It happens to every company from time to time—their business is no longer doing as well as it used to. This decline doesn’t necessarily mean a brand’s products aren’t of good quality anymore. It could instead be a sign that the branding no longer aligns with the company’s business model.
Sometimes, companies misjudge what strategy will work for their particular business model. As a result, they end up making less revenue than expected. Other times, they implement changes in the company but neglect to alter their marketing tactics to match.
But this drop in sales doesn’t mean companies should give up and abandon their business. In fact, they should take this setback as an incentive to implement changes to get them right back on track.
So, for companies currently going through a rut, here are 10 ways to tell that their brand needs updating and all the ways they can revamp it.
10 Ways to Know if Your Brand Needs Updating
Good marketing is an essential part of a successful business. However, that doesn’t mean any old marketing strategy will do. A poorly thought-out campaign can be just as detrimental to a brand’s success as no marketing strategy.
Therefore, companies currently struggling to maintain their business should pay attention. Here are a few clues that show an outdated marketing strategy is to blame.
1. The Company Mission Changed, but the Marketing Hasn’t
A change in company mission isn’t uncommon. In fact, it can be a sign a company is growing. Furthermore, evolving their business model may sometimes be the only way for brands to meet customers’ needs. However, it’s crucial to alter the marketing strategy to fit this new mission statement. An updated promotional strategy is the only way to ensure that a brand’s target audience recognises what the brand is offering.
2. The Marketing Strategy Doesn’t Align with the Brand
At times, a company can come up with what they believe is an amazing promotional campaign. However, just because a campaign seems impressive doesn’t mean it will work for all types of businesses.
Therefore, if a company is struggling with its business, it should first look at its branding. Perhaps the marketing campaign isn’t aligning with the brand’s concept, values, or customers’ expectations.
If this is the case, the brand should do some market research. That will help the company determine exactly how their customers respond to their current promo campaign. Once they know what the public thinks, they can implement the necessary changes to make the campaign work again.
3. The Target Audience Has Changed
Brands usually start out with one target audience in mind. But over time, they may realise another demographic is more drawn to their business. Alternatively, maybe their target audience has aged out of the product.
Whatever the case, a company needs to adjust its marketing strategy to compensate. This could be as simple as doing market research to find out what is currently popular among the customer base or asking customers what they want to see from the company in the future. No one marketing strategy will appeal to everyone. With that in mind, companies should do their best to tailor their marketing to who they want to reach.
4. The Logo Is Outdated
One of the most important parts of marketing is the brand logo. A logo is like the face of a company. It’s the first thing customers see when they interact with a brand. Therefore, it needs to look good and accurately reflect what a brand is all about. However, this is easier said than done.
Logo design is tricky, and what a company thinks looks good may not be appealing to customers. Perhaps the design is too intricate, so it’s not visible enough. Maybe the design is outdated or bland when compared to what the competition is serving. Either way, brands should critically look at their logo from a customer’s perspective to see if it’s working. If it isn’t, it’s time for an update.
5. A Company Doesn’t Stand Out Amongst the Competition
The good thing about the current business climate is that it allows many companies to flourish. However, the downside of so many brands competing is that the market has become over-saturated. It seems like everything has been done, and brands have to try harder and harder to stand out. But being innovative isn’t easy.
Even if a business has an original idea, other brands may end up copying it if the concept is particularly appealing. As a result, the brand loses authenticity, and customers can no longer tell the business apart from the competition. That is a sign that it’s time to change the marketing strategy.
If a brand wants to stand out in a highly competitive market, the company should do some research. The most noteworthy businesses are the ones that can offer their customers something the competition can’t. Be it an innovative product, good service, or moral value with their purchase, finding out what customers want is the best way to become a successful leader in the space.
6. The Company Has Changed
The market is always changing, and customers’ needs adapt to the times. Therefore, if a brand wants to stay afloat, it must change as well to meet public demand. That is the main reason so many brands start with one product or service but pivot to something else as it becomes more popular.
But if a brand wants to maintain the same level of success, they can’t just change their company. It also needs to alter the marketing strategy to keep up with the business. A brand new promotional campaign lets customers know that a company has something unique to offer. What’s more, it shows that a brand is always ready to put in the effort to meet customers’ needs.
7. A Company is Looking to Broaden Its Audience
When a business first launches, it usually has a small target audience in mind. However, as a brand grows and achieves greater popularity, it may start thinking about expanding the bottom line. And financial growth always involves bringing in a much larger audience.
The only way to appeal to new customers is by changing the branding. As established, different marketing strategies will appeal to different demographics. So a company needs to diligently research the market they want to tap into and alter their marketing accordingly.
8. A Company Has Gone International but Hasn’t Changed the Marketing
Going international is an incredibly exciting experience. It’s a sign that a company has succeeded and is now ready to grow its business further. However, just because a brand’s promotional strategy made them advance locally doesn’t mean it will do the same on an international scale. Cultural differences play a significant role in how people perceive a brand.
Therefore, if a company wants to bring its business to a new market, they need to adapt it to the different country’s sensibilities and preferences. That can include examining how the brand logo translates in the other country’s language or if their product meets the specific needs of a foreign market.
If it doesn’t, then a company should consider taking bits and pieces of the country’s culture and incorporating them into its marketing strategy. As long as they do so respectfully, the new market will surely welcome them with open arms.
9. New Management Has Taken Over
New management often makes companies nervous. Nevertheless, it’s a necessary part of doing business. As mentioned, the market never stays still, and sometimes, a brand just needs a fresh approach to keep up. However, it’s important to remember that what new management brings won’t always mesh well with the current branding. If this is the case, then it’s always a good idea to alter the marketing strategy to stay on track.
10. You’re Going Digital
In the current internet era, having an online presence is necessary for achieving success. Yet even if a company is a bit behind the times when it comes to building its online platforms, it’s never too late to start. But once again, they need to adjust their marketing strategy to reflect their new online business.
Online advertisement is a bit trickier to do than in-person promotion. It hinges heavily on user browsing patterns and rapidly changing internet trends. In short, it’s very fast-paced, and if a company wants to keep up, they need to do research—learn the basics of online advertisement and maybe hire an expert to help them along. Online marketing can be scary, but with the right steps, it’s not that hard to master.
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Key Takeaways
Companies currently struggling to understand why their sales are dropping can rest easier. Sometimes, what they’re selling isn’t the problem, but how they’re selling it. Bad marketing is one of the biggest contributors to a declining business.
So if a company suspects their marketing is doing them harm, there are 10 ways that can tell if their brand needs updating. And once they understand where they’re going wrong, they can take the necessary steps to revamp their approach.
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If you require further information or have any specific questions, don’t hesitate to give a member of our experienced team a call on 0800 0148 970 or simply email us today.
