Expand the Brand
Back in February, I attended the annual FocalPoint Conference. It was four days of passion, inspiration and ideas, all led by my fellow coaches from around the world. Nick Mariniello, a FocalPoint Coach out of New Jersey, outlined the vision for our organization’s growth plan in five key phrases:
- Think like a Big Company, act like a Small Business
- Expand the brand
- Packaging is key
- Many hands make light work
- Anything is possible, everything is not
This blog series looks at each phrase, and how they can positively impact your career and business….
Expand the brand. Growth can be challenging, complicated . . . scary. Factor in the added complexity of growth through expansion, and it can be a daunting task indeed. If done right, however, if plans for expansion are tied into metrics and KPI’s, measured against established benchmarks and goals, and aligned with the company’s mission, vision and values, expansion can have tremendous impact on your business.
Expanding the brand can be achieved in various ways. Certainly, it can mean introducing a new product line or service. Line expansion can serve to augment or complement your current product or service line or introduce your brand to a new market entirely. Expansion may be geographic in nature; through a new brick and mortar location, by expanding the current reach of your sales and marketing efforts, or by moving into the online/e-commerce space. No matter how it is achieved, the reason for expansion is to deepen influence on current customers or attract new ones (or both!).
Expansion does not (or should not) happen on a whim; if done properly, expansion plans are in the works long before they actually happen, and that advance work ensures a successful expansion. It starts with recognizing where your business is, and where it could and should go in the future. At FocalPoint, we ask clients to define their businesses— as they exist currently, and as they could exist in the future:
- What business are you in currently? What does your company actually do for your customers? Try to expand this answer to be as broad as possible.
- What business will you be in if things continue the way they are today? Will your current path, product and service offering be an intelligent choice 1, 3, or 5+ years into the future, or is change or expansion necessary? If so, what business should you be in? What business could you be in?
Asking, and answering, those questions will allow you to properly plan for the future, and possible expansion, by acquiring the skills, knowledge and resources needed to properly expand your business. Expansion takes courage, because it means change. Change takes work, and a well-thought-out and executed plan. If you have the foresight to plan, the desire to change, and the willingness to put in the hard work it will take to achieve it, your business will be able to grow, expand and stay relevant in the future.