Brand Diversification

Brand diversification is a strategy used by companies to expand their product offerings or enter new markets under the same brand name. By doing so, they seek to reduce risk and increase revenue. For example, a company known for snacks might start selling beverages. This allows the brand to reach different customers and adapt to changing market demands. Diversification can enhance a brand’s reputation and create more opportunities for growth, but it requires careful planning to ensure the new products align with the brand's identity and values.