Is your brand future proof?
In this age of COVID, with shrinking markets and less money washing around, the importance of effective marketing strategies and the power of a brand to connect with its customers has never been so critical. Just to survive, many businesses are reinventing their product offering. We are seeing B2B brands retargeting their services to B2C audiences, gin distilleries making hand sanitiser and 3D signage companies creating ventilators.
Whilst some of these changes are short lived and driven by rapid change, the reality is that more and more businesses are adapting their product offering for the long term and are targeting new markets that they have never entered before (and more than likely, would never have thought about entering in the past).
What this means is that your brand could very well be under new pressures from more competitors or larger operators wanting to claim a prosperous slice of your market share. A sharp business owner will possibly already be aware of the shift, but may not know how to respond or know what to do next…
How do you know if your brand needs a re-think?
It was working fine pre-COVID, but now it’s looking tired and out of date and no longer resonates with your customers and employees?
Brand is out of sync with where the business is heading?
Your business is already losing market share to new competition or existing competitors that have already realigned their brand positioning to make it clearer and more appealing to the market?
The market is flat at the moment, but you know once the tide turns and restrictions ease, every competitor will be fighting hard for every sale and you’re not quite ready?
You’re looking to use this time to prepare a new brand or idea for a future launch?
Whilst marketing and promotional messages can change quickly and work well in the short term, only a defined brand with a very clear market position, brand strategy and vision will remain relevant over the long term.
A defined brand will adapt quicker or adapt within its category, meaning it will appear more durable and less fragmented to market changes.
What makes a successful brand?
Understand your brand positioning — the most important part of building a successful brand. This enables you to identify where you fit in the market and how you can differentiate yourself from your competitors.
Define your ‘target market’ — identifying and understanding all your target audiences is critical when determining how your brand will communicate with a customer.
Meaningful brand values — a brand needs to stand for something so that it will create long lasting relationships with customers and employees. Clearly defined brand values create the necessary personality for personal interaction and connection to the brand.
Memorable and campaignable brand identity — a successful brand is more than a pretty logo, it’s an organised eco-system of images, colours, shapes, graphics, positioning tagline or statement that collectively cumulate to form one voice that can seamless transcend digital media, print and into customer conversations.
Organised brand architecture — today you may have one brand, but tomorrow you may need to add another, create a sub brand or a new range of products. Future proofing from the outset is essential to avoid designing yourself into a corner, or having to rebrand again in the near future which may devalue your brand and lead to a loss of confidence in your brand by customers and employees.
A “kick-arse” brand strategy — With so many ways to interact with your customers a clear well defined brand implementation strategy aligned to your business goals is essential to getting the required cut-through where you need it to grow you business and create belief within the market.
Get your brand right from the outset
With global market forces impacting every level of business, now is the time to re-evaluate your business strategy and your strategic positioning. It is a leadership decision and not to be taken lightly as a brand or culture change will trigger a realignment of the values, mission, and vision across company.
The late Wally Olins, Co-Founder of Wolff Olins once said “branding is about creating and sustaining trust it means delivering on promises. The best and most successful brands are completely coherent. Every aspect of what they do and what they are reinforces everything else.”
Businesses should always plan ahead and future proof their brand to succeed; or otherwise be prepared to fail. Creating brand change requires careful consideration and a holistic approach to align business objectives, brand values and customer perceptions. Once defined, it will empower your business growth and allow you to re-emerge stronger when your competition is still reeling from the effects of the past.
Dovetail Brand Engagement are the first company in Australia (and maybe the world) created to specifically align your most powerful assets; your employees and your brand. HR and Marketing working together towards a single vision will create a greater value and brand equity for your business. Dovetail, can help you reap the benefits of targeting multiple markets with the right strategy for the right target market. More >
Source : Wally Olins