Hey everyone, welcome to Digital Branding with LEAD, where we bring you valuable information, tips, and opportunities to assist you in building your brand. Today’s topic in relation to digital branding is, “the law of siblings.”
In an earlier video, we spoke about line extension and the ups and downs to expanding your brand. Well today, we delve a little deeper. The laws of branding seem to suggest that a company concentrate all of its resources on a single brand for a single market. Keep the brand focused and ignore opportunities to get into new territories.
This is in total is a major key. But there comes a time when a company should launch a second brand. And perhaps a third, even a fourth for that matter. But a second-brand strategy is not for every company. If handled incorrectly, the second brand can dilute the power of the first brand and waste resources. In some cases, a family of brands cab be developed that will assure a company’s control of a market for many decades. The Wrigley Jr. Company showcases this in the chewing gum market with their family of brands:
• Big red
• Juicy Fruit
• And Winterfresh
The key to a family approach is to make each sibling a unique individual brand with its own identity. Resist the urge to give the brands a family look or a family identity. You want to make each brand as different and distinct as possible.
But make sure you understand that having a totally separate identity in the mind doesn’t mean creating a totally separate organization to handle each brand, product, or service. You can have multiple brands under one company, one sales force, one marketing organization. Keep this in mind.
In the past, companies have created families of brands based on the principles behind the law of siblings. As time goes by, they forget why the brands were created in the first place. Instead of maintaining separate identities, the brands are mashed together. So instead of becoming stronger, they become weaker.
So be careful when subbranding and remember that a family of sibling brands is not a strategy for every corporation. But where it is appropriate, a sibling strategy can be used to dominate a category over the long term.
That’s all we have today on Digital Branding with LEAD. Remember with LEAD it is all about turning your business into a leading brand. Make sure you visit leadmediallc.com to book a consultation with us and learn how you can grow your brand within the digital world today.