In this episode, Jane Ostler talks to Kantar's Rob Wade about how brands must Find New Space, the third Growth Accelerator in the Blueprint for Brand Growth. They discuss the strategic exploration of incremental opportunities beyond a brand's current market. It involves identifying new categories, occasions, or services where a brand can extend its reach.
For example, San Pellegrino, known for sparkling water, successfully ventured into flavoured soft drinks in cans, demonstrating a creative way to find new spaces without cannibalising existing sales. Another example is Lurpak Butter, which capitalised on advertising to amplify existing uses, such as cooking with butter instead of oil, thereby expanding the category. Premiumisation, like Baileys Chocolate Lux, and appealing to price-conscious consumers, as seen with Netflix's ad-supported tier, are also strategies brands use to innovate and grow. The key is to ensure that innovations are incremental and align with the brand's existing motivations and contexts to mitigate risks and increase the likelihood of success.
To find out more, visit kantar.com/blueprint
Hosted on Acast. See acast.com/privacy for more information.
