There is nothing wrong with reevaluating your brand after a considerable amount of time in the industry. As brands grow over time, let’s not forget that the market also changes.
A brand’s positioning can change due to a number of reasons. There might be new entrants, a better alternative, or customers may not be as interested as they once were. Without reassessing your brand, you would not know that there is even a need to change before it is too late. And if you do discover sooner – how can you be sure you’re still attracting the right audience without rebranding?
After years of providing your products and services, your brand might have some redundant areas that could be replaced or improved on due to market changes.
Think of this as ”spring cleaning” for your brand.
Having done so, not only will your business processes be streamlined, you will also have a clearer idea of where your brand is headed for in the coming years.
If you’re not sure who’s in charge of your branding, or things just seem quite stagnant, we have a good idea who that person is.
“Servicing” your brand
Humans have a tendency to stick with routines. They are predictable and safe. It is a predominant instinct that we have adopted since the hunter-gatherer ages. Back then if you wanted to survive, it was best not to go beyond the areas you knew were safe.
Similarly, for businesses, if something is working, technically there is no reason to change anything. Like the adage, “If it ain’t broke, don’t fix it.”
While there is no wrong in keeping things the way they are, especially if they’re successful, Brands can get complacent thinking that business will stay same as the years before. This complacency can leave you blindsided by changes in the market that may one day actually cause your brand to be outdated with the times.
What you want is to develop foresight in ensuring your brand stays relevant with the everchanging economy and consumers.
Adapting to industry and market changes
Nothing lasts forever. Customer behaviours change, new technology increasingly surpasses old ones – it is an unending cycle. All it takes is something new and better that can entirely replace what you provide and adversely affect your revenue. Sure, people may be slow and reluctant in adopting the new process but how long can you realistically sustain with this reduced profit margins?
Case in point
A great case study to show the impact of neglecting market changes and sticking to what works is Polaroid.
Polaroid failed to anticipate the impact of digital cameras and stuck with their historically successful instant film camera. The reluctance to explore new technology and products resulted in the bankruptcy and closing off of its brand and assets.
Toys ‘R’ Us is another brand that could have foreseen the rise of e-commerce. The brand responded too late when it announced its website revamp only in May 2017 to join the e-commerce business. Though Toys ‘R’ Us (Asia) is a separate entity and is financially stable, its sister in the US is liquidating all its assets since it filed for bankruptcy in September 2017.
The case studies referenced may be huge they reflect the need for brands to constantly innovate themselves. Being on the constant lookout involves anticipating changes that may either be an opportunity or threat to your business.
Monitoring & evaluating your brand
Another factor that has led you to have to reposition your brand is the lack of proper evaluation and monitoring. Without monitoring your brand, you have no real way of telling if your brand really needs to adapt. Go beyond the sales figures and look for fluctuations between which type of services or products are sold more. Have they changed from previous years? Was there a new entrant or service that could have caused that difference?
When you start questioning your brand’s performance, you will begin to realise that there are areas you can improve to be a more effective brand. The end result is lower expenses, and actually getting more sales.
The Wrap Up
Remember that reassessing your brand is different from measuring your bottom line. It is examining if your brand assets require a “fresh” look to appeal to the new market.
This uplift can be as simple as updating your profile kit, website, and stationery.
Some of our clients have taken a step towards Digital Marketing without evaluating and positioning themselves correctly. Diving straight into digital marketing will not only waste your time but will also cost you more resources.
Do not be complacent. Reevaluate your brand.