How should brands Find New Space?
Future Proof
Finding New Space for Brands
Brands can successfully expand their market presence by reimagining existing products and introducing them in new contexts or price tiers. An example is Leur Pak Butter's campaign that emphasized butter's versatility in cooking, encouraging consumers to use it beyond traditional applications like toast. This strategy helped to grow the butter category. Additionally, premiumization strategies can allow brands to attract higher-end consumers, as demonstrated by Bailey's Chocolat Lux. Conversely, brands can cater to price-sensitive consumers through lower-tier offerings, like Netflix's ad-supported subscription, providing an avenue for retention. Moreover, brands can explore opportunities outside their established categories by identifying new geographic markets or creating digital variations of their services, exemplified by Chase Bank's foray into digital banking. This dual approach of seeking new uses within and beyond established categories is key for brand innovation and growth.
Remember Everything You Learn from Podcasts
