Are you looking to expand your brand?
That’s a smart decision! In a marketplace where well-established brands dominate and new brands are cropping up every day, you have no choice but to work on expanding your brand. This is an ideal way to increase awareness, capture a greater market share, and, ultimately, boost your revenues.
However, expanding a brand successfully is easier said than done. In fact, expanding a brand can be harder than building one.
So, how do you go about your brand expansion goal? You need help, and you have come to the right place.
Here’s a comprehensive toolkit on brand expansion.
Is Your Current Brand Strong Enough?
Expanding a brand is like expanding a business. You only expand it when it’s ready for expansion.
It’s no good investing your time and money trying to grow a brand that isn’t ready for that kind of growth. You know, it’s like pumping too much air pressure into a small tire.
As such, the first step to brand expansion is to establish whether your brand is ready to expand.
How do you do this?
First, consider the amount of time you have been in business. If you just started out, for instance, you should be focusing on brand development, not brand expansion. But if your business has been around for a couple of years, there’s a good chance it already has what it takes to expand.
Second, look at your customer base. How many customers do you have relative to the target market?
If there’s still a vast market to be conquered, it’s time for brand expansion. But if you’ve got a relatively small customer base, expanding your brand can be all you need to conquer the entire market.
Third, conduct a market survey. This can be a series of experiments aimed at determining how strong your brand identity is.
For instance, you can walk into a new market and hand over products or brochures with your company logo to random consumers and ask them if they identify the company.
The gist of this is you need to be sure your brand is prime for expansion.
Enter New Markets
An effective way to expand your brand is to simply start operating in a new market.
Here’s an illustration:
Let’s say you run a coffee shop called “Burristo Coffee” in Town X. You’ve done well to dominate your local market, but no one knows your brand beyond Town X.
What can you do so that people in Town Y know your brand? Simple. Find a location in Town Y and set up a replica of your coffee shop.
Do the same for several other towns in your region and in no time, the entire region will know your brand. Just remember to keep offering great coffee and excellent customer service.
You can use the same strategy if you’re already a national brand. Breaking into international markets can help you expand your brand from a national brand into an international brand.
Add a New Product or Service Line
When you think of Nike, what first comes to mind? If you’re anything like most consumers, you’re thinking about sneakers.
However, while sneakers are Nike’s leading product, the company offer several types of products, which it has successfully used to expand its brand. You can get any kind of athleticwear from the brand.
You can use the same strategy to grow your brand.
If you’re currently offering one product, it’s time to add another. This is because in your market there are consumers who aren’t interested in your first product at all. No kind of marketing and wooing will make them want your product.
Why try so hard when you can introduce a new product that they’ll want? That’s how you gain new customers while growing your brand.
Before introducing a new product, though, do sufficient market research and ensure there’s strong demand for the product you want to introduce. Don’t just add a new product for the sake of brand expansion. Every product your company sells needs to offer real value.
46 percent of small businesses in the United States don’t have a website. An even greater number don’t have a blog.
When you’re looking to expand your brand and you don’t have a website, it’s high time you created one. A website will create a digital footprint for your business.
If you have a website but don’t have a blog, start blogging.
Every second, thousands of people are looking for information related to your product or industry. Your company ought to be providing this information. A blog gives you the platform to provide information that’s relevant to your audience.
Be Active on Social Media
With about 80 percent of people in the United States using social media, your business has every reason to be on various social networks actively. Especially when your goal is to expand your brand, social media can boost your efforts tremendously.
If you already have a page on Facebook or Twitter, that’s not enough. There are other networks where you can reach your target market.
While at it, it’s best to hire a social media strategist who can help you develop the content you need to expand your brand. What’s more, your social media efforts should be in sync with what you’re doing on other digital platforms.
Brand Expansion Done Right
Brand expansion is key to company growth. However, you need to do it right; otherwise, you risk losing a lot of money in the process.
Lucky for you, you don’t have to worry about getting it wrong. With this guide, you now have the information you need to expand your brand successfully.
Keep reading our blog for more branding tips and insights.