To penetrate new markets, business owners sometimes have to think outside the box, so to speak. Reaching new customers and accessing new markets can take some innovating, but in many cases it is worth it. Very few companies have the luxury of being able to thrive without expanding their customer base.
Recently, Chick-fil-A announced that it would be partnering with the Orlando Magic and Florida Hospital to promote a healthy eating campaign. This initiative certainly adds a luster of good PR to Chick-fil-A's corporate image, but it may also boost business at Chick-fil-A franchises by capturing a greater share of the larger market composed of people who want to try to improve their diet.
Florida Hospital recently announced that it will give Chick-fil-A's grilled chicken nuggets its first "Healthy 100" seal of approval. The "Healthy 100" is Florida Hospital's outreach campaign that tries to educate and motivate people to make healthier lifestyle decisions, such as getting more exercise and making healthier eating choices.
As businesses explore new markets and make tweaks to their business model so that they can appeal to new markets, however, it would be wise if they made sure that they are not overextending themselves. Some businesses have regulatory compliance issues to mind, for example, and others have preexisting agreements and the other party might not be too happy to hear of recent changes.
Those are rather vaguely stated concerns, but that's because we know that all businesses are different. Ultimately, the point we are making is that we know that business owners have to be bold and creative if they want their businesses to grow, but we also know it's always wise to look before you leap - be that in a legal context or otherwise.
Source: The Orlando Sentinel, "Chick-fil-A hosts healthy eating initiative," Sandra Pedicini, Sept. 10, 2012
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