Trying to stay ahead of the competition has become increasingly difficult especially with the speed in which technology continues to grow. In most cases, staying ahead is aspirational when many companies are just trying to keep up. It’s also important to consider that what used to work for your brand in the past may no longer be relevant or as effective. For that reason, it’s imperative that you continuously monitor market and internal data trends to ensure you’re aware of your brand image and performance as it relates to the competition. Choosing to revitalize your brand is no easy task so don’t make that decision lightly. Here are three reasons why now may be the right time for you to consider it.
Expand to a new audience
When you first launched your brand, you may have had measurable success with your target audience at that time. As time passes and competition increases, your customers’ needs, interests, and values may have changed. If you fail to continuously seek feedback from your customers or overlook key data points or trends in your sales performance you may lose your spot as a front runner for your most loyal customers. Alternatively, you may also start to realize that the changes you foresee for your brand may now appeal to a different audience. The challenge would then become figuring how you can get your revitalized brand image to appeal to both your previous audience and the new audience you’re trying to reach. In any case, careful consideration should be made so that you can effectively revitalize your brand in a way that appropriately aligns your customers’ needs with your overall brand mission, vision, and values.
Whether you’re starting to notice a decline in sales performance, brand awareness, or your brand reputation, these may be cues that you should reassess your brand and make a change. This is where marketing research can be very helpful. When your product has been successful and then you start to see your products mature and enter a stage of declining sales it may be time to dig deeper into the data to uncover what the root cause may be. Unfortunately, it’s extremely difficult for any business to be successful if they don’t adapt to changing needs, technology, and desires of their customers. To continue to stay relevant and offer value to your customers, you have to invest time and energy to enhance and promote your brand in a positive light that way your brand is always in the consumer’s consideration set and not overshadowed by your competitors.
As previously mentioned, technology is a major factor when it comes to sustaining long term success as a business. This is not only a challenge as it relates to keeping up with the competition but also as a way to keep your product relevant. Unfortunately, companies who thrived in the past but failed to adjust their product as technology continued to advance have struggled significantly. Innovation is no longer just for technology companies. Technology can impact the products your offer, your various distribution channels, how you market your brand, your pricing strategy, and even how you interact with your customers. If you get to the point where you feel your brand is lagging in terms of technology and innovation, this may be a good time to consider revitalizing your brand image so that you can remain competitive, relevant, and responsive to the market’s needs.
Revitalizing your brand is more than just changing your logo. Depending on the history of your brand, you could be changing a legacy. Take the time to uncover the needs of your customers and ensure that your brand story and mission continue to align with your image. Ultimately, your customer’s perception of your brand will dictate your success so their perspective must always be at the forefront. To do so, prioritize market research, listen to your customers, and never get too complacent. The increased competition and rapidly growing technology will wait for no one.