This week’s #SundayMusings takes us back to our branding roots and focuses in on brand extensions! Occasionally you see some off the wall ideas launched under a brand umbrella and it makes you hide in fear. Other times, it is a stroke of genius. Is there a real science here or is it just luck? Take a look at some of these brand extension stories from the past few weeks and maybe they will help you decide.
#1 – “Instant.ly Says It Can Tell Brands Which New Products People Will Actually Buy” – via AdWeek.com
Premise: Instant.ly has launched a metric called “Shelf Score Index” which measures purchase intent through their platform, which also takes into account “category disruption from small or unknown brands”. CPG brands are always looking to better understand purchase intent, particularly with brand extensions and new SKU’s. This new method of testing is faster and less expensive according to Instant.ly. The metric will be released on a monthly basis.
Thoughts: Brand extensions can be a very scary proposition. The ability to quickly understand the size of prize and opportunity of an extension is a powerful metric, as it can tell you to pull back on the marketing and push for a new product based on its likelihood to fall flat with consumers, or conversely, to push the product/SKU further given its appeal.
Interesting infographic at the bottom of this write-up that has been created for the top ten scoring product innovations in July within the food/CPG space, with snacks and cereals dominating the list. [Read more…]