You may be thinking of entering new markets or maybe even starting a new business. While those are some great ideas, it is also smart to think about extending your brand if you already have one established. Many brands do this as a way of tapping into new markets that are similar to their best-selling product. Brands like Ralph Lauren started in one specific segment and branched out into many other ones for a broader reach. They started in fashion and now have products for the home like beading, sheets, towels and more.
Because of their strong brand equity and the similar category, they decided to go in with the home décor, their audiences would be more than happy to test out their new products. This would be a big plus to Ralph Lauren and a higher reach and growth in their market.
Finding new ways to keep your target audience engaged and tap into new markets could be very beneficial to your brand, and something you should consider for scaling a company.
If you missed my last post, check it out here