Diversify Your Business, Think Outside The Box.

Owning a brand, product or a restaurant can be enough for some, but there’s a way of being more accessible to everyone. Commerces from retail to the fast-food industry are branching out and teaming up with other commerces to sell abroad or in other stores. Is It a good idea to do so? Let’s find out!

Fast-food products sold in supermarkets.

According to CTV News article, ”Fast-food chains launch grocery store versions of menu items in competitive market” this is a practice that is gaining popularity. Why is it gaining popularity? It allows their brand to get more attention, a different source of revenue and new customers. Indeed, selling products from their restaurants elsewhere brings them new customers, that tried their products and liked them. It’s a battle for attention in this over-crowded industry. In the article, it is said that  ”the competition is becoming so aggressive that all the operators are looking at ways to increase revenue streams.” Does it mean branching out is inevitable? For now, it isn’t for small businesses; in the future, it might.

The make-up industry and their collaborations.

The make-up industry is also known for doing collaborations with certain makeup retailers/brands to sell in more places. For example, it is known that Jeffree Star Cosmetics is expending his brand based online into physical Morphe stores to become more accessible to the public. In the interview by Paper Magazine with Jeffree, he claims ”I really wanted to make a drugstore collection that was a different price point for all the fans that haven’t been able to try my brand — or maybe they have, but they don’t have a lot of it.” There’s also the monetary aspect of branching out, once you know your target market and their budget, having products available at a lower price with practically the same quality is an excellent way to increase revenue.

What does it mean for your business?

Making collaborations with other businesses to sell your products elsewhere is a good marketing strategy. It also increases sales and makes your brand more accessible. Is this something worth doing for every small to medium businesses? Not at all, it all depends on the opportunity presented to you, the cost and how well established your business is in your area. Doing a collaboration can also be done at a smaller scale, locally with another small business. Overall, it is a reliable and innovative way to make sure your brand is known.

 

 

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