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1. Acquire domains such as bluewidgets.ws, pinkwidgets.org, and redwidgets.net or whatever available extensions there are.
2. Build a simple site with a few pages of rich content for those keywords. Kind of informative type stuff that derives from the content of the original brandname.com site but reworked some.
3. Then using text links and such to promote the brandname.com site such as: "To purchase blue widgets with free delivery click here." or something like that.
Also which domain is better: bluewidgets.org or blue-widgets.org and lastly does the extension matter?
It could be a good idea to help you with anchor text. You can create several sites and get them up to a PR4 and put anchor text on them.
Google does not like for people to do this so I would not go around announcing what your sites are.
It is better to have the dash between words on a domain name. That way you get credit for them when your site is linked to on other sites.
Nobody really knows if the ext means anything. There are many theories. I think it does not.
If you have only 3 sites and one in the midle you have more chance of keeping your position, however you still need the get PR from other sites in the first place.