Building a brand
posted by: Jason Hulott
Like any company, you have probably spent a good deal of time, effort and money in developing your unique brand – it is what your customers recognise, after all, and the banner under which you hope to attract many more potential customers.
Just as likely, however, you may have allowed your brand to stay as it is, to remain little changed in a fast-changing world – in other words to have let it grow stale.
An article in Marketing Week on the 31st of July 2018 warned that such a failure to update, adapt and innovate your branding in response to market changes raises concern for the longer-term health and viability of many UK companies.
What it calls “leading disruptive innovation” of your brand needs to be made a priority, says the article, pointing out that only about a quarter of all UK marketers recognise that need – compared to an international average of 35%, but rising to 46% of US companies.
Why is your company missing out?
Rather than tackling the need for brand innovation, UK companies tend to concentrate their marketing efforts on such strategies as:
- developing general customer experience;
- ensuring business growth; and
- striving for the effective management of the brand.
Target market or customers’ mindset?
Multinational credit card provider, American Express, argues that a failure to engage in leading disruptive innovation of your brand might result in companies’ lack of focus on their true goals.
An undue focus on your target market, it is argued, might prevent your concentrating on the more valuable path of understanding your target market’s mindset. Those mindsets change over time and may reach the point where your customers and potential customers no longer have an interest in all that your brand – and your products – represent.
Instead, there needs to be closer alignment between what your customers actually want and the products and services that your brand represents. From the customers’ point of view this lies in answers to questions such as what they want, how they are likely to recognise it when they find it, and a belief that your particular products and services are going to deliver what they are looking for.
Only then do your brand and your customers align – the customers’ mindset matches all that your brand represents.
Refresh and innovate
If your brand has become stale or no longer appropriate in today’s market environment, it needs to be refreshed through innovation.
With the short-term funding of a business loan, you may set about ensuring an appropriate match between your brand – your customers’ experience of your company and its services and products – and your branding, or the way in which you get your message across.
Instead of focusing only on your target market, you may be better off concentrating on your target market’s – your customers’ – mindset.
As markets change, your product offering is also likely to have changed. But has your branding also evolved to reflect those changes? If not, it is probably time to ensure that closer match between your brand and its products.