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Periodically, many companies suffer cash flow issues whether it is from weaker sales or changes in the marketplace. There could be one or more issues that need to be identified and solved.
It could be just a simple matter of asking your customers. If you ask the right questions, you might learn if it’s from simple pricing issues to poor customer service.
But certainly, it’s important to determine whether you need a complete rebrand or to simply refresh your brand.
A rebrand is more complex and entails an overhaul of your identity – ranging from renaming your company and logo to altering your business values customer targets.
A brand refresh simply involves a more contemporary approach to invigorate sales.
For Profits, Align Sales and Marketing … Here’s How …
Let’s consider the 10 most logical reasons to refresh your brand:
1. Updating your brand digitally to build your online presence.
Are you behind the times? Digital marketing began in 1990 during the presidency of George H.W. Bush six presidents ago when computers had become big enough to store customer information.
2. Growing your customer base by expansion whether it’s a different region or a new marketplace.
Do you need to expand nationally or offer a new line of products?
3. Improving your advertising and marketing.
Perhaps you need more eye-catching colors or an appealing logo and slogan.
4. Becoming more germane in adopting new marketing to stay current with evolving trends for your marketplace.
Marketing is lot different now compared to earlier decades. Are you staying abreast of new trends and your customer preferences?
5. Acquiring a new base of customers.
To appeal to different market segments and demographics, do you need a new branding slogan and logo?
6. Updating your competitive differentiation.
Your role is to show potential customers how you are different in appealing to your customers’ values, pricing, desired functionality or customer service.
7. Realigning your brand’s image to synergize with your new business goals.
A new business alignment requires updating your brand’s image.
8. Enhancing the perceptions of your brand and value.
You can improve your perceived value with a refreshed brand.
9. Ameliorating your customer loyalty and retention.
By revamping your brand, you are more likely to attract new customers and improve customer loyalty.
10 Boosting your employees’ morale and culture.
A brand refresh can help stimulate stronger teamwork or improve your company’s culture.
In essence, assess your current strategies: what’s working and what isn’t to innovate and make adjustments. It’s all about putting your customers at the center of your focus, performing a competitive analysis, setting goals and implementing your strategies.
From the Coach’s Corner, here are related solutions:
Winning in Branding, Sales – The 6 Key Characteristics of a Logo — One key element for a company’s branding and sales that often gets short shrift is a great logo. Whether you’re an entrepreneur entering a brave new world or an established company needing profits, a great logo helps ensure top-of-mind awareness.
The Correlation: A Simple Logo and Branding Success — Some of the world’s most-successful companies have simple logos. That’s the conclusion from a study by a UK logo-design company, Small Business Logos.
Branding, Marketing Your Biz as Green — Checklist — Consumers love environmentally sensitive businesses. You might think it’s a slam dunk for businesses to market themselves as green. Well, yes and no. There are precautions to take.
Plan for Business Profits Using the 7 Ps of Marketing — After 250 years in the various stages of marketing, the 7 Ps of marketing are the crème de la crème in checklists to earn optimal profits.
Strategies – Beat Competitors by Telling Your Brand’s Story — Buying decisions are based on emotion. So, to engage your target audience, it’s in your best interest to start by effectively telling your brand’s story.
“Products are made in a factory, but brands are created in the mind.”
-Walter Landor
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