How can you grow?

You may have an existing service that is well received and has become a signature feature for your business - find a way to package it!

Some key points to consider for extending your brand:

1. Have a clear vision and voice for your brand.

If your mission, vision, goals and voice of your brand is not concrete, it will be very difficult to consider extending it any further.

2. Evaluate current services and products.

What is working, what isn’t working? When you have an understanding of what is working for your brand, that’s your jump-off point for developing new ideas. For example, you may have an existing service that is well received and has become a signature feature for your business. How can you extend this service? Can you formalize it into a product that your consumers can purchase and access easily? The buzz word these days is “package”. Find a way to package that service.

3. Develop a strategy for promoting the new product/service.

You now have an idea of how you want extend a particular service, or create a new product; it’s time to develop a plan. What is the purpose of this new service and/or product, who is the audience, how will they access the service/product, how will you promote?

4. Launch!

The last step is to implement your strategy and grow your brand reach! Introduce your new service/product to the world and watch it grow.

A great example of an extendable brand is NIKE. NIKE is known for consistently growing its brand and introducing innovative products and what is more innovative than “power laces”? Next year the brand plans to release its self-tying “power laces”.

“USA TODAY reports that Nike designer Tinker Hatfield has confirmed the idea to the sneaker site Sole Collector. It’s unclear whether the power laces will be introduced with the Nike Air MAG, which Nike introduced in 2011 as an exact replica of the high-top sneakers worn by McFly (played by Michael J. Fox), but without the power laces. They auctioned off 1,500 pairs to benefit Fox’s foundation for Parkinson’s research”

This is a great product example, but what about extending personal brands? A simple example: you currently have a financial consulting business, and you offer guidance to individuals who need assistance with managing their finances, making investments, and general financial planning. How can you extend your personal brand? How about speaking engagements? You can offer your expertise to speak at conferences and meetings, so now you’re not only a consultant but a speaker as well. That’s a very simple example, but you get the picture.

So back to where we started, get your pen and paper handy and start documenting all of those wonderful ideas that float through your mind daily. Use the points above as your guide to extend your brand and take it to the next level.

Source: WTOP – http://www.wtop.com/681/3565024/Self-tying-laces-coming-from-screen-to-real-life-Video

Extend your brand – Grow your Reach – Be Innovative