Businesses constantly face the pressure of growing and evolving rapidly, largely for the sole reason of maintaining their relevance in the respective industries and market fronts. Paul Frazier believes that growth denotes that an establishment is able to deal with competition- that it has played by the rules, ferociously. Successful entrepreneurs do their best not to settle for the ordinary, and instead, they risk it all with the vision of venturing into new territories.
Paul Frazier is the founder of Iconic Perceptions, an entity that helps its clients come up with strategic marketing campaigns and brand identities. His company’s market-specific treatments focus on engaging the target demographic of clients while providing maximal efficiency through custom packages. Iconic Perceptions was created after Paul Frazier noticed how athletes, musicians and influencers were struggling to establish their identity and presence on the Internet. He has always wondered how many people around the world experience similar challenges- a definite reason and justification to expand the horizons of his business.
Paul Frazier often tells his clients to know the difference between market penetration and market expansion. With the former, an entrepreneur focuses on growing market share in an existing market, while the latter takes a business brand into new markets. Iconic Perceptions is going for market expansion because Paul Frazier is focused on gaining opportunities to reach a whole new set of customers with similar characteristics as those he has dealt with in the past. He will have to market his brand all over again in a selected market base.
Part of business expansion is knowing that there is no one-size-fit-all strategy that is applicable for all businesses. Paul Frazier says that each business situation is unique, which is why an expansion plan should be generic depending on the ideologies of the entrepreneur and their operational objectives. He has tailored his expansion plan based on Iconic Perception’s brand strength, competitive threats and nuances of the sub-industry. At some point, he might have to imitate best practices from others but will only adapt those best practices that align with his interests.
Another consideration that Paul Frazier has as he expands the reach of his establishment is to continue identifying target customers. He insists that entrepreneurs should never lose sight of who their customers are as there is a risk of selecting business expansion strategies that do not resonate with them. It is due to this that Paul Frazier always recommends to his client to develop a customer profile that showcases their lifestyle characteristics and demographic data. With this information, it becomes easier to create an expansion plan that will attract customers to an establishment. For Paul Frazier, it is all about pursuing growth opportunities with the niche of customers who have already affiliated themselves with Iconic Perceptions.
Before choosing any expansion techniques, a business has to ascertain which one offers the best opportunities. No matter which approach is selected, Paul Frazier reiterates that an entrepreneur should gather the appropriate market research data and use tools to guide the execution of their decision.