You’re doomed if you expand your business beyond the brand.
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We don’t all have the means to be branding specialists. A lot of people can’t afford an expensive branding agency for a brand analysis.
Small business owners tend to be busy managing the business’ day-to-day activities. They tend to put the money that they don’t have to invest on marketing and sales into demand generation. It is an logical decision as all businesses must maximise their revenue and reduce expenses in order to survive. If your company has experienced success and growth, it may be in a different position.
Companies that grow and succeed often reach the point when their growth slows down. Entrepreneurs often think of adding products and services to areas that are not their primary focus. You risk your life if you ignore the importance of your brand.
Your brand can be more than your name, products or logo. Your brand can be earned if you do a great job managing your business and delivering the products and experiences. However, what your brand represents is not something you can control.
While you may invest in branding positioning to help shape your brand, ultimately it is your customers who will determine the brand image. It is crucial to remember this fact when expanding your business in new markets or selling products and services that you do not sell. As you expand into new markets, the brand you’ve built will be either an asset or liability.
Customers give permission for your business to exist. Potential customers will only allow it to expand. Would you trust Taco Bell to be in the healthcare industry? Do you believe they can diagnose you and provide treatment?
You must have a clear line between your goals and how your prospective customers feel you can grow their business. You will fail if your products or services are not within the circle of trust in which your potential customers see you as.
When I talk about growth, I concentrate on prospects customers. Because as your trust grows, so will your network of people. You must be mindful of how your brand is perceived by customers, and who your likely customers will be for your products or services. It will help you grow your business in the future.
How can you determine what your brand is about?
This is a difficult task without investing in interviewing people. These are some of the options.
- This can be done by a market research or branding agency.
- As a side business, hire someone to do these interviews as part of a Fiverr gig worker exchange.
- A list of 2 to 3 questions that you ask your customers to quickly find out what you stand for, and if they consider you credible in this new market.
- Use the same questions you used to create this list to ask potential customers of companies you consider to be competitors in growth areas that you are interested to explore.
- Customers who pay you will be more open to giving you honest feedback and understanding their reasons for doing business with them.
There are many options that will help you conquer any limitation, no matter how small or large.
I trust you’ll heed these warnings, use the ideas, and incorporate them into your thinking as you look for areas where you can grow your company. Then, choose the products and services that are most likely to give you the confidence and the ability to deliver with excellence.
Publié Thu, 05 August 2021 at 18:05:05 +0000