Last week I read a book called “The Brand Gap” by Marty Neumeier. What do you think when you hear the word “brand”? I guess that 6 out of 10 people will respond it is the brand name, logo or a slogan. Actually that is not a brand. Marty Neumeier describes a brand as a person’s gut feeling about a product, service, or company. So it is even more.
Brand Extension
The definition is that they use an existing brand name on a new product in a different category for launching that new product. Companies use that method to leverage its existing customer base and brand loyalty to increase its profits. On the other side brand extensions make less sense when they are driven by desire for short-term profits without regard to focus.
Brand Focusing
A focused brand knows exactly what it is, why it is different, and why people want it. It is not necessary to be number three in a large category, it is better to be number one in a small one. If your company cannot be number one redefine your category. For example, Volvo built a bulletproof brand when it turned into the “safe” alternative.
Brand Extension
The definition is that they use an existing brand name on a new product in a different category for launching that new product. Companies use that method to leverage its existing customer base and brand loyalty to increase its profits. On the other side brand extensions make less sense when they are driven by desire for short-term profits without regard to focus.
Brand Focusing
A focused brand knows exactly what it is, why it is different, and why people want it. It is not necessary to be number three in a large category, it is better to be number one in a small one. If your company cannot be number one redefine your category. For example, Volvo built a bulletproof brand when it turned into the “safe” alternative.