101: Brand Growth
Growing a brand into other markets or strengthening its performance in core markets means a crystal-clear look at what makes your product or service sell and using that as a jumping-off point. Here are some ideas on growing your company's brand.
Know brand growth doesn't mean reinventing the wheel. Dan Lansman, president of Site Impact, told Entrepreneur.com some companies, with good intentions to grow their brand, overcomplicate things. This can result in a loss of value to the customer. “Sometimes the best way … is to take a traditional product or an old-school way of doing business … and use modern technology or a creative new perspective to improve it and give it a fresh approach for modern times,” he said, maybe in the form of an app, rewards program or other means.
Know your company's key performance indicators. This can help reverse-engineer ways to boost growth, says Joe Worth at Entrepreneur.com. And they need to be specific. For example, measuring customer satisfaction is too vague, but measuring the amount of customers referring your company to others is valuable. Net profit can be a misleading indicator; better to track gross margin by product to hone in on low-selling products or services.
Consider brand licensing options. Brand-expansion expert Pete Canalichio told Forbes.com brand licensing might work for your company if: You understand your company and thrive off what it's good at; you have a growth plan; you can expand where it makes sense (diversifying but not diluting); and your company aims to be part of something bigger. “Every brand that is looking to go beyond what it is currently known for, regardless of the mechanism it intends to use, needs an expansion point,” he writes. “Coca-Cola has taken its message of happiness to the Olympics for almost 30 years through their lapel-pin program because that particular emotion translates perfectly to such a huge global event.”
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