Does your current company branding need a fresh makeover? Or does it need a complete change of address?
by Phil Davis, President/Founder
Consumer buying habits are changing fast – and for lots of reasons. Here are just a few…
- Hybrid home/office working situations
- Shifts in tech, media, and web consumption
- Changing financial and payment systems
- Evolving social media ecosystems
- The introduction of all things AI
Whew! What to do?
Grabbing, and holding your customers’ attention is more important than ever. Just as a company’s physical presence requires continual maintenance and upkeep, so does your digital presence.
If business and overall traffic has slowed, or you’re missing out on potential growth in your industry, it can be one of two things…
- An attraction issue (the brand “identity” looks worn, tired, out of date)
- Solution: Refresh the logo, tag line, colors, web design and update offerings
- A location issue (the brand “position”/reputation is narrow, confusing, misleading or outdated)
- Solution: Rebrand and reposition to attract a bigger, better qualified audience
Here’s a simple way to tell if your brand has an attraction issue (refresh) or a location issue (rebrand).
Imagine if customers stop coming to a brick-and-mortar store, the question would be this.
1. Is your slowdown an attraction issue?
Symptoms: You aren’t in the right place anymore, customers are shopping elsewhere. You’re not perceived in the same way as you used to be – you’re associated with products and services which are narrow in scope, outdated or worse, misleading. You’re seen as a tool provider vs. a solutions provider.
Solution: Refine. Reduce. Refresh
If growth is organic, then sometimes we suffer from our own success. Many companies extend themselves as market opportunities come along, and as a result, lose focus. In an attempt to become all things to all people, they dilute their own brand and message.
This isn’t a “location” issue, there is demand for the services, and it’s a focus issue.
Have you ever seen a business with a faded, bleached-out sign? What is your first impression? It might be a restaurant or a printing service, businesses that are relevant and needed. But if the outside canopy is torn, if the paint is peeling, what does that say about the business?
They don’t need to move, they need to paint, update, and refurbish. They need to let their customers know the lights are on and they are open and ready for business.
If your website design, logo, and tagline are several years old, it could well be time for a refresh. Nothing says you are good at what you do more than showing it by example. Brands that had attraction issues (needed a new look, a fresh coat of paint)
These companies didn’t have a business model issue but they all recognized the need to stay current and relevant, to show that they were listening, reacting, and responding to evolving changes in the marketplace.
So where are you at in all of this? Is business good? Great! But to keep it that way be sure to maintain a clear, concise, and compelling image of your company. In other words, don’t let your image chip, deteriorate and fade.
Is business not so good? Don’t think about what you do, think about how you do it. Is there another way to solve your customers’ issues? Don’t get tunnel vision on what’s worked in the past. Your value is in providing the solution, not in the delivery methodology.
If consumers could teleport, cars and highways would be obsolete tomorrow. Customers don’t want cars. They don’t even want transportation, they want freedom and mobility. Get closer to the source and you will have a much more stable business.
An attraction issue or a location issue? Rebrand or Refresh?
Only You Can Say.
If it’s a business model or overall perception problem, then you will likely need to reposition, rebrand, and relaunch.
If it’s an attraction issue, then you’ll need to refine, reduce, and refresh to let your customers know the lights are on and you’re open and ready for business. Either way, you’ll be making positive steps to move your business, and your brand, towards a brighter, more rewarding future.
2. Is your slowdown a location issue?
Symptoms: You’ve experienced a gradual decline in business. Your web traffic is off from where it used to be. Your brand looks tired, outdated, no longer relevant. Your digital presence has become scattered, unfocused, inconsistent, and/or confusing.
Solution: Reposition. Rebrand. Relaunch.
If it’s a location issue, you had better do something and fast. You need to move to another place in the consumer’s mind. Brands that had “location” issues (associated with old methodologies and technologies)
Imagine if these companies, all very profitable at one time, had realized they had a location problem and repositioned themselves accordingly. Blockbuster could have been where Nexfilx is now. The Yellow Pages could have been a dominant directory online. Toys R Us could have been the Amazon of all things kids. And Kodak could have owned the digital image category that hundreds of companies currently occupy.
The trap is that these companies saw themselves as a delivery system vs. a solutions provider. They fell in love with what they invented and lost track of why customers came to them in the first place.
Customers change preferences when it comes to how they want solutions delivered… but they ALWAYS want the solution. Consumers want entertainment, but they will pick and choose how they experience it. They want information, but may not want it the same way.
