Funky brands evolve, they are not static. In spite of being able to stay true to its authentic values and brand vision, a funky brand is nevertheless able to keep its finger on the pulse of consumers, experiment and surprise them.
BRAND RE-VITALISATION TECHNIQUES
I have already discussed several techniques that brands use in order to stay contemporary and fun.
Line extensions occur when a company “introduces additional items in a given product category under the same brand name, such as new flavours, forms, colours, ingredients or package sizes.” 1.
Example is Starbucks introducing a line of instant coffee, Starbucks Via.
Brand extensions are more radical ways of either capitalizing on the success of your already popular brand, or bringing some fresh air into the otherwise old and tired brand image. A brand extension is “using a successful brand name to launch a new or modified product in a new category.”2
Example: a brand of bananas Chiquita and its new line of fruit juice bars.
BRAND PARTNERSHIPS, OR CO-BRANDING
True to its "schmoozy spirit" (schmoozing is the term I discussed before), SCHMOOZY FOX is fond of brand partnerships.
They can be particularly interesting for you if your brand does not yet plan to launch a whole new product line, or extend into a totally unexplored area. Then perhaps a brand partnership is something to keep in mind while you are searching for a strategic direction. Brand partnerships are also referred to as co-branding.
A brand partnership is usually a short or medium-term collaboration between two or more brands in order to enhance each other's positioning vis-a-vis the target market.
FASHION AND HOME ACCESSORIES
A recent trend that I've been noticing in the mass luxury (also called new luxury) market is this: fashion brands partner with artists and designers to create home accessories.
Here is a recent example of this trend that I came across in a Dutch magazine (forgot its name :( )
This is a lamp that is a result of a brand partnership between Diesel, Foscarini and Moroso.
Another example is a recent partnership between Levis and fashion designer Veronique Branquinho. The suprising result of this partnership is not actually related to fashion at all. It's .... wall paint that is sold under a slogan Fashion for Walls.
Watch this space for more examples of brand partnerships.
1) Principles of Marketing, P. Kotler, 2002, p. 478
2) Kotler, Principles of Marketing, 2002, p. 479