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It’s not easy to make a success of a brand or business, so when yours is doing well, you need to pat yourself on the back for your incredible success.
But as well as the celebrations, you should also start thinking about what’s next for your brand, and where you can take it next. Expanding your brand can be a great option, with many benefits that will help you reach a wider consumer base and could boost your sales even further. While not a decision to be taken lightly, expanding your brand could be the next big move for your business.
Are you ready to expand your brand? Consider the below first.
Are you ready to put trust in others?
Expanding your brand and marketing it to others involves putting a lot of trust in people. If you want others to sell your brand and products on your behalf, you’re going to need to be very comfortable and confident in the decision before you do.
You also need to be able to put trust in yourself. Selling your brand to other stores can be daunting – there’s a lot of competition out there after all. But if you’ve got a good strategy in place and can see how it can bring value to your business, it’s a risk worth taking.
Be sure to work with people you trust and can feel comfortable working with going forward.
Do you have brand guidelines you in place?
Letting others sell your brand is great, but you don’t want them to do so and risk damaging your brand’s reputation in any way. So what’s the solution? Putting some rules in place. Contracts need to be watertight and the rules must be explained properly. Creating some brand guidelines can help anyone pick up your brand if they want to, allowing you to feel comfortable knowing everything is being done as you would do it.
The same approach needs to be taken with issues like pricing and promotions. Being able to enforce MAP will help make sure your new distributors aren’t going to undercut you and stop people buying from you directly. The aim is to grow your business, not redistribute where the sales are coming from.
Are there other ways you could expand your brand?
Allowing others to sell your brand isn’t the only way to grow it. There are other ways you can help your business reach the next level, including expanding into other countries, developing more products or boosting your marketing efforts. When you’re looking at ways to grow your business, consider all of the options that are in front of you, you don’t want to dive into a decision you might regret later on.
Expanding your brand can be a huge step forward for your business, and one that can take you to many new and exciting places. Whatever your plans for your business’ future, keep an eye out for some incredible opportunities and always trust your gut. You’ve already done well to get this far, so there are bigger and brighter things to look forward to in the future.