Few things frustrate and burden a business owner like a dying brand. There’s a legitimate expectation that when you focus all your energy into your business it will thrive, but that is not always the case.
There is good news though.
With effort and strategy, you can breathe new life into your dying brand. There are a few useful things to do when trying to revive an old or dying brand.
GET TO THE ROOT OF THE PROBLEM
When you realize that your brand is struggling, it’s time to make a diagnosis and the only way to do that is to evaluate the situation. You need to find out why your brand is losing popularity, failing to reach your target audience or unable to match your competition. Theorizing will get you nowhere. Go directly to the source. If your business has an online presence then there are ways to track the monthly client engagements and other analytics that can clue you in on what isn’t working in terms of your branding and marketing strategies. If you don’t have an online presence, we’ll address that a little later on.
In addition to checking out online analysis, reaching out to customers or clients directly to find out what about your company no longer works for them is another wise move. Yes, the responses may be bitter pills to swallow but it’s worth it if it helps you make a come back in the long run.
Just like people, if your business does not learn to adjust, adapt and evolve it will get left behind. The survival of the fittest is as real in business as it is anywhere else. In this digital age that we live in, it’s a very risky business to not have an online presence. The convenience of technology has an advantageous appeal. If you make no steps towards improving the experience of your clients/customers, you will lose them.
Even if you have an online presence don’t make the mistake of getting comfortable. It is your responsibility to stay up to date with current trends (and they tend to change quickly) and if you’re bold enough, create a new movement. Setting trends increases sales, improves traffic and client engagement with your brand and products.
THE ADVERTISING REVOLUTION
One way that the game has changed is with advertising. The traditional (and costly) advertising options are still available but consider this: where is your target audience?
Before you decide on a marketing strategy, you have to answer that question. If you’re going after the younger audience then newspaper advertisements will get you nowhere quickly and if your online website is not optimized for mobile devices, then you may still fail to reach your target. Knowing the best ways to reach your audience and to appeal to their consumerism is a key strategy to revive your brand. Tap into the pulsing vein of social commentary, issues, and trends. Utilize and optimize social media marketing and benefit from the vast network that is already tuned in and waiting for the next big thing.
SEEK OUT PROFESSIONAL HELP
If the words ‘Google Analytics’, ‘Search Engine Optimization’, ‘Affiliate Marketing’ or ‘Curated Content’ mean nothing to you or your marketing team then that is definitely a code red. It’s important that you go about resuscitating your brand the right way. Even if you don’t take on new people long term, outsourcing projects, investing in courses for your team or changing out your team entirely may be in your best interest.
It’s never personal, but your team needs to be as adaptable and teachable as the changing marketplace requires, otherwise you’ll flatline. As the head of your company the responsibility rests on you to be willing to make the changes that are necessary and to accept the suggestions of your team. If you have a forward-thinking team but you’re stuck in the old way of doing things, that is equally ineffective.
Surround yourself with professionals who know how to get you where you need to be and you’ll have no choice but to grow your company.
Don’t wait until it is too late to revive your brand. A dying brand can be saved but there’s little hope for a dead one. That requires resurrection and rebranding entirely. You, however, have a chance to turn things around. Be proactive about saving your brand, make the necessary decisions, put in the work and reap the results.