As the title of this article implies, the question of if and when to rebrand out business entity looms large. Do you love your current business brand? Is your business flourishing, evolving, growing consistently? Today, I want to share with you ways in which we need to focus on our business entity and how rebranding can play a significant role in the sustained health of our business in 2018 and beyond.
Targeted Market Engagement
Over time, you may begin to notice subtle, or not-so-subtle changes in the level of your targeted market’s engagement in your business. Perhaps they are becoming less interested in what you have to offer, disengaged and tending to shop around more, connect in a more responsive way to your competitors. Is it all about price point, quality, less responsive to changing needs? It can be any of these issues and more.
Sometimes our customer’s perceptions of our company may change and at times not in a positive light. You should always anticipate changes in your competitor market and brand orientation as well. Let’s face it, if we and our competitors have done our homework, we know that we must always be acutely mindful of what we and our competitors are offering right out of the gate as a new startup and how we (and they) evolve over time.
Brand orientation and change can be hugely challenging and we need to refocus consistently on a changing, evolving marketplace and the model of our competitor branding. Do you have an edge in your industry, a unique product or service line that no competitor is offering? This is perhaps your most significant question as a business entity now and moving forward.
Is your business model and what it has to offer still fresh and offering great and essential customer solutions. That value cannot be understated. Our marketplace is ever-changing as are our potential and existing targeted market dynamics. Are we merely maintaining status quo with lackluster or are we consistently moving forward to meet changing customer needs head on? If we’re not doing so, it is more than likely time to shake things up and bear new fruit for a uniquely diverse range of products and/or services.
Is it time for a change, time to rebrand your business model, how it functions and distinguishes as unique and vital in an ever-changing marketplace? Is it time to infuse a new vision moving forward through a carefully conceived, designed and orchestrated design and rebuild process? These are heady questions and pose a considerable challenge for many companies. The anxiety of the very thought of ‘change’, by our very humanistic nature, imposes both positive and negative anticipation.
If your business is lagging, faltering, scaling in a downward direction with revenue expectations consistently diminishing, then the only option is to implement change. If your current approach to your business and how you reach and engage your targeted market is just not working, it’s time for a change, time to look seriously at rebranding.
I share the very same anxieties that any business owner or manager will face in the process of change; potential disconnect with our current clientele, an uneducated leap forward that may cause more harm than good. What if our new look and feel is a jumbled mess that our targeted market simply cannot relate to? Still, the even bigger and more important question should be: “what will happen to our business if we just lay back and wait and see”? That is a dangerous position to take for any business entity that is struggling and on the verge of failing. Complacency is another nail in the coffin.
Your fears about changing your business brand, its very platform, are real yet all you need do is look to the many successful corporate entities today who have gone through the same over the life of their brand, sometimes a multiple of times, who, with carefully researched analysis and planning, have overcome their adversities to move forward in a thriving revenue position, growing consistently through their perseverance.
Oftentimes, brand changes do not necessarily have to be major in scope. Sometimes it can simply entail the presentation of your product or service in a more pleasing, attractive manner, shedding competitive light on the enjoyment and benefits of what you have to ofter. We live in a solutions-oriented marketplace today where people want information fast and to the point that packs a commanding, engaging and compelling message that tells the consumer that you and your company, product or service solutions are the right fit for what they want and need.
Stay current with consumer needs. Recognize new consumer demographics with careful market research on how best to reach your best potential targeted market. Make it as easy as possible for them to find you through a highly visible website in terms of search engine visibility. Know current search engine optimization techniques (SEO) in keeping with ongoing algorithmic changes implemented by the major search engines, especially Google. You cannot wing it when it comes to website and marketing visibility.
Dispelling Product or Service Negatives
When marketing your product or services, make sure that you are acutely aware of and sensitive to any negative perceptions in the marketplace about specific aspects of what you, and your industry, offer. Such consumer sensitivities can have a significant impact on your consumer experience. Are their environmental concerns, ethical questions of product development, aesthetic appearance questions or public perception issues with a consumer’s association with your brand? Such issues can quickly become the difference between an excited, devoted customer to one who quickly looks to competitors for a more palatable solution for their needs.
Product or Services Diversification
This issue is two-sided and dimensional in nature. Trending thoughts on what a business entity offers have evolved over time. Not that long ago, the popular consensus was that we, as business enterprises, should be highly focused on one specific brand and related services. The whole thought process on that perspective was that if we were to offer too many types of our product and/or services lines, the consumer may question our level of actual expertise when addressing their problems or needs.
More recently, the growing consensus has been the lean toward a more expanded dimension of product lines and service levels, thusly satisfying a larger market, a one-stop-shop as it were, much as the benefits of the large shopping mall have been touted vs, the local corner store or strip mall/plaza.
As time-consuming as staying current with current market trends can be, market research on an ongoing basis is essential for a healthy, sustained and growing market revenue share. For the sole proprietor, extending one’s self to that higher level of market awareness is never easy. Many small business entrepreneurs often struggle along on their own devices in the hopes of somehow nailing it ad-hoc while their competitors, who are able to invest in the human resources necessary, sail ahead with a positive growth experience simply through being better informed of what the marketplace wants and demands.
We cannot be the little corner store barbershop that operates with a solitary human being providing the same old, same old to a fixed number of devoted customers and thrive perpetually; that is simply not realistic thinking in today’s marketplace.
Be Innovative, Take a Stand, And Stand Out!
If ever there was a time to grasp new and ever-evolving dynamics in the marketplace and business community, it is NOW! Some of the largest corporate conglomerates of today found out, sometimes the hard way, that we need to sit up straight and pay attention to a diverse and ever-changing consumer and marketplace or be left sitting at the curb with nowhere to go.
The name of the game today is to offer diversification and distinctively unique, exceptional products and services that our competitors simply have not or cannot offer to our huge and mutual consumers in waiting. It’s not just about satisfying a need or want; it goes way beyond that finite spectrum of consumer focus. The marketplace of today leaps at their purchases with emotional response and they are looking for what quickly grabs their attention, fits their solution-centric focus in the moment and turns their emotional crank up a notch every single time!
Standing out with products and/or services that are unique, brilliant in their conception, design, and delivery are essential factors for many in the marketplace today. Have we recognized and adjusted to the consumer’s own changing lifestyle dynamics and not only what they need in the current day but whether that product or service will satisfy their evolving solution-hungry wants and needs moving forward? It’s just not good enough anymore to simply run a supply and demand product line or service that won’t address an already changing marketplace need.
What we have to offer at any given time and place must be significant and diverse, standout and standalone in many respects. What we offer needs to speak to the people, and the more connected our business offerings are to significant community issues, the more closely connected the consumer will be. “Hey, this company has a conscience. They are making a statement and willing to stand out as an exception. I like this company’s values and their overall focus on their customers, now and moving forward. This is the kind of brand I can identify with in a positive way. They know us, understand us, want to reflect that awareness through what they offer us.” Just look at huge corporates like the McDonald’s food chain. Public outcry over what was or was not healthy and socially conscious became an enormous issue for them to address head-on or face serious repercussions from a wavering consumer at large; even the mighty fall…and fall hard.
Functionality, Relatability & Engagement
So much has been said over the past few years in terms of the consumer’s perception of a business entity; how we present ourselves, our vision and focus, our very product by design and customer delivery. Consumers of today are acutely aware of their own perspective on life and its living and they want to associate and do business with companies who share their perspective.
Be ever-conscious of the quickly changing demographics of the consumer and their product needs and objectives. Don’t distract them with a huge volume of web data that they really could care less about nor have any time pouring over. In your web content be concise, honest and straight to the point. Tell them what you have to offer, how it addresses their specific problems, needs and wants, and move them quickly to the means to connect with you whether in digital contact format or via phone, email or text. Don’t waste their time with superfluous fluff that is useless collateral and does not drive them quickly to where they want to go; their destination is the shortest and most direct route and through a clean, concise overview that speaks volumes to them in few words to the conclusion that “yes, this is exactly what I want”.
Any business entity that has a business model bent on deceit or slurry marketing jargon that aims to mislead or hustle the consumer into an unclear, murky decision to purchase has no place in today’s marketplace and the savvy consumer recognizes BS in a heartbeat. People relate to what they truly believe in and care about in life, personally and professionally; anything less is not worth their time nor attention and certainly not their investment.
At the time of this writing, Lasting Impressions Editing is undergoing a degree of rebranding and that will include considerations for a somewhat modified, expanded service line. To that end, our website is currently undergoing an exciting redesign over the next few weeks so stay tuned for updates in our newsletter (have you subscribed?) as we move forward with renewed vision and focus on our core customer services! We look to the future with excitement and optimism!
May 2018 be an outstanding year for each and every one of you. My best always,
Don MacIver, Owner, Editor, Writer
Lasting Impressions Editing
© Lasting Impressions Editing 2018