The more products your company offers, the more opportunities you will have for growth. There are many advantages to expanding your company’s portfolio of products. However, it can become confusing when you manage more than one brand.
One way you can make your life easier is to use a multi product help desk. That will allow you to provide great customer service to all your brands in one application.
We have worked with many companies with a portfolio of brands over the years. Some business leaders are very experienced and understand how to successfully manage each brand. Meanwhile, other entrepreneurs are wondering how they can make it work. We have a compiled a list of helpful tips that will help you juggle multiple brands with ease.
Tip #1: Find Products And Tools That Will Help You Manage Every Brand
If your company wants to have a range of brands, you should immediately start looking for tools that will help you manage them. Can you find a software that streamlines all your sales channels? Or a help desk software that allows you to manage multiple brands? Any tool that can combine information about every product into one platform can save your organization time and money.
Tip #2: Prioritize Which Brands You Will Launch And When
Does your company plan to develop more than one brand? Create a list of the brands you want to launch in order of priority. If you launch more than one brand at a time without a clear vision, one or all your brands could fail.
That is why it is important that each brand should appeal to a specific target market. This involves categorizing different customers based on their needs. Once you’ve done this, it is easier to decide which brand to launch first. You may also find it easier to come up with ideas for marketing campaigns or publicity events.
Tip #3: Differentiate Your Brand To Customers Before You Launch
Do you already have a famous brand that everyone knows? If so, you will have to put in effort to make sure customers understand how your new brand is different. That is why it is essential that you create brand awareness before you launch the product.
Host a launch party or advertise the product to your target market. The more publicity your new brand receives, the more customers will line up to buy it.
You can also collect feedback from customers during the product launch. What do they think about your product? Do they have any recommendations? Are customers confused about how this new brand is different from your old one? People are more likely to buy products when they have a clear understanding of what it is and what it can do for them. If your brand connects with them, they are also more likely to make a purchase.
Tip #4: Take A Close Look At Your Company’s Brand Equity
Another tip we have is to carefully look at your company’s brand equity. Is your company considered an authority in a certain industry? If so, it may be possible for you to leverage your company’s name when launching a new brand or product. There is a large group of existing customers who wouldn’t mind a new product from your company. If your new product is a better fit for another industry, you may need to invest more time and effort to gain brand awareness.
Tip #5: Don’t Let Your Brands Compete With Each Other
Our next tip is to not let your brands compete with each other. This is a common mistake that can really hurt your company’s profit potential. This usually happens if your products are not differentiated enough and customers are confused. What is the result? Your most popular brand will lose sales since customers are deciding to buy your new product.
If your company owns several brands, it’s essential that you manage them very carefully. You can manage them better by listening to customers, hiring a chief marketing officer, offering a rewards system, and promoting every product.
Customers can play an essential role in brand management. When you take the time to ask their opinion, you are more likely to identify which brands are competing against each other.
Another option is to appoint a Chief Marketing Officer. Their job is to oversee a portfolio of brands.
You can also make sure your brands are not competing against each other by using a rewards system. A rewards system can offer incentives for every brand or product line within the company’s portfolio. Such incentives would encourage brand managers to collaborate and not compete against each other.
Top management should also encourage employees to promote every brand regardless of the department they work in. This can build more awareness about the company’s overall product offerings.
Tip #6: Create A Brand That Can Work in More Than One Industry
Many companies are branching out into more than one industries using one brand. Instead of creating many brand identities, they spend their money and focus on a single brand identity with multiple products under one umbrella. It can be difficult to create a portfolio of one brand, but it’s not impossible. One way your company can achieve this goal is to create a brand identity based on your company’s core values, mission, and vision. So any brand that upholds the values, mission and vision of your company will be a good fit for the portfolio.