Tapping into the spirit of creativity and ambition to discover new fertile business opportunities
LRW conducted research among current brand customers and non-customers open to using the brand, testing potential fit with 15 categories per brand. We applied our Direct Fit methodology to capture stated interest if each brand was to launch a particular product. Meanwhile, an Indirect Fit methodology measured alignment between brand equities and what’s important in a product in their target categories. Opportunity analysis looked at the size of the categories, category growth trends, and the unique equity the brands could provide compared to overlap with the category brand leader. Our assessment also took into account the brands’ current capacities to manufacture versus long term investments.
Our research provided the client with a number of takeaways, including:
- A strategic framework for identifying brand extension opportunities that has been adopted by other brands in the client’s portfolio
- Brand extension mapping for each category, from closest in to furthest out from the brand’s core category, with supporting rationale
- Organizational agreement on priorities for each brand as worked out in collaborative workshops
- Recommendations for where to invest and manufacture versus license to third party