7 Gauges to Monitor on Your Brand-Expansion Dashboard

Making a name for yourself means you have to stay on top of your game.

learn more about Pete Canalichio

By Pete Canalichio

Opinions expressed by Entrepreneur contributors are their own.

At some stage, most brand owners will hit a stall point. They'll have grown, sometimes very quickly, but as their growth rate flattens out, many become unsure how to keep up the momentum they have worked so hard to build. Here are seven ways to help you take your already successful brand to the next level.

1. What do consumers want more of?

Brand growth is driven by desire -- people's wish to have more, and more of what you have to offer. Figuring out what that desire is may be less straight-forward. Too often brands think the desire is about their product. What's more likely is that people have satisfied something they want more of in their lives through your product. Know their catalyst.

Related: Know This About Modern Consumer Behavior or Forget Reaching Your Revenue Goals

2. Think big picture, but also think in "pieces."

Across regions, languages, cultures, channels. Knowing how big your brand needs to be to hit the sweet spot of presence and profit is critical. Too big, and you'll find yourself over stretched and under resourced. Too small, and you'll find you don't have the scale you need to achieve sustainable returns. Too many brands are growing for growth's sake. Think about the total value you're striving for long-term. Know your goal.

3. Who will add value?

Look for partners who will deliver your brand access to things it simply couldn't get on its own, and work hard to quantify the value of those. Every venture capitalist will tell you they have valuable networks. That's not what you should focus on. The key question for you is -- why will those networks be valuable for you, in the light of your plans? Know what you need.

Related: 4 Entrepreneurs Changing Venture Capital for the Better

4. Decide your pace.

There are benefits to growing quickly, but sometimes there's a strong case to be made for taking your time. We often have more time than we believe. Think about where your brand needs to expand over the coming years -- and how fast -- in order to stay competitive. Cashflow will help you identify when you will most need money -- as you are growing or when you slow down. On what basis will you make expansion decisions? Know your timeline.

5. Plan to evolve.

How will your product or service change over time? And why will your customers value that? We all compete in a world where nothing stands still. It's a given that your brand will need to keep pace. Understanding the resources you will need to make that happen is crucial. Know who you need to be talking to well ahead of time. Keep expanding on what works. Let the consumer guide you. Know your next steps.

6. Understand your storylines.

Look for partners who will take your story in new directions. What are the opportunities in your story that you could explore more deeply, and how will others add to what you are already saying? Having a story is valuable. But knowing where to take that story and why that will fascinate buyers is invaluable. Know your wider narrative.

Related: How Storytelling Helps Business Connect With Customers and Drive Growth

7. How will consumers know it's still you?

As they become more successful, brands tend to give away too much of what first made them special. They blend with those around them. They become indecisive. Their brand changes -- literally -- or they lose the spirit that saw them rise in the first place. How will you stay true and new, both at the same time? What are you doing to maintain simplicity? Know your fundamentals.

Growth can seem straight-forward in the early days, particularly when you're coming off a low base. But once companies become more mature, sustaining that expansion can be very hard. According to Christopher Zook, 90 percent of companies fall short of their long-term growth objectives because of the barriers that the business raises within itself and because their organizations become too complex, internally and externally.

The answer? Principled expansion. Write yourself a playbook for growth that frames the decisions you make, what keeps you distinctive, under what conditions you will take up opportunities, and when and why you will choose to walk. That way, you will always stay true to who you are without becoming stuck in who you've been.

Pete Canalichio

Managing Partner, BrandAlive

Pete Canalichio, the global authority on brand expansion, is on a mission to help brands become more alive in the hearts of those that experience them. He does that by helping them write a better story through compelling content, inspiring platform talks, in-depth consulting and workshops, and practical tools. Pete considers it a privilege to use his experience in global brand licensing and expansion at admired organizations such as Coca-Cola and Newell Rubbermaid to help his clients and their organizations reach their full potential.

Related Topics

Editor's Pick

Everyone Wants to Get Close to Their Favorite Artist. Here's the Technology Making It a Reality — But Better.
The Highest-Paid, Highest-Profile People in Every Field Know This Communication Strategy
After Early Rejection From Publishers, This Author Self-Published Her Book and Sold More Than 500,000 Copies. Here's How She Did It.
Having Trouble Speaking Up in Meetings? Try This Strategy.
He Names Brands for Amazon, Meta and Forever 21, and Says This Is the Big Blank Space in the Naming Game
Business News

American Airlines Sued After Teen Dies of Heart Attack Onboard Flight to Miami

Kevin Greenridge was traveling from Honduras to Miami on June 4, 2022, on AA Flight 614 when he went into cardiac arrest and became unconscious mid-flight.

Leadership

How to Detect a Liar in Seconds Using Nonverbal Communication

There are many ways to understand if someone is not honest with you. The following signs do not even require words and are all nonverbal queues.

Business News

Pet Owners Slammed By Inflation Even As Fed Tries To Fight It

The Federal Reserve raised interest rates on Wednesday in an effort to fight inflation.

Marketing

Entice Customers to Make Additional and Larger Purchases Using These Two Tactics

With transparency, permission, and an eye on the customer's perception of value, you can knock both cross-selling and upselling out of the park.

Business News

Influencer's Team Speaks Out After Being Slammed For Selling Instagram DMs for $10,000: 'False and Inaccurate'

Emma Chamberlain's merchandise website went viral after one fan noticed a particularly pricey offering.