HOW DOES A BRAND EXPAND?

How does a brand expand?

When you understand the core of the brand and its genius, you can make intelligent judgments about moving forward.

Your understanding of potential new customers and your ability to attract them are critical. These insights are more important than any other factor. There is always new opportunity for a brand. Your ability to achieve it depends on how well you connect with new people.

Remember, expansion isn’t about
the customers you have. It's about the
customers you want.

Assume that good customers will
stay with you. Keep them involved. Create
new and exciting ideas for them. Stay close
to their wants and needs. Think about the
future and evolve your relationships to stay
in touch with them.

But remember, new customers are the
key to growth. New customers make growth happen. In addition to the customers you have -- and in addition to attracting more of them -- think about people you can attract without risking your existing customer franchise and your cash.

To attract the best possible prospects, first define them. Since you can choose anyone on the planet as a prospect, make intelligent decisions about what you want new customers to deliver. Once you define objectives, you can make plans to
achieve them.

Good answers to these questions will build a solid foundation for brand and business growth:

Who do you want as a customer?

What do you want them to achieve?

Among those you identify, who has the potential to stay with you forever?

Who will truly deliver for you over time?

Who will become passionate enthusiasts, advocates and fans -- and spread your good news to friends and acquaintances?

Key Point: Identifying and understanding potential customers are the keys to brand expansion. Use these keys to make expansion a reality.

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