BRANDING YOURSELF AND YOUR BUSINESS

 

Easy Earning by Branding Yourself and Your Business

                    BRANDING YOURSELF
                     AND YOUR BUSINESS

                                       1
                     EXPAND THE BRAND

When you have a company that has products on the market,

 
you have to decide if you want to expand the brand orkeep it at an even level. 

Expanding your brand
can be a delicate decision because you do not want to do any
harm to your brand by expanding too quickly.

Some companies decide to expand their brand quickly in order
to benefit in the short term, while others look for long-term success.

 
To look at how brand expansion can weaken your brand you only
have to look at car manufacturers.  

At one time the big three automakers were untouchable, consumers would be proud to state
they drove a Ford, Chevrolet, or Chrysler.

 However, as the automakers introduced more and more models, there brands were
weakened. 

Consumers no longer stated that they drove a Ford,
Chevrolet, or Chrysler; they said they drove an Escort, Cavalier, or a New Yorker. 

This ultimately satu-rated the market, weakened
their brand, and lessened their market share allowing competition
the opportunity to move in to their territory.
That is not to say that weakening your brand is a bad thing or will
not allow your company to increase profits. If you are in an industry

1. that has weak or no competition, weakening your brand through

expansion will open it up to a larger market share allowing you
to increase sales and make a larger profit.

On the other hand, you have to keep in mind the consumers
that want to buy your product or want to be aligned with your brand.

 
Having a brand that is everywhere and open to everyone might not
be what the consumers are looking for. 

Think about the exclusivity of some brands like Rolex, not everyone can afford a watch of that
caliber, 

and that is why the brand is strong with those consumers
who can afford to buy the watch. Being exclusive does have its
bene-fits as well as being available to the population at large.

                                        2
                   CONTRACT THE BRAND

Having a brand that is associated with doing one or just a few
things well will help you to build a strong brand.

                       If you want to open a business, it is okay to sell just a few
items or if you want to open a restaurant focus on being great with just a few dishes.  

Think of all the specialty stores that are
out there that specialize in selling one thing or focus on a genre.

Toy stores, for example, fit into this niche.

 Although they sell a variety of products, they are all geared to toys. 

Girls toys, boys toys it does not matter, when you are going into a toy store you

know exactly what you are going to see and you know why you are there.  

This increases their brand, whether it is a well known
toy store such as Toys “R” Us, or a neighborhood toy store.

The same goes for restaurants.

 If you want to open an Italian
restaurant, do not include dishes that do not fit within the scope of your business. 

Focus on doing Italian dishes right and you will build
a well respected brand for doing it well. 

There are certain rules you should follow to ensure that your brand benefits if you want to
specialize or contract. 

First, make sure that whatever business that
you want to be involved in you keep it simple and narrow. Second,

you will want to keep the supply of your product full at all times.