There are times when a brand or a company is growing at a consistent, steady pace then the growth reaches a plateau and the growth ceases.
As a business owner or an executive of a company, this is a disturbing turn-of-events which can be an incredibly frustrating situation for all of those involved. When a situation like this occurs, upper management and the rest of the “higher-ups” may ask themselves many thought-provoking, probing questions. The first obvious question is, what happened to stop productivity? Which leads to problems such as, is this a micro or macro issue? How is the client/customer service engagement? Are we cutting corners somewhere or not taking enough risks? And so on.
As upper management and executives mull over these questions, the fact remains that some changes have to be made.
That is where brand rejuvenation comes into play. Brand rejuvenation is a part of a marketing strategy where you leave the foundation of the brand structurally as is, yet you improve on the product or services to enhance the brand making it more alluring.
As an executive, if your company finds itself at these crossroads and struggling to regain positive profit margins, here are the strategies to follow to rejuvenate your brand.
- Rethink the product or service (that you are offering)
Rethinking the product or service that you are offering may cause you to redefine your target audience. You may want to be consistent with what your original foundation presented so in the process you do not lose your original customer, however, if growth has stopped then your original customer more than likely is already lost.
- Update, Repackage or Redistribute
Apart from rethinking the product or service that is offered is rethinking your pricing, packaging, and distribution. You may need to change the distribution channel so that you are meeting the customer’s need whether they know they need it or not. That may include being creative and innovative. Specify the exact goals
- Create a new narrative
In the beginning, if done correctly, your brand tells a story to engage customers. Now it may be time to rewrite that original narrative. Your original story may have gotten lost on your customers, or your target base may have evolved. It may be time to revise your company’s story so that your customers can connect with your brand.
- Create a marketing strategy
Go over your current marketing strategy. Whether you market via email blast, radio, television or online ads each channel needs to be re-evaluated. If you are not doing so, social media is a critical piece that is important to your marketing strategy in order to stay relevant.
Making the decision to use Train the Trainer Course to assist in implementing change is a significant step forward. The steps to refresh your brand can be a long and extensive process; however, it can be extremely rewarding once the overhaul is complete. By rejuvenating your brand you can not only retain your current customer base, but you will also draw the attention of new customers as well. Ultimately, with the combination of the old and new customers growth will return thus revitalizing and breathing new life into the business.