There are certainly good times to consider diversifying your brand, but equally there are times when such a strategy should be avoided. Here are three situations when your brand shouldn’t go there.
Co-written with Pete Canalichio The entertainment sector is currently evolving the art of building out brand success in exciting ways. And there are lessons in how they are doing that for entrepreneurs and companies with a brand that people want more of.
One for my States-side friends. (It’s a little early for most in my part of the world.) Please join Pete Canalichio, Managing Partner at Licensing Brands Inc, and me for a LIMA webinar on May 5 (EST) as we use several case studies to show how top licensors are utilising brand expansion through licensing to help maximize shareholder value and meet their long-term business objectives. Find out more at: http://www.licensing.org/news/new-webinar-420-risk-assessment-management/#sthash.ivAfOiYj.dpuf
In the search for more income, many brands seem keen to broaden their mandate or redefine the sector they see themselves as now being part of. But the hunt for diversified income streams comes with its own list of dangers and the most obvious caution is this: don’t lose the plot. Don’t spread your brand so wide, generalise your position so much or shift your emphasis so far from where you’ve been that you lose credibility, authority or distinction in the minds of your customers.