Downward facing... IPA?
Lululemon, the popular active wear company best known for its popular line of yoga pants and active wear, has released a new product: beer.
The company is set to debut its Curiosity Lager at the Seawheeze yoga festival in Vancouver this weekend. The new beverage is geared toward men.
The launch of this beer from an active wear brand poses a critical public relations question: How far should brands stretch their boundaries into new markets?
Continue reading for information about how brands can expand into new industries.
Breaking into a new industry is a terrific way for brands to increase their recognition and revenue stream.
First, brands must clearly identify who their current consumers are and who they hope to reach in a new industry.
A thorough examination of consumer demographics will provide a clearer picture of what type of people are interested in the company.
Lululemon’s beer idea came from the company’s need to attract more male customers to the brand.
Once a company identifies what new consumers it wants to reach, it must either brainstorm a new product or develop a new marketing strategy. The key to success is to keep the brand’s core values, vision and mission at the forefront of any major changes.
Disrupting the Garden Industry
Garden brands should take note of Lululemon’s attempt to reach new markets and attract a different type of consumer.
Because the face of the gardening industry is changing – Millennials are the industry’s top new consumers – brands must work to reel them in now if they want to stay relevant in the future.
It’s crucial for brands to directly interact with consumers on social media, especially when introducing new products to the market. Millennials want brands that provide them with personal attention that caters specifically to their ever changing needs. Social media does just that, and cuts out the middlemen when it comes to customer service.
Whether big or small, exploring new markets can be nerve wracking for brands. Don’t let this be a deterrent for the next potentially great idea!
Garden brands should remember to stick to the roots of their company when exploring new markets, but also be open to change.