Utilise existing brand equity to introduce new products or services
PR
Take advantage of your brand’s existing reputation to introduce new products or services. It’s a smart way to ensure your loyal customers are the first to know, although new customers might need more convincing. Balancing both can be challenging.
Tools
Objectives
| Name | Description |
|---|---|
| Brand Awareness | Brand awareness is the marketing objective of increasing a brand's vi… |
| Enhance Brand Reputation | Enhancing brand reputation involves cultivating a favorable perceptio… |
| Product Launch | A product launch is a strategic marketing objective designed to intro… |
| Trust and Loyalty | Trust and loyalty are crucial marketing objectives that underpin long… |
Demographics
| Name | Description |
|---|---|
| Baby Boomers | Baby Boomers, born between 1946 and 1964, represent a powerful demogr… |
| Gen X | |
| Gen Z | Generation Z, born between 1997 and 2012, is a cohort characterized b… |
| High-Income Earners | High-Income Earners are characterized by their significant financial … |
| Millennials | Millennials, or Generation Y, are individuals born between 1981 and 1… |
Promotes
| Name | Description |
|---|---|
| Brand | Brand represents the unique identity of a business, encompassing its … |
| Digital Product | A Digital Product refers to an intangible asset distributed in digita… |
| Event | The 'Event' is a strategic platform that enables marketers to connect… |
| Physical Product | The Physical Product represents a tangible good that marketers have t… |
| SaaS | Software as a Service (SaaS) is a cloud-based service where instead o… |
Sectors
| Name | Description |
|---|---|
| Food and Beverage | The Food and Beverage sector is a vital part of the global economy, e… |
| Healthcare | The Healthcare sector is a critical pillar of the global economy, enc… |
| Hospitality and Leisure | The Hospitality and Leisure sector encompasses hotels, restaurants, t… |
| Information Technology | The Information Technology (IT) sector is integral to the global econ… |
| Retail | The Retail sector is a dynamic industry focused on the sale of goods … |
Strategy
| Name | Description |
|---|---|
| Brand Marketing Strategies | Building a brand's identity involves creating a unique image that con… |
| Market Expansion Strategies | Growing your business by entering new markets involves research, adap… |
| Product Marketing Strategies | Promoting a product involves highlighting its benefits, targeting the… |
Sub-strategy
| Name | Description |
|---|---|
| Brand Awareness Strategy | Building a brand awareness strategy means getting your brand noticed … |
| Brand Loyalty Strategy | Building a brand loyalty strategy focuses on keeping customers coming… |
| Brand Positioning Strategy | Creating a brand positioning strategy means defining how you want you… |
| Diversification Strategy | Expanding your business by introducing new products or entering new m… |
| Market Development Strategy | Expanding into new markets with existing products to reach new custom… |
Technologies
| Name | Description |
|---|---|
| Public Relations & Media Outreach |
Channel
| Name | Description |
|---|---|
| PR | Public Relations (PR) focuses on building and maintaining a positive … |
Sub-channel
| Name | Description |
|---|---|
| Community Relations | Community Relations is all about building strong relationships with t… |
| Conferences | Conferences are a great way to network and learn industry trends in p… |
| Sponsorships | Sponsorships allow brands to reach new audiences by associating with … |
| Trade Shows | Trade shows are bustling events where companies showcase their produc… |
| Media Relations | Media relations help you build a positive public image by getting you… |
Quick Facts
Channel
PR
Advertising Type
TV
Difficulty Level
Intermediate
Estimated Cost
Medium
Time to Impact
Short (Weeks)
Tags
B2B
B2C
Pros
- Trust: Consumers are more likely to try new products from a brand they already trust.
- Economical: Reduces the cost of acquiring new customers as existing ones are easier to convince.
- Speed: Enables quicker market entry since the brand is already recognized.
- Loyalty: Encourages brand loyalty as customers appreciate new offerings from a familiar brand.
- Leverage: Maximizes the impact of existing marketing efforts by promoting new products under a known brand.
- Consistency: Maintains brand consistency and coherence across multiple product lines.
- Visibility: Higher chances of media and public attention due to established brand reputation.
Cons
- Risk: There’s a risk of diluting the brand if the new product fails.
- Complacency: May lead to relying too heavily on existing customers and neglecting new customer acquisition.
- Confusion: New products might confuse loyal customers if not clearly communicated.
- Resource Allocation: Requires significant internal resources for proper execution.
- Expectation: Existing customers have high expectations which can be difficult to meet.
- Market Saturation: Can lead to market saturation if too many products are introduced under the same brand.
- Focus: Risk of losing focus on core products, impacting overall brand quality.