Many people go out into the world to chase a dream of becoming a successful small business owner. Some may be achieving a lifelong goal after years of education, pursuing a childhood passion, or carrying on local history; perhaps the focus lies in a particular skill or area of service someone has honed and crafted for years, or even while being employed by a larger company. It could be a family enterprise which follows footsteps of generations before, who built a brand, farmed, or operated a successful retail location, and maybe now, the time has finally become right to launch a complimentary service or take a operation into a new dimension. While each of these objectives may be unique, they share the similar goals of redefining and broadening one's scope of expertise - and yet this is where I see people fail.
If one does not identify the new structure, create a specific plan for growth, or fail to define this exciting addition, it may be dead before it begins. We cannot expect the consumer to scrutinize our business model to look for new elements or branches, just as it would be unreasonable to assume the public will learn of changes on their own; such steps must be broadcast and marketed as if each was their own entity. Example: Mary's Bridal Shop has stood the test of time in their community, dressing residents excitedly preparing for their big day since the 1950's; they are a fixture and a staple of the region, well-established in selection, quality, and service. Now, decades later, the business wishes to broaden their offerings to attract a new demographic of visitors coming to the area to visit the new theme park which opened a couple of year ago. Travelers from all over now flock to this region to enjoy family vacations, the excitement of amusement rides, entertainment and shows; and the owners of Mary's Bridal want to get in on the action. They make plans for a distinctive line of casual clothing which represents the area, will appear to all ages and is offered at affordable pricing, targeting the visitor and souvenir market. Designs are created and stock is produced; a retail space is created from surplus space next door to the bridal shop, and confidence is high that everyone will know of this new venture and make it a huge success.
Except for one thing; there is no new real plan for Taleyville Town Apparel. The location is essentially within the larger footprint of a bridal store, despite having it's own entrance and signage, it is housed in what used to be the other front window showcase for wedding dresses. There is little distinction between the two businesses, other than the name, and a huge, glaring lack of a targeted marketing campaign aimed at ______? Yep, you got it; an entirely separate consumer base.
Now you might be thinking, wow, what an obvious mistake; that's crazy no one would have seen that coming! And you'd be right; who doesn't see that as a problem!? Well, it's far more common of a situation than you may think; an upscale restaurant decides to add a dessert option by purchasing a fancy frozen dessert food truck, offering the finest in gelato, water ice, and other treats, but places the unit out back in the courtyard area rather than in the front parking lot. They assume their customers will just flock to the new addition, that this branch of their existing company will generate extra revenue, but fail to create and define it as it's own brand. Not tapping into the local market of guests who would have been excited to visit a free-standing location IF accessible in the front is one mistake, but hiding the venture under the umbrella of the existing brand diminishes it's potential from the start. With only restaurant patrons visiting the truck, it barely survives the first season and it's untapped potential leads to a "dessert truck for sale" sign the following year. Now, if it had been Christina's Confections - as it's own brand and distinct product line - with a lively marketing campaign targeted to many types of guests, there's a high probability the venture would have flourished and become widely known as a new attraction.
We must never take for granted the need to:
• Define the specifics of a new branch of enterprise,
• Carry out essential steps of creating a full-scale business plan,
• Identify the target market we are wish to reach,
• Create a new, distinct, and attractive brand,
• Appropriately promote and publicize just as one would any other fresh venture.
Following the standard guidelines of company creation and growth IS an integral part of success for any brand, whether it is a completely new concept or a spin-off of an existing company. Don't sell yourself short by "bundling" the new idea with an existing model, or failing to adequately promote it because you believe "everyone will know" and rush to support the start-up concept, because most of the time....they don't. As I always say - take your time, think it through, and most importantly, do the work necessary to build from the ground up, because that is how you launch successful brands.
Thanks for reading, and I hope you found something here which sparks growth, resonates with your journey, or encourages fresh ways of thinking. Leaving you with one of my favorite sayings ~ "find your direction".
Sincerely,
A. Baumann
Marketing Delmarva
"Building brands on Delmarva", along with providing my community with valuable tips, tools & resources. Connect @
