Building your brand through a bricks and mortar only strategy requires a whole lot of patience and capital, which are both usually in very short supply. A brand extension can basically be anything representing your brand outside the 4 walls of your restaurant that is purchased by a consumer. The following are a few examples of brand extensions:
Ready to Drink Program
Premium Ice Cream
Airline / Casino
Packaged Donuts for c-stores
Dinner Kits in Grocery
These brand extensions (also referred to as CPG) allow a brand to develop in a market(s) without the need for brick and mortar stores. These products are usually sold in grocery stores but can also be found in various other venues such as c-stores and airports.
A proper market plan should identify potential brand extensions for your specific product offerings and be an important part of the overall strategy of total brand development.
Take Starbucks for example, there lineup of CPG (consumer packaged goods) can be found in over 40 countries with more than one million points of distribution! They are selling their branded items in more than 120,000 grocery and convenient stores. These brand extensions are part of the reason why this company is in the top 25 most iconic brand logos of all time.
Brand extensions create opportunity, bottom line. These opportunities are endless and a well vetted market plan by an experienced firm should always include brand extensions of some form. What better way is there to seed a brand’s identity in a future growth market prior to swinging one hammer? What better way is there to further penetrate a marketplace with your brand identity? This is marketing 101 and if you’re serious about long term growth you need an experienced advisor, such as Restaurant Development Experts, to create you brand extension plan now.
For more information on our unique market planning methodologies, or to find out more about creating brand extensions, please do not hesitate to call us direct anytime or shoot us an e-mail with your questions and we will be sure to promptly respond.