Signs Your Business Branding and Product Offering Might Be Due a Refresh.
They say that the only constant is change. If that is true, then I suppose the speed at which we adapt to change as business owners and leaders is the deciding factor as to weather we become extinct or survive. Maybe that is an oversimplification. From the perspective of a Brand and Product specialist I would propose the question for any business, from start-ups to seasoned market leaders, is not if they will need to evolve, but when. Observing the signs that your branding or product offering needs a refresh can be the difference between thriving and merely surviving.
Recognizing the Need for Change.
It is not always easy. With massive demands for attention to run a business and brand it is all too easy to become blinkered to the need to evolve. Worse still sometimes when we make changes to our businesses sometimes we might be tempted to adjust the wrong dial or lever mistakenly dulling down our brand presence or lowering product pricing when trying to rectify a slow in business.
So what possible signs might you see that could indicate your brand or product offering need some TLC?
1. Stagnant Sales:
Don’t assume you need better sales team! – Sometimes a decline in sales might be related to your sales team and strategy. More often than not the sales team get lumbered with the blame for poor performance when they are actively working in turbo mode to try and just sustain sales levels with aging products or a brand that has been overtaken with a much slicker presented competitor.
If your growth curve has flattened or you’re seeing a gradual decline in sales, it might be time to reassess your product offerings or branding. Consumer needs evolve; so must your business to stay relevant and competitive.
2. Outdated Brand Image:
You look at your brand image everyday. Not just your logo and website but the finer details too like the way you talk with your customers. Overtime the market changes, sometimes too slowly for your to actively see what is occurring and so your brand looks tired, antiquated are unprofessional. There is a reason that Brand specialists exist. Ask yourself does your brand image still resonate with your target audience? Trends in design and consumer expectations can shift rapidly. A brand that looks or feels "out of time" can fail to connect, no matter the quality of your product.
3. Feedback and Engagement:
Both negative and positive feedback provide invaluable data to help evolve. But don’t be fooled into thinking having a high rating on google means everyone loves you. Similarly if people stop talking to you it doesn’t mean everything is ok. Decreasing engagement on your social platforms, negative feedback, or reduced customer retention rates are clear indicators. Listening to your customers through social listening tools or direct feedback can provide invaluable insights into what changes are necessary. Don’t forget to ask “why” they don’t like something, find out why, the love something, ask “why”. The reason behind a customers attitude toward your brand is far more important in some instances than their emotional reaction.
4. Market Expansion:
When expanding into new markets, your current branding might not resonate in different cultural contexts. A refresh could ensure better alignment with new demographic and geographic targets. I know from experience that different markets sometimes require very different approaches. There are brands that are leaders in some markets that the rest of the world are not even aware of. Sometimes the result is that your business needs to have a different brand entirely on its product for a specific market. Lays potato chips (U.S.A) are indeed Walkers crisps (U.K) two of the same products in different costumes. However developing (or acquiring) a new brand to serve an alternative market can be more expensive. Not only to stert, but also maintain. If you are looking to expand, include brand and product evolution in your roadmap, it’s a more sustainable approach.
5. Innovation and Technology:
As new technologies alter how products are used and services are delivered, updating your offerings to include these innovations can keep you at the forefront of your industry. I cannot overstate how many times I see businesses claiming they were the first to introduce something in the way of a product feature as part of their marketing. But when you assess the feature it has been superseded by changes in technology. Or perhaps a brand who like to claim they are the original and still the best, when the world already understands that the alternatives are better.
When evolving your product or service, make sure you understand what your customers are thinking.
Benefits of a Brand or Product Refresh
Revamping your branding or products can invigorate your business, attract new customers, and re-engage existing ones. It also positions you as a forward-thinking company that adapts to meet changing market demands. Additionally, a refresh can energize your team, affirming their role in a dynamic and aspirational workplace.
It is important to bear in mind that adaptability is not just a survival skill; it is a strategic asset. Whether it's tweaking your logo or overhauling your product line, change is your business's ally in the relentless pursuit of excellence and relevance. Are you ready to evolve? Your future might depend on it.
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