Product extension is a smart marketing strategy for any business looking to expand their reach. When carried out successfully, a brand extension strategy can see brands enter new and alternative markets, improve their brand image and gain a new target market; but what is brand extension and how can it help you?
What is brand extension?
Brand extension is when an existing brand is working to launch a new product that will be under the same brand name but different from the brand’s original offering. It is essentially a matter of building on the established status of the mark.
Building relationships with your customers and employees is one of the most important aspects of building a successful business. Businesses can struggle to achieve growth if they have problems in either area, but building meaningful and respectful partnerships shouldn’t be a challenge either.
Customers are the ones who spend money with you, and employees are the ones who make money for you, so each should be appreciated for reaping further rewards. Showing gratitude always showcases your morals and values as a business to the outside world and helps foster a positive reputation in all circles.
Finding the perfect gift can be a challenge with the number of options available on the market. However, if you are short on corporate gift ideas and want to discover unique corporate gifts that go beyond traditional items, check out these unique corporate gift ideas that will have all the right impressions. .
- Donate to charity
Sometimes a physical gift may not reach the right level. However, a charitable donation is a great alternative. Your clients may already support specific charities, and donating to those causes will support their efforts. The same can be said for employees. You can offer the option to donate an amount to the charity of your choice or combine donations to a company-wide charity on their behalf.
- Desktop gadgets
A fantastic business gift idea for employees and customers is things they can use in the office environment. Gift ideas include bluetooth speakers, cell phone chargers, and power banks. High quality business gift ideas make a great impression and provide functional items that will be used time and time again, keeping the memory of whoever gave it in the first place.
- Gift boxes
Whether you are choosing customer gifts or gifts for employees, you can rarely go wrong with a gift basket. This business gift idea is great for adding a personalized touch and can include a host of things, from food, drinks and treats to other products such as skin care, gift boxes and gifts for the office dog. To make this business gift idea even more personal, hand delivery or add a handwritten note stating why you think they are fantastic!
- Promotional products
Promotional business gift ideas generally work well for customer giveaways. However, you don’t have to stick to traditional corporate gift ideas as it can seem like plugging your business in rather than giving something as a thank you. Find the balance between the two, and it will make a thoughtful but impactful impression on your client. Why not hire a branding agency to help you find new concepts and promotional gift ideas!
- Personalized stationery
All businesses use corporate stationery, but why not offer something a little different from the workplace standard with personalized stationery gifts. Stationery is the perfect business gift idea because it is functional and most people secretly love having unique notebooks and agendas to show off at meetings. Personalization can take the form of adding names or initials. Plus, you can incorporate your brand name in the fine print to give it a little promotional touch.
- Gift cards
Gift cards are a great gift for employees and can be tailored to stores people like to visit. These options are suitable for birthdays or when employees achieve goals within the company. Or they can be handed out randomly as a token of appreciation. A great idea for businesses is to have a company-wide advantage that gives employees the opportunity to have a drink on you at a local cafe. It is easy to configure and you can set a tab. This way, employees can have a drink “at home” from time to time.
- Face masks
Face masks are another popular corporate gift idea. While not the typical giveaway, it can help protect your workforce in the current situation. Taking care of the health and well-being of employees will show your values as an employer. Offering reusable masks will also help them save money rather than buying disposable alternatives.
- Outings and tickets for events
Rather than having a company-wide day to build team bonds (these are also great in specific situations), why not offer activity days or event tickets to your employees. It encourages staff to spend time away from work with family and friends, which improves well-being and health. Moreover, you can also organize this type of gift for customers. Business gift ideas can include buying a box at the local football stadium or inviting your customers to a corporate day.
- Smartphone accessories
Much like business stationery, most people also have a phone for their work and personal use. A great business gift idea is to give away phone accessories that they can use with their model. Examples include custom handles for phone cases or promotional lanyards. If you want to take it a step further, personalized phone cases are also a great idea. However, you will need to know your personal preferences before ordering.