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Brandstretch

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Brandstretch

Why 1 in 2 Extensions Fail, and How to Beat the Odds: A Brandgym Workout

Wiley,

15 min read
10 take-aways
Text available

What's inside?

To get the most from your core brand, treat it like a rubber band and s-t-r-e-t-c-h; just don't pull too far.

Editorial Rating

7

Qualities

  • Applicable

Recommendation

Given how heavily companies spend on advertising and merchandising, any factor - in this case, better use of branding - that could possibly enhance the survival chances of a product extension deserves serious consideration. In fact, if you are thinking about launching a new product tied to an existing brand, this informative book might save your career. Author David Taylor identifies so many prerequisites for making a brand offshoot successful that you may decide to take up some safer activity - like bungee jumping. That cautionary guidance alone is invaluable. Unlike many other marketing authors, Taylor writes concise chapters, liberally dosed with good examples. Each chapter ends with a summary, checklist and pertinent takeout. The package works well to convey Taylor’s provocative ideas. To avoid embarrassing product failures, read this book. getAbstract.com warmly recommends it to those daring enough to be branding and product-marketing specialists.

Summary

Why Brand Extensions Break Down

Some marketing purists insist that "one idea, one brand" is the conceptual way to success in marketing, but the reality is that brand extensions are here to stay — even though half result in failure. Enhance your odds of launching a successful brand extension by capitalizing on public awareness and trust, and by linking the new product with your main brand.

Why do companies persist in brand expansion in the face of a 50% failure rate? Ego. Corporations, like individuals, have large egos. Marketing departments act invincible when it comes to an objective assessment of the reasons why consumers should purchase a new product based solely on the parent product's name. This brand arrogance fails to consider benefits to the consumer and, thus, accounts for many embarrassing, costly failures.

For example, take Virgin, best known for its record stores and Virgin Atlantic airlines. The company used brand extensions to do business in the form of 25 related companies selling everything from insurance to internet cafes to lingerie. In its earlier businesses, Virgin became known as an irreverent, fun and competitively priced company. But due...

About the Author

David Taylor is a founder and managing partner of thebrandgym, a British consulting company that develops brand strategies. His clients include Unilever, SAB Miler, Cadbury and Blockbuster. Taylor began his career with Proctor & Gamble and Sara Lee. He holds an M.B.A. from INSEAD in France. He is also the author of thebrandgym: A Practical Workout for Boosting Brand and Business.

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