E34: How Brands Diversify: Part 1 - Brand Extensions

On this episode of the NerdBrand Podcast, we’re diving into how brands diversify. This episode kicks off a three-part series starting with Brand Extensions.A brand extension (sometimes called a category extension) is when a brand uses its established name or an established product line to launch a new product or category.The idea is of course to leverage the brand reputation and loyalty to catapult the new product.In other words, the existing brand is a low-cost marketing tool.Brand extensions are often introduced with the goal of opening a new revenue stream with a complementary product, improving the customer experience, or solidifying a competitive advantage in the market.Let’s look at some examples we talk about on the episode.Tesla Tequila: Yes, from space ships, electric cars, to now liquor.KFCFingernail polish: WUT? No seriously. Launched in the Hong Kong market.Fire Logs: Yes – this just gets weirder. Make your house smell like KFC when you do not have KFC.--- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app--- Send in a voice message: https://anchor.fm/nerdbrand/messageSupport this podcast: https://anchor.fm/nerdbrand/support