There are many ways that you can expand your reach while promoting loyalty to your brand that you most likely don’t see. These are the hidden opportunities that could be your saving grace in this economy.
The first step in identifying opportunity is locating need.
The second step is identifying if you can build a profitable service/product for the need you found.
The third step is determining if your current brand has the permission from its market to offer this new service/product without hurting the current brand’s reputation.
The forth step is to either create a sub-brand or launch the new service/product under your current brand.
GMC found a need in the market for a large SUV. They realized they could build it and make a profit. But when they asked the market if the SUV would make it under their current brand, the results said no. GMC then launched the new SUV under the name Hummer, and it succeeded.
All brands have hidden opportunity. Once you find it make sure you package it right.
I was asked to be on a webinar on Monday to talk with Jerry Twombly about this subject. Please join me. There is no cost. Details: