You’ve had a nagging feeling for a while that your brand is stagnating. It doesn’t reflect who you are or your culture, and you need a new look. And you don’t want your competitors to start taking market share because you haven’t kept up with the needs of your customers. Here’s 5 ways to get the recharging process for your brand started.
Look at the numbers
The numbers don’t lie. Shrinking margins, constant discussion about pricing pressures, market shifts, slow sales, shrinking product categories, etc., are all signs you
should examine your brand.
Talk to employees
The key is to reach across the organization and look for common threads. Ask sales and the answer is pricing. Operations is quality; customer service is responsiveness, etc. When you start to hear the same things across functions, you’ll see a branding or positioning issue.
Talk to customers
Regularly ask the hard questions about what you do well, why your customers are with you and what you can do better. Ask them if they had a magic wand, what would they fix? Understand their problems and you can position your firm more effectively.
Look at your competitors
While it’s nice to know your customer, it’s better to understand your marketplace. If you see that everyone looks and says the same thing, you may need to reassess your positioning.
Look at your products
Are you innovating? Changing? Improving? If you’re not growing, you’re going. If there’s not something “next” for your business, your competition will move by you quickly.
This article appears in the new September/October 2018 issue of Connect magazine published by NextPage, which can be found online here. If you would like a free print subscription to Connect, please click here.