Grow Your Vision
What seems to be common sense isn’t always so common. CEOs, executives, founders and entrepreneurs need to keep their focus on the future in order to expand their market share. However, being in the daily grind of a business can make it difficult to see the forest from the trees.
Time and time again, brands and companies need to keep reinventing themselves, which means figuring out how to extend the life of a brand. Brand extensions are essential in every business, whether you are selling cars, creating new lines of business, consulting, upgrading restaurant menus or creating new attractions
From Local to Global with ifa
BRAND EXPANSION
Our Only Business Is to Grow Your Business
ANALYZE THE BUSINESS
SPECIALIZE AND BE OPEN
TO NEW OPPORTUNIES
FOLLOW YOUR CORE
FUNDAMENTALS
Take time to review and analyze one’s situation. New directions or industry changes can differentiate one’s business from the competition. This process can keep one open to new opportunities that are unexplored or underutilized, and that can set YOUR company apart from the competition.
It starts with the person in charge, a notion we learned. The CEO or, in some cases, the board of directors, should review a company’s new opportunities on an ongoing basis since business is constantly changing. At a minimum, this should be done annually.
Like many industries, there comes a point of saturation, with the more established franchise brands having limited territory available and one needs to begin to differentiate one’s business from the competition
Specializing can create new and better opportunities. Many CEOs get stuck on not wanting to lose business, so they try to do everything or latch onto every new idea. Don’t waste time on so many opportunities, as one cannot be in all places simultaneously -- it can limit focus as new opportunities arise. Once a company identifies its focused strategic goals and markets, eliminate everything else that really doesn’t matter.
When a company specializes, marketing becomes stronger and easily recognizable to a product or product line. Think of McDonald’s. We bet that you only go there for a specific product. The brand is more prominent in the eyes of the consumer, and in turn, a stronger loyalty is usually created in the consumer’s mind to buy only the specialized product or product lines. Hence, with more repeat customers, there is more volume and a higher frequency at which the customer is buying the product.
lines for each order.
Focus on your fundamentals to envision and create brand expansions.
In summary, the extension of a brand can happen in many forms. It can take place through the review of one’s business and by following industry trends to adapt to new products and opportunities. When not afraid to lose sales, specializing can reduce the noise around your business. Have confidence, and don’t react to fears, but instead, focus on your specialty to grow. And capitalize on your core fundamentals, but make sure they tie to the core principles that your company was built upon. Follow these three keys, and unlock your firm’s potential
