Do you have a strong brand strategy?
More important, do you have a strong brand strategy that communicates the right message to your market?
Most of the times, companies re-think their brand strategy when their business growth starts to plateau or stagnate.
When stagnation of business growth creeps in, it’s time to refine your branding strategy. However, you don’t have to wait for such circumstances to re-think your branding strategy. You can refine your branding strategy even when your business is experiencing tremendous growth.
You may also refine your brand strategy as a sign of your business evolving into a bigger or better business with more or improved products or services.
Keep in mind that refining your brand strategy is critical part of any business that is evolving. Refining your brand strategy helps make your business stays relevant, as the market changes. Changes in the marketplace are inevitable, and with that, businesses that change or adapt to stay relevant tend to be obsolete in the eyes of a dynamic marketplace.
As you have seen rethinking your brand strategy can be based on various reasons which are different from one business to another. In spite of that, the scope of this blog post is to educate you on when it’s more necessary for you to rethink your brand strategy.
Some of the key indicators of the need for a brand refresh is when a business whose growth is plateauing or is struggling to get to the next level (evolve). In such cases, you need a clear and compelling brand strategy that will communicate the right message in such a way that it is easier for your prospects to understand what your business is about and how you can help them.
A business with a strong brand is a business with a strong reputation and visibility, most importantly; it stands for a compelling vision that guides it into the future. If a brand is perceived by people as outdated, then it’s very difficult to convey your message to them.
Launching in a new market or launching a new product or service
Understanding perception is key in grasping how brands influence people to purchase from one brand over another. Human beings are incredible creatures with complex minds, emotions, thoughts and understanding. It is for this reason that when we’re used to a particular brand, we cannot buy from another, no matter what. A good example is the affinity for Apple products.
When your visual brand is stale
According to research by Hinge Marketing, 80 percent of the people who are going to reach out to your business for your products or service will first check you out on your website. Traditionally, people used referrals and other reference resource to gain insight on a business, which has now being changed by the world of Google and social media, as prospects will first take visit your website before making a decision whether to do business with you.
The speed and type of world and market we live in now demands us to refine our website every 3-5 years depending on your market. An outdated website will lure away potential clients or customers. Moreover, a website that fails to effectively communicate the needs, problems and desires of the prospects thus making them lose interest, and as a result leave the website. Conversely, a competitor with a website optimized with cool graphic design and has right message for the market or audience will win the prospects, and result in sales.
Every business or industry is unique but in order to remain fresh and relevant to your customers or potential customers every business has to have a strong brand to make it stand out from the crowded marketplace. Depending with your goal and stage of your business or company, rethinking your brand is critical before any other marketing endeavors, as it sets the foundation for the success of the other pieces.