Is Your Business Getting Confusing? Here's How to Brand Multiple Offerings
Say that you got a new ideas for a different product or service from what you’re currently providing, how do you decide if you should create a separate brand for this new offering? Should you stick with the brand you’re already running or should you create a separate brand to avoid any confusion?
If you’re one of those creative types who have a couple different ideas on what you want to offer to your market, you’ve probably run into these questions before. Don’t worry, it’s way simpler than you think, especially for small businesses. Here’s exactly how you can decide —
1) is this new product or service in the same product category as your existing offering?
If your answer is YES — make it an offering under your existing brand.
If this new offering is not only in the same industry, but also product category that you’re already in, and it targets exactly your current audience, simply launch it as a new product or service under your existing brand!
For instance, if you’re already selling home goods, a new collection of candles can go under your existing home goods brand. If you’re already photographing weddings, engagement photography service would be an extension of your existing services, and should be included in your existing brand.
And if your answer is NO — go to Question #2.
2) is this new product category related to the existing product category you’re already in?
Think about what product category your new offering belongs to. Is it somewhat related to the product category your existing offerings and business is in?
If your answer is YES — you need a brand extension.
This means that this new offering should be rolled out under the same brand, but because you need to broaden people’s perception of your brand through marketing. Because this is related to the same product category as the one you’re already in now, there’s no need to invest your time and money in building a second brand. However, keep in mind that because this is still in a different product category, you’re changing your brand perception, broadening it in a way.
For example, if you’re in the wedding floral design business, but you want to start providing vase and decor rental services, you’re offering services in two different product categories. However, because these categories are related in people’s mind, especially when these are the both major services needed for events, the new rental service can be included under the existing brand.
On the other hand, if you are a ceramic artist making custom pottery, and you want to start creating custom-designed cakes, you would not have these two services under the same hand because they are in two product categories that are not perceived as related. If custom pottery service and custom cake design service are nested under one overarching brand, this would confuse the market, and any marketing messages and effort would be very difficult to execute to reach the two groups of target audience.
If your answer is NO — it’s time for a separate new brand!!
How was that? Simpler than you thought, right? Now, it’s time to take action, my friend!
Here’s to creating abundance, to your new ideas, and positive changes!