Looking at the word brand, it mean so many things. It can be a name, a symbol, a design or a term. It can mean so many things. It is a feature that distinguishes one from others. It can even be color or taste! We remember coca cola? Yes coke, right? That red color is something else, perfect with white typography! Very superb! Talking about distinguishing with respect to color.
From above we can rightly say that branding is strategy "Marketing strategy", a unique practice in other to build method (name, design, symbol etc) that works in such a way one can stand out in the crowd!
Branding is a choice, the choice may not be self impose but self forced by self not doing what self ought to do by self. Branding is a self attribute!
It is you and only you that will decide if to expand your company or not, name inclusively.
Just remember the law of BID
Be on the same level
Increase in level
Decrease in level
All above still by self!
Brand Expansion is good , at the same time bad. Don't expand too quickly, build ,build, build, build then expand!
The option is still self - if brand is a short term drive, then expanding quickly is good but if long term , expanding too quickly is bad.
What expansion does on consumers or your customers/clients is rebooting their choice. You have given them a much population then they have to increase their sample size k which can decrease utility.
Truth speaking, it affects utility. Recall when we first had Indomie noodles - The utility was at maximum, at some points the brand was drastically increased in such a way you don't even know which one to pick . Choice dismantled and utility decreased to its minimum. Many even started seeing it as kids food. That is what expansion can cause in a business. But is it a bad idea? Nope only if the purchasing power to secure those commodities are always available. Mean if the product is cheap it will withstand it but if too costly maybe a very big issue. Hope you get the idea?
Any business that is not strong at this point will fail, reason you have to build, build, build, build and build . Having a strong brand will always put smiles on your face because you are giving your customers choice... Never again a static brand!
Again, you have to be smart before you expand your brand. Expansion is like weakening ones brand because you will share if not staff, resources thus mental capabilities and time.
Hint: if the industry or market is not competitive, no need weakening your brand is when you are strong. Don't fight against yourself but, if you are in a competitive industry or market , weaken your brand anytime you are too strong.
Lastly is to be your customer! Listen, get results, know how they feel, get to know what they are saying or thinking about your decision, tabulate the output and draw your chart!
We meet next time.