Starting a Small Home Business

Diary of a Growing Brand – 4 Steps to Brand Graduation

September 2nd, 2007 Filed under: Uncategorized — Small Home Business Author

With our last coaching session coming to a close, I realized that Michelle’s greatest challenge in the brand development process was putting all the pieces together.

In other words, defining her brand was an enjoyable, and fun process because we both shared in the progress from identifying objectives to determining her brands compelling offer and most authentic and unique market position.

However, looking ahead, she wondered how she would put it all together on a day-to-day basis. How would she market her brand? Promote her brand? Sell her brand and package her services? Create systems to support the growth of her business?

You’ve heard of having an aha moment? Well, I had one…and how! Michelle’s comments were familiar, as I’ve heard them from former clients undergoing the brand development process.

I quickly sorted through past client notes and realized that a universal need had presented itself…how to operate a successful business and do so without compromising the brand.

Eureka!

Sitting on the floor of my office, with handwritten notes, post-its, faxes and other material sprawled out before me I knew it was time to extend my brand…to take my brand to a whole new level.

Here’s a glimpse into the steps I took for determining where to go next:

Step 1: Assess a Need

There are times when you’re so focused on your ‘work’ that you don’t notice when your market is screaming for something more. The world’s most powerful brands are those that enter the market with a specialty (product or service) and extend that brand to address the other needs of its market within the context of its brand mission and purpose.

Step 2: Reframe the Offer to Support Your Brand Purpose

If I knew my market of entrepreneurial women had a need for mobile nail services (cool idea that someone should snatch up by the way!) it would not honor my brand purpose to fill this need. While one can certainly make the case for empowering women through esthetics like nail care, that is not in line with my brand mission of helping women express their individual purpose through business.

Step 3: Is it Time to Graduate?

Launching a new product or service before the proper time can do more harm than good. How do you know if it’s the right time to grow? Determine your brands ‘grade’ level:

Freshman: Your brand is just getting established. It’s walking through the corridor of brands as a newbie with very little buzz behind it.

Sophomore: Your brand is starting to generate buzz. When walking through the hall of brands, your brand is becoming known.

Junior: Colleagues and clients recognize your brand and senior level brands are giving you a nod of approval.

Senior: You’re playing with the “A” team in your industry.

For small business owners, rule of thumb is to introduce your brand extension in your junior or senior year. You can certainly launch your brand extension in your sophomore year but for most small business owners, a junior year launch means your brand is more established and you have a brand following that is open (and waiting) for your next evolution.

Step 4: Reposition for Growth

Now comes the fun part, which is repositioning your brand so that your loyal followers see the logic in your extension and clearly connect with your evolution.

Oprah Winfrey’s brand extensions all make perfect sense as they support her core purpose of empowerment, education and living your best life. Books, philanthropic efforts, and even her latest product, O at Home, address the core of her brand as a logical progression of her brand.

The process doesn’t stop here!

Next week, I’ll take you through a 6-step brand repositioning process that you can apply no matter what grade level your brand is at today. I’ll also give you a glimpse into my newly developed Soulful Business(TM) philosophy.

2007 – Liz Pabon. All rights reserved.