Growth is a part of life, everything is either growing or dying, and as Benjamin Franklin once said “Without continual growth and progress, such words as improvement, achievement, and success have no meaning.”
All businesses rely on growth to stay ahead of an ever increasing overhead cost and this growth is best achieved through an increase in sales. So exactly how does a business increase sales? Well besides retaining loyal customers and then getting those loyal customers to buy more product, the business also needs to constantly attract new customers. Branding is a vital component in both the retention of customers and the attraction of new customers to a company.
The growth of a brand doesn’t simply happen, companies continually adopt growth strategies to grow their customer base. James Cash Penny, founder of JC Penny put it nicely when he said “Growth is never by mere chance, it is the result of forces working together”.
To examine possible growth strategies that a brand can use to grow their brand, lets look a company the specializes in pet products Rogz or as they put it “The worlds coolest pet gear and most enjoyed pet brand on planet earth and beyond.”
Rogz specializes in pet harnesses and accessories for cats and dogs. Their product range is vast and includes such things as pet harnesses, toys, beds, bowls and tags.
Rogz product range is of good quality and have been on the the market for a number of years and they have achieved a solid reputation. Their products are found in most pet stores, veterinarians and many supermarkets. The Rogz brand has already achieved great success in the pet world and further growth of the brand would require carefully thought out strategies.
Rogz is a pet accessories brand, and as such the growth strategies that could be used might focus on product development, market development, market penetration and possibly diversification. The key to the success of the growth strategy would be to remain in line with the core values and vision of the brand.
So far as product development goes, Rogz could consider a number of extension strategies. The product offering of Rogz is large and it is evident that they already use a line extension strategy. Fashions change, so too does the style of harnesses, collars, pet toys etc. so line extensions are simply adding new colours, materials and styles to keep the range fresh, appealing and relevant.
So far as diversification, Rogz have already extended their product offering into pet insurance through a co branding extension with Hollard insurance. This extension, while completely different from their core product offering, is something that is relevant to their brand and appeals to their target market.
To grow the brand further, Rogz could possibly consider an endorsement strategy or other extension strategies. Perhaps an endorsement strategy could be considered to team up with a leading pet food manufacturer to perhaps make up specific line of pet food or to even include a discount voucher with the food to purchase Rogz products or visa versa. The same could be done with a number of pet care products.
Pets add life to a home and some of my fondest childhood memories involve my interactions with the family dogs. Children who grow up with pets in the house will be exposed to the Rogz brand from childhood and in all probability would continue to support the brand when they have pets in adulthood. Brand extensions could be used to drive the brand into the hearts and minds of youngsters who grow up in pet households.
A few brand extension strategies that could be used, could be the introduction of Rogz pet clothing lines, Rogz human apparel and accessories, Rogz pet treats or pet nutritional products, pet shampoos or even grooming kits, the list is endless.
Rogz is a pet brand, so any brand extensions would need to be in line with the brands core values so as to avoid consumer confusion. Rogz has already extended their brand from collars and harnesses, to pet toys, food bowls and into pet beds. So the next logical step would be to move into pet clothing and blankets which would be very much in line with their brand.
The risks of extending the Rogz brand into categories such as human apparel is that the essence of the brand may be lost and people may begin to not see it as a pet product. The greater risk still, would be a consumer resistance to buying into a brand that is perceived as pet wear.
I do believe, that the extension of the brand into human apparel aimed at the pet owner who is active, maybe running or walking with their dogs could work for the brand. Possibly an endorsement strategy with an sportswear brand could work for this brand.
The benefits would be increased brand exposure into a larger market which would increase sales and company revenues into the future.
In today’s highly competitive market place, brand growth and awareness is key to survival. A brand needs to continually strive for growth and companies need to adopt strategies which will effectively expand the brand into new markets. These strategies need to ensure that the brand remains relevant and remains true to its vision.
Alistair's Blog 