Over the past few months, we have seen more and more brands entering new markets and diversifying their product range. Unlike before, brands now have the power to offer more than one product range. Brand diversification is the process where a brand expands its product range into new markets to increase profits.
Amazon is among the brands that have succeeded in product diversification, a global brand that started by selling books online to expanding into other markets like Cloud servicing and autonomous cars etc. Another example is McDonald’s, from Burgers to Mc Cafe. The benefit of scaling for small businesses is that customers have a wide range of products to choose from. Brands with strong equity capital are more likely to survive and receive positive customer support.
The Pat on Brand’s podcast introduced an exciting new feature called “The candid conversation”. In this episode, hosts, Pat Mahlangu and Nompumelelo Stasha had a very insightful conversation about the value of brand diversification. The pair made mention of some of the great campaigns shaping the marketing industry, like the #TweetItIntoExistent and #YoutubeBlackVoices.
Here is a look at some profound brand diversification trends and campaigns.
Brutal Fruit Fragrance #YouBelong
The South African alcoholic beverage company, Brutal Fruit Spritzer, has expanded into another exciting market. The brand decided to enter the industry of fragrance. Although many people are questioning the connection between alcohol and fragrances, some people are very enthusiastic about trying out the new You Belong fragrance.
Many people make New Year’s resolutions and have many plans. Some people dream of what they will achieve in the New Year and hope to make those dreams come true. With an understanding of the great hopes of many, Twitter launched an exciting Ad campaign that featured historic celebrity tweets that came true.This was one of the most profound campaigns, and inspires many people and motivates them not to give up on their dreams. It encourages people to dream big and chase their dreams. As the saying goes, “What the mind can conceive and believe it can achieve”., The campaign on Twitter encourages people to tweet about their dreams and watch them manifest later.
In 2020 Youtube, the world’s leading video sharing content platform, launched #YoutubeBlackVoices. The campaign was launched to empower and celebrate African creators, artists, and culture. This launch is about embracing the unique African cultures.
Diversification allows for more variety and options for products and services. If done correctly, diversification provides a tremendous boost to brand image and company profitability.