When you think of a successful business or a career politician, maybe even a quintessential A-list celebrity, what are the first things that come to your mind? Is it wealth? Is it the notoriety? Maybe it’s the wide range of influence in their respective professional realms. Regardless of the draw, the key element, the honey that keeps consumers, admirers and fans returning is reputation.
The development of a strong reputation is born out of the proper branding for that business or public figure. The growth and maintenance of that reputation have a lot to do with keeping up with strong branding practices. This means knowing the right time to rebrand, which each and every one of you will probablyhave to do at some point — possibly multiple times throughout your respective careers. Your image is a living, breathing organism, and like any living thing, a less-than-healthy image will show signs of its ailments. Most times, the only cure for those ailments is a revamped, sustainable branding initiative. Here are some key signs that your business and your image may need brand resuscitation.
You’re Struggling With Internal Issues
Is your revenue steadily declining or do you fail to make year-over-year growth targets? Have you changed your sales strategy or replaced members of your team, due to departmental failures? One of the things that I have learned over the years is to take a deep dive into my business processes. This means breaking down all internal operations to their most granular levels in order to detect any deficiencies.
One of the first things you should do, after finding an issue, is to perform a root cause analysis of that issue in order to keep that issue from popping up again. In the case of an internal problem, looking at the people who are working on those internal processes would be a place to start. If your personnel aren’t the problem, the structure of those processes needs to be examined. The branding and rebranding of your company or even your image aren’t just about polishing what the public sees. It’s also about improving, to the best of your ability, those behind-the-scenes mechanics that make your machine go.
You’re Behind On Market Trends
Does your company seem to be the last one catching on to a hot trend? If you’re a public figure, do you feel like your star power is fading? Understanding trends in your respective markets are crucial. Monitoring these trends is an excellent approach to knowing exactly when to kick-start a rebranding campaign. To put it simply, in order to surf the tide of trends and stay afloat, you have to stay relevant with the times. Because of the instant gratification, social media age we’re living in, trends are swelling and dissipating faster than ever. An item or service that was hot 12 months ago may be dying out today. A dedicated infrastructure for monitoring and evolving with market trends should be developed as a part of your rebranding process in order to keep you competitive within your field.
Your Growth Or Influence Has Stalled
Has your company growth or overall influence stalled? You could have a need for rebranding. An expansion is just as important as maintaining the ground you’ve already gained. By rebranding, you can hold on to the demographic you already have while bringing new groups of people to your services. Say, for example, your meal ticket has been solely paid for with the work you’ve done with the 25- to 45-year-old crowd. By expanding your reach to the 21-year-old-and-up folks, you can greatly increase your earning potential, as well as your relevance. We are living in a time where there is a lot of intersectionality within generations, which makes marketing to a wide array of demographics more complex. Spending time adding this element to your rebranding scheme will be time well spent.