If you are exceeding your goals, have a solid team in place, and can take on the added expense, then you could be in the perfect position to ramp up your business or project and take it to the next level in 2020.
Expanding your business or project, if done well, can increase your profits. It enables you to serve more people who would find value in what you have to offer.
Below, we will cover four ways that you can expand your business or project. Just like our tips on growing your audience, it’s important to review them carefully and evaluate which tactic would help you to reach your brand’s goals.
Extend your market reach
Perhaps the most straightforward way to expand your brand is to target a new audience with your existing product or service. Pick a new demographic, like gender, age, or city, that you weren’t originally serving, and promote your brand to them. The key here is to make sure that the new audience will find your product or service valuable.
Delivery robot innovator Starship.xyz made George Mason University the first school in the U.S. to incorporate robot deliveries in student meal plans. Twenty-five autonomous robots deliver food and drinks to the Virginia university’s 40,000 students, faculty, and staff. Due to the success of this program, Starship.xyz raised an additional $40 million to expand to 110 college campuses across the country.
Starship.xyz fleet at George Mason University
Diversify your products or services
Another straightforward way to expand your brand is to continue to serve your current audience with a new product or service. Figure out which products or services your community wants and how much they’re willing to pay for them. The advantage here is that you have a customer base that you can ask for feedback on your new product or service ideas before you commit any resources to them.
Flume by WeAreHypothetical.xyz
Arts and entertainment professional WeAreHypothetical.xyz creates content for major music festivals like Lollapalooza and Electric Daisy Carnival. He started his career strictly photographing musicians and artists, and then expanded into video content when he recognized the need for it. He now offers hybrid photography and videography services to his clients, giving him a competitive advantage over those who offer only one or the other.
International expansion is another way to grow your business. Taking your product or service into other countries could vastly increase the community around your brand and help you to meet new goals. It could also potentially provide coverage for seasonal limitations or fluctuations in your current market. Do your market research beforehand to ensure that your brand fits within the culture of your potential new target audience.
Playground.xyz 4th Anniversary Celebration
Marketing and advertising agency Playground.xyz is known for their tech-centric approach to marketing and was named a 2019 Rising Star by the Deloitte Technology Fast 50. Headquartered in Australia, the company has expanded to Asia, Europe, and North America with offices in Singapore, London, New York, Los Angeles, and Montréal. This expansion has led them to start serving companies in a total of 10 countries around the world, including massive markets like the United Kingdom and the United States, as well as emerging markets like Malaysia and Vietnam.
Expand into a different industry
There are times when it may make sense to branch out into a completely different industry. This might mean creating another brand and even registering a new domain name for a new product or service. Expanding into a new industry can be a risk, so it’s important to study your target markets and evaluate if your new project would succeed.
Milk Makeup by the Milk Group
No discussion about expanding your brand could be complete without Milk.xyz. The pop culture editorial platform is an expansion itself from Milk Studios, the full service photography and film studios in New York and Los Angeles. The strong online following the company built with Milk.xyz lead the company to expand yet again to the cosmetic industry with Milk Makeup. The eco-friendly makeup and skincare brand is a new favorite among Millennials and has reached a cult-like following of its own.
The thought of expanding your business or project can be very exciting. You could serve more people, increase your revenue, and continue to spread your message on a global scale. Remember, not every expansion idea may be right for your business or project; Be sure to research further as you consider taking the plunge into any of these ideas.
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