Just as humans have evolved to thrive and survive, so must brands. With constant changes in consumer culture, taste and technology, brands that fail to adapt to their new environment face extinction.
Brand evolution through innovation has become the new imperative and the key to staying relevant (and avoiding extinction). Extending a brand’s product range has become a necessary part of this strategy. Requiring less capital and fewer resources than launching a new-to-world brand, companies look to their existing product portfolio to identify opportunities where a brand that’s already working hard for them can stretch beyond its core offering. When carefully considered and executed well, a line extension has the potential to: