Building and maintaining a strong brand require constant monitoring and nurturing.
And, on occasion, a brand strategy needs to be refined or rejuvenated—or even reset to conform to an entirely new direction by the business.
This article details the signs that indicate it may be time to re-brand your business. Usually, that time comes during one of the following three circumstances:
- When it's clear: Your company is about to undergo a Big Change.
- When it's fuzzy: The brand hasn't been evaluated in some time.
- When in a growth spurt: You're trying to just get through today and don't have a chance to think about tomorrow.
Why evaluate your brand strategy?
Because "what got you here won't get you there."
Businesses operate in dynamic environments: Customer behavior changes; technologies advance; competitor offerings, regulations, and company goals change. And that's not a bad thing.
But brands that remain static are at risk of becoming irrelevant or stagnated. And that's when bad things can happen:
- Corporate and brand strategies become misaligned.
- The organization loses its sense of purpose.
- Employees disengage.
- Culture wanes.
- Innovation stalls.
- The customer value proposition weakens.
- Customers lose interest.
Losing relevance rarely happens via a "lightning bolt" moment. It's more like slow death by a thousand paper cuts. In business, as in nature, stagnation breeds decay. Standing still is not an option.