Growing the Customer Base
A company I serve launched a new division that does the same things as their core business, but with a whole new brand. This came from a focus group where millennials expressed their need for the product, but wouldn’t buy due to the look of the traditional brand.
After further research, they discovered that the marketing methods that had worked for most of their customers didn’t work for millennials. A new brand was necessary to reach this next generation.
A wise business looks for ways to preserve the old customer base while attracting the new.
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