Is your brand dead in the water? Are your sales declining? If so, these could be symptoms that it’s time for your brand to get a makeover. Refreshing your brand can help you reach new customers, excite your existing customer base, and gain an edge over the competition.
But how can you be sure it’s time for a brand refresh? Here are 6 signs to look for.
- You’ve changed your offerings significantly—As the years go by, your company develops new products, gets rid of some old products, and changes things up in general. Next thing you know, your branding doesn’t really reflect who you are or what you do. So if you’ve changed your offerings significantly, it might be a good time to take a closer look at your brand.
- You want to target a different customer—Have you tapped out your current target audience? Are they just not responsive and profitable anymore? It may be a good time to look for a new customer base to target. You might even be able to find customers being ignored by your competition.
- You’re just out of touch and old—It’s the word no brand wants to be associated with: old. Take note, there’s a difference between old and established. Your company’s age can build trust, but it can also make your company seem out of touch.
- There’s nothing that clearly differentiates you from the competition—It’s amazing how many “me too” brands there are out there. Brands just seem satisfied to blend in rather than stand out. That’s silly. Don’t be afraid to stand out and be different. It might lead to some criticism, but in the end, you’ll get those sales that the faceless competition doesn’t get.
- Customers don’t know who you are or what you do—Sometimes, your branding efforts just fail. No matter how hard you’ve tried, your audience just doesn’t know who the heck you are. If that’s the case, it’s time to go back to the drawing board and create a new branding strategy.
- The competition is outdoing you—Has the competition come up with new benefits and offerings that make you inferior? If so, you need to refresh your brand because your customers don’t have a good reason to do business with you. Find new ways to reestablish your brand as the industry leader.
Is your brand showing any of these signs that it’s time for an update? Have you ever successfully rebranded your company?
Share your experiences by leaving a comment!
Posted on Thu, August 26, 2010
by Brian Waraksa