something they would find valuable as a new option to them.
Brand extensions fail when the new product does not mesh well with your businesses’ current products and services. Consider which of the 3 extension types your new idea would fall under…line, complementary, or expertise.
- Line extensions are the most easy to pull off because the new product/ service falls within the same category as your current offerings.
- Example: A coffee shop beginning to sell bags of coffee beans.
- Complementary extensions can be a bit more challenging as the new product/service is similar or aligned with your current offerings, but not directly related.
- Example: A coffee shop that begins to sell pastries
- Expertise extensions are the most difficult to pull off because they rely on your businesses’ reputation within your industry. The new product/service is a new venture that could either work seamlessly with your current offerings, or fail to help you reach the desired outcome.
- Example: A coffee shop that rents out an espresso machine for corporate events and sends a barista to serve on site.
EXAMPLES OF PAWESOME BRAND EXTENSIONS:
Here are 7 brand extensions now offered by Dox Design clients using the brand we created for them.
- Dog’s of Charm City’s doggie stick library. Talk about knowing your customer base. This is some good ole brand awareness done in the most wholesome way! Though this extension is not a product/service to be sold, it increases the likelihood of making a sale because of how aligned it is with their target customer’s values. We may have shed a tear over precious this is…
- Bean Goods’ personalized logo bandanas. We love anything that has to do with Weens, but this brand extension deserves a gold star for more than just that! This dog brand took the recognizable logo we created for them and developed an entire product collection out of it. Your doggos name in the center of their company logo? LURV.
- Monica Little Coaching’s journal for business owners. Genius. Pure genius. This is an extension of her coaching program, Product Biz Academy. Can you say, “passive income?!” Perfect for business owners on her waitlist, or on the fence about making a larger investment.
- Ripley & Rue’s home office interior design. Because, why not when your branding is this cute?! While this doesn’t fit into the direct definition of a brand extension, let’s think outside of the box about how this extension could increase sales. In the digital marketing era, having a branded space ready to go for product shoots and social media posting is GOLD. Strong visual representation of your brand definitely affects sales. *Snaps for this business*
- Rocco Bee Collective’s pins and packaging. This brand extension is particularly strategic because the business owner has opted to sell these enamel pins at specific local locations and not anywhere online (yet); increasing brand awareness and targeting a specific consumer base.
- Modern Companion’s store on wheels. Constant advertising and a strong brand extension all in one! This company drives their vinyl wrapped trailer to local markets, inspiring the community to shop local and increasing brand awareness in the process.
- Tailswag’s buttons for humans. Using elements designed by Dox Design, this company capitalized on a pawrent’s need to brag about their fur babes in unique ways by creating fun pins. These are simple, but solid product extension choices because buttons can be worn on almost anything. From backpacks to jackets, and more!
HOW WE CAN HELP:
Dox Design offers VIP Design Days where our team of graphic designers focuses on your brand and your brand alone for an entire business day. We’d love to brainstorm with you to come up with a brand extension that’ll pawsitively impact your business.
If you’re in need of a droolworthy brand to get the process started, check out our Signature Branding Package.