Growth is something every company strives for. However, the process of achieving growth is far from straightforward. It takes a lot of strategic planning, and a firm understanding of where your company stands so that you can envision where it can go. BrandAlive will provide the tools that will enable you to look at your brand from many different angles. Through the multitude of perspectives that you will be using to analyze your brand, you will understand the ways in which your brand can grow and determine the best pathways to take to help you maximize your growth.
Deciding whether your brand is ready to stretch into new categories can be an overwhelming and confusing chore. However, we provide three highly effective techniques that will enhance your ability to decipher if your brand has the capability to stretch into new categories.
Learn how the brand is operating. Conduct a SWOT analysis. What are your strengths, weaknesses, opportunities, and threats? Gaining an overview also involves knowing how the brand holds up against top-of- mind brands and having a clear understanding of your brand positioning.
These intricate steps not only present practical and effective information that enables business expansion, but they present guidelines that confirm if “stretching” is a suitable approach.
Taking the time to gauge and score the brand will formulate an accurate measure of the brand’s status: Is it under-optimized, optimized, or over-optimized? Having a sufficient understanding of which group your brand fits into is yet another means to determine its “stretch-ability.”
With the combined use of these three techniques, the process of recognizing if your brand has the ability to stretch into new categories dramatically increases. Making the right decisions for your brand in regards to licensing increases the brand’s growth and, ultimately, its success. The next time you are uncertain if your brand is ready to stretch into new categories, refer back to my book, Is Your Brand Ready to Stretch Into New Categories? for supplementary support.
Reach out to Pete at pete@petecanalichio.com if you have more questions or want to determine if your brand is ready to expand. For more specific requests, you can also reach out by filling out our contact form.