How to Expand Without Diluting Your Brand
Understanding how to grow your business or expand upon your current service offerings can be the difference between your business thriving or flopping. There are only so many hours available to work in the day. Unless we learn how to build new income generators, our businesses could stagnate and leave us short of reaching our income goals.
But how do we create this growth without compromising our brand's unique positioning or diluting our business character? This blog will take you through some important considerations to ensure you can exceed your financial goals without compromising on your values.
Understand your overall mission
We hear all the time how important a 'big why' or strong mission is to creating a sustainable, successful business. It gives us a reason to get up in the morning and keep on striving, even when times feel tough or business feels slower.
Get super clear on what your mission really is. Yes, we're all here to make a living - but why your business specifically? Why your niche specifically? Why your methods specifically? Once you understand what you're really hoping to achieve through your business (be it a mighty bank balance, awards and accolades, a sense of accomplishment, to help a specific group thrive) you can ensure this is carried through to ay developments you push through.
Is your mission to help more young women get into tech? Ensure everything you create is useful to that market. Is your big goal to only work 1 day a week while still earning big? Create helpful assets that can be sold in a hands-off way.
Maintaining your mission across brand touchpoints ensure you're always recognisable and that your branding stays strong and authentic.
Target the correct customers
If your business is doing well, it's clear you have a good understanding of your ideal customer and how you can serve them. If you're expanding your range of products or services, it's crucial that you understand exactly who you're creating them for. Are you hoping to offer a wider range of services to the customers you already serve, or is the goal to bring a new demographic into the fold? If it's new customers, how will you ensure that you don't alienate your existing audience?
Obviously, targeting a similar customer base is easier in terms of workload and research. Targeting a whole new audience demographic can be much more fruitful though as they aren't already being covered by your existing offerings. This option will take more research to understand how to stand out to this new audience without moving away from your current customers. Ensure your big mission stays consistent and that your brand personality remains authentic, even if you have to amplify slightly different elements of it.
Know what you do best
With expansion and growth, it may be the case that your new offerings will be completely different to anything you've created before. But it's the way you offer and promote these new offerings from your business that is most important. Go through your existing marketing strategy and see what's working the best for you so far.
Do you get fantastic engagement from your Instagram lives? Maintain this strategy for your new offerings.
Do you have a good amount of success with bundles and sales? Offer the same sorts of deals for your new products as well.
Keeping a consistent marketing style and strategy keeps your brand consistent and authentic, even if the products and services are all completely different.
Remain true to yourself
There is absolutely no point whatsoever in creating new product lines or service offerings if they don't feel right to you. Even if that's what everyone else in your specialism is doing. Even if that's what some customers are asking for. If your heart isn't in it, your marketing won't feel authentic and you'll end up giving your loyal fanbase the ick.
The most important element of maintaining an authentic and successful brand is making sure that every new development feels great to you. Whether you're a solopreneur, a partnership or running a small team, you need to remember that you are the heart and soul of your business. If you're creating and pushing offerings that don't feel great to you, that uncertainty will be clear to your customers. What a turn off.
Remember, growth doesn't have to be the only goal
If you are in love with the work you're doing right now, you don't have to change a single thing if you don't want to. This is the joy of being your own boss - you make all the rules. It can be all too easy to watch the growth of other small business owners and feel that pressure, but it's a guarantee that making decisions that don't feel good to you won't feel good to your customers either. Follow the advice of this blog only if expansion is something you actually want - not just because it feels like everyone else is doing the same. Staying true to yourself is the number one rule of brand authenticity, so own it!
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