You want to grow your brand. You want to adopt a brand strategy that results in your definition of success. Have you established a plan for that growth? Have you set your brand up to sponsor all the good things you’re wishing for? Today, we’re talking about setting realistic goals that foster steady, predictable, and reliable growth.
Create a Brand Strategy that Protects and Promotes Brand Growth
Conventional brand growth wisdom is something that many of us are familiar with. It includes points like increased market share, market reach extension, new product development, and expansion into new markets. However, few of us are familiar with the steps necessary for achieving (and planning for) these goals.
Maybe you’re feeling like the brand growth advice you’ve received is missing a recipe…that it has come without the instructional support necessary for achievement. What you need is brand strategy advice; steps for creating your brand’s own unique formula for growth. Here are our top pieces of advice for determining brand growth readiness:
- Unlimited growth is only a good brand strategy if you’re set up to deliver on the results of your new reach, and if your brand’s values do not include exclusivity. In other words, if your brand is a luxury brand, or your USP includes a ‘private club’ feel, expanded, indiscriminate reach will result in loss of interest by your target audience. Expansion must be handled with care, and the interests of your loyal clients put first.
- Don’t put the cart before the horse; in other words, ensure that you can produce enough product – and deliver enough service – before expanding your product line or service offerings. This goes back to the old business principle of under-promise and over-deliver.
- Too many choices does not equate to a good customer experience. If a brand overwhelms new, existing, and/or prospective customers with an overabundance of decision-making, they will move on the competition – where the choice load is more manageable.
- When a brand is marketing new expansion(s), a communications balance must be achieved. It must continue with its original value-heavy messages, whilst simultaneously introducing information about new coverage, products, and/or services. This can only be achieved with a well-planned brand strategy.
- Successful brand growth means the acquisition of new clients. With this comes the risk of harming relationships with your existing, loyal ones…if they can sense a drop in the level of attention they receive. Maybe combatting this means hiring more staff, or reassigning duties to existing staff members. Regardless of your specific plans, ensure that your brand strategy includes provisions for maintaining client relations on all levels.
- Crunch the numbers. Will a larger market or expanded product line pay for itself…plus some? Brand growth is only successful when it can financially support itself and the extra effort put forth by all involved. Maybe now isn’t the time. Maybe you’ll need more brand strategy provisions to be in place before a launch of any type. Predict critically, by stepping back and looking into your brand, rather looking outward. Do it all with real research and solid, verifiable statistics from history, competition, and parallel markets.
- Will brand growth require you to break your brand’s principles, or to compromise its values? If so, then your brand strategy for growth should be reevaluated and rewritten.
Brand growth is not always the answer; and even when it is, serious questions should be posed (and provisions made) for the specifics that will guide the brand. Often, it’s about timing. Maybe the economic climate isn’t conducive to growth by a brand like yours; or, maybe now is the perfect time to spur a sluggish market.
Surely, you have many questions regarding brand strategy for growth. How to Build a Brand will be thrilled to answer all of them and to provide a continuous feed of branding advice. Simply call +44 (0) 208 123 6776, email us at [email protected], or like our Facebook page.