Measure the Expandability of Your Brand
We created the LASSO Model (featured in the book Expand, Grow, Thrive) to help you determine if your brand has the potential to expand into new categories. LASSO stands for Lateral, Addictive, Storied, Scalable and Own-able. This groundbreaking work, which is part of a research project, will help companies better understand how the strength of their brands can be used to drive revenue and growth. Below are a series of questions that correspond to the scores you would have calculated from Chapters 3-7 in the book. Enter your scores below for each attribute by selecting the descriptor (1 to 5) that best describes your brand. After you have completed this, you will receive a score letting you know whether your brand is under expanded or optimally expanded. This process will provide a better understanding of how brands use expansion to help their business grow and thrive. Still have questions? See the FAQ below.
Now, consider a brand you own or would like to acquire the rights. Score the brand against each of the five elements of the LASSO Model using the drop-down menu provided and find out whether it is poised to expand, grow and thrive. Ready? Let’s get started!
- What if I’m not a brand expert?
The LASSO Model and its corresponding algorithm are designed for beginners and experts alike. If you are a brand expert, you can begin to use the LASSO Model to help you prioritize your IP – which of your brands have the greatest potential to expand – so you can determine where to best focus your resources. If you are a brand owner, but not an expert, the algorithm can still help you determine how “expand-able” your brand is and what that may mean for your business. Finally, if you don’t feel capable of assigning a score to your brand at present, the LASSO Model framework, which is a series of systematic questions you can use to assess your brand, still can be a relevant and incredibly useful tool in running your business.
- What is Lateral?
“Lateral” is the first critical variable to a successful brand licensing program. It defines the degree to which a brand can move from one category to another. When considering a brand extension or expansion, the brand owner should determine if the new category is a “no brainer” for consumers, or whether they are being asked to stretch their minds beyond reason.
- What is Addictive?
“Addictive” is the second critical variable to a successful brand licensing program. Does the brand encourage consumers to choose it wherever they find it? Do they want to return time and time again to experience the brand? Does the next experience build on what they already know? Addictive ensures that the brand has bankability enabling the relationships themselves to be proactively managed to keep customers constantly looking out for new opportunities. Addictive brands are the ones in which consumers cannot get enough.
- What is Storied?
Stories are now an accepted part of marketing. Storytelling and story listening are intuitive. So it will come as no surprise that we agree that the ability of a brand to tell a story, or stories, that people connect with is vital to its success.
Is your brand building its story into a rich mythology? Some brands will feel that storytelling is just part of how they explain themselves; others will see it as a way to continually redefine and refresh everything they represent.
- What is Scalable?
How far will you go to deliver your brand? You are merging the brand of one sector with the momentum of another sector in order to achieve new levels of growth and scale to create a hybrid presence, which is more powerful and effective than expansion would have accomplished alone. Some brands will feel that there are still plenty of room for them to grow; others will see that a more focused approach will enable them to gather the best returns.
- What is own-able?
You don’t need to own every aspect of a brand in order to have an “own-able” brand.
Own-able brands are the ones that lay claim to what they see as theirs, and that defend that property with passion and gusto. They recognize better than others that until an idea is attributed to you, the chances of making money from it are diminished.
Own-able itself exists in several states:
- It’s what your brand owns legally;
- It’s what you own emotionally;
- It can be what you have access to territorially; and
- It’s what you get to monetize, and how you get to monetize it
Some brands will feel that ownership is central to own-ability; others will see ways to co-develop new arrangements.