Determine if you need to create a new product level brand when launching a new product.
Ask yourself why customers should buy Product [A, B, C] from you over your competitors to create product-level value propositions.
If the answer doesn’t include elements of the brand’s primary value proposition, consider launching a new brand with a value proposition more in line with this product.
- 1: Limited value to a small market. Extensive competition and/or few barriers to entry.
- 2: Substantial value to a medium-sized market. Limited competition and/or significant barriers to entry.
- 3: A product or service with strong product differentiation, but little competitive protection.
- 4: A unique product or service that is highly valuable to a large market, and strong competitive protection and/or extensive barriers to entry. This may take the form of a registered patent or limited access to product components.
- 5: A unique product or service that is highly valuable to a large market, and exclusive or near-exclusive control of essential product components. This may also include a registered patent.
If your value proposition does not rank as a 3 or better on the 1-5 scale, look at your core business to re-craft a value proposition that accurately reflects your capabilities.
Evaluate your value propositions by ranking the ideal customer’s desire level for the offer, ranking the exclusivity of the offer, and then multiplying the two numbers.
If the total is less than 2, re-craft your offer.
Launch a new brand for any product that doesn’t align with your brand’s primary value proposition to connect better with your target audience and overcome marketing blind spots.
Answer the question: “Which product(s) are you trying to sell to your customers?” The product-level value proposition should connect to the company’s overall value proposition.