Branding For Dummies®

Chapter 16. Leveraging Brand Value with Brand Extensions and Licensing

In This Chapter

• Building brand extensions

• Sharing your brand in promotions and cobranding opportunities

• Reaping the rewards of licensing

Of the tens of thousands of new products that enter the retail arena each year, most never become success stories. That's the bad news. The good news is that most of those that “make it” — those that beat the dire product start‐up odds — have something in common that, as a brand owner, you can leverage to your advantage.

The common trait shared by most successful new products is that they ride into the market on the magic carpet of a known name. That's why most bestselling new books are by known authors, and most top‐selling new music releases are by known artists. Most successful new products either carry the names of known brands or are fueled by the powerful endorsements of known authorities or personalities. By gliding into the market on the current of an established brand, a new product debuts with the advantage of instant credibility, a strength that's basically borrowed from a brand name and reputation that may have taken years, decades, or even longer to build.

Leveraging a brand name is lucrative as long as you avoid a good many danger zones. If your new product doesn't align with your brand message and promise, or if it doesn't build on the emotional connection you've established with your customers, you can actually hurt your brand in the process of trying to help your ...