Business growth can be driven by better utilizing branding
Delivering tangible growth in markets old and new will always be a top priority in the business world. After all, a stagnant company is likely to be an unproductive one, and an unproductive enterprise will not be profitable for long.
Consequently, organisations are going to great lengths to come up with a series of best practices when it comes to growth. Whether it’s adhering to a defined strategic planning process or even identifying new markets more quickly, expansion is crucial in long-term viability.
However, research from McKinsey & Company has explained that many organisations are not utilising one of their best assets: their brand.
Diversifying doesn’t necessarily have to be an overly complex process, although the majority of enterprises treat it as such.
Effective examples of trustworthiness of a brand being invaluable when it comes to growth include Colgate moving from a company that exclusively makes toothpaste to one that sells toothbrushes, or Gillette’s shift from razor blades to shaving cream.
While these may seem like relatively rudimentary examples, the power and effectiveness of brand-driven innovation cannot be underestimated.
How is it possible?
Using branding to grow can be achieved in a number of ways, but there are two methods that are most prominent.
Firstly, companies need to leverage data that they already collate. For example, an enterprise may be collecting information surrounding its customers’ habits, and this can indicate which sectors are most likely to offer success.
Secondly, the aligning of brand and strategic management should be more streamlined. In the modern enterprise environment, a thorough and effective branding approach is likely to get closer to a strategic plan than it is a marketing one.
Businesses that keep that fact in mind will likely get ahead, and experience the most success in turning their brand value into something more tangible going forward.