Expanding your brand can be a fantastic way to reach new customers and provide a boost to your business, but for it to be a success there are a lot of factors that need careful consideration. Keep the following tips in mind before expanding your brand.
Maintaining your audience
If your business has been enjoying success under your current brand, partial rebranding can be an effective way to keep the customers you have while attracting new ones. Whatever changes you may have in mind make sure that they won’t jeopardize your existing customer base. Look for markets that have similar wants and needs to the ones you service already and beware of expanding into areas that your current customers may not want to be associated with. The perfect way to expand your brand is by providing your existing fans with a new way to support you while creating entirely new supporters at the same time.
Are you ready?
If your brand expansion goes well your business may be faced with a vastly expanded customer base, so you had better be ready to handle it. Not only will you need to keep up with the increase in business, you will also need to ensure that the quality of your products and services remain high. Expanding slowly will make it easier to adapt as your brand takes hold and your business grows.
Timing it right
Your brand expansion will be far more likely to be successful if you can get your timing right. Whether you launch your expansion to coincide with a new product or service, or piggyback the hype related to a major event, the timing will make a huge difference. The more you know about those markets you are considering expanding into the easier it will be to know when to make your move, so be sure to do plenty of research first.
Cost it out
Before you even consider brand expansion do some research into what it will cost as well as the potential gains it may lead to. You won’t want to put a whole lot of time and effort into expanding unless there is a strong indication that your moves will lead to significant profits. Consider conducting your own market research to get a sense of what you can expect from your brand expansion.
There is no guarantee that your expanded brand will gain traction and be successful, so it is wise to take a low key approach to your expansion, at least until there are clear signs of success. Holding a big launch may gain you some attention but it could also lead to embarrassment if your brand fails to take hold in those new markets. If you are able to create hype around your expansion organically it will be a clear sign that you are on the right track, and you can always ramp up your media campaign later on when know you are onto something special.
Learn from the mistakes of others
The world of business if full of stories of brand expansions that have been both wildly successful and epic failures, and the more you can learn from them the better. While your business will have its own unique strengths, weaknesses and challenges, you are sure to have similarities with many other businesses that have tried what you have in mind; don’t be too proud to learn from them.
Encourage feedback and be responsive
The best way to judge what is and isn’t working with your brand expansion is to encourage feedback, listen carefully and respond. Encourage feedback by offering some type of discount or reward in exchange for people’s comments, and listen closely to what is being said. While it is normal and natural to experience growing pains as you expand your brand it is crucial that you ready to respond to what can be a very fluid situation.