So you’ve been in business for a few years and things have been running smoothly. You slowly developed public awareness of your company over the first couple of years and sales were steadily growing. However, you’re now starting to notice a change. Sales are beginning to plateau, customer conversions are slowing down, and competition is increasing.
Not to worry! This is a perfectly natural and expected stage of business ownership. But, what can you do?
It’s simple. It’s time for a refreshed brand.
A refreshed brand is not just about creating a new website or logo. It’s not about completely changing your business model or name either. It’s about taking a (new!) look at where you stand in the market, and what steps you need to take to get where you want to be. A refreshed brand could also include things such as re-evaluating your target audience, changing your company messaging, or identifying new untapped markets you’ve yet to explore!
Branding (or brand refreshing) is an important process with great reward, and is often necessary every couple of years in order for a business to stay relevant!
So how do you know it’s time for YOUR rebrand? The list below may provide some insight.
1. Competition is Appearing
Competition can be a good thing if viewed correctly. First, it’s an indicator that there is a need for your product or service. It’s also a sign that it might be time for you to make some changes. Rather than feel discouraged, you can use competition as a motivator to improve your own offering and rise above the other similar businesses.
2. You’ve Become Irrelevant
It can be hard to be faced with this realization, but it can certainly happen. If your product or service is not timeless, it can become outdated or overrun by better offerings. This could mean it’s time for a serious shift. Maybe you need to think about creating a more modern or in-demand product or service and shift your marketing toward this new orientation.
3. Your Customer Has Changed
The economy and market is shifting all the time. Customers get older, they move away, or they find other interests. Your target demographic is inevitably going to change. If your sales are down, this could be a sign that it’s time to re-evaluate your target audience. Perhaps there is a new group you should be focusing on, or maybe you need to adjust your business or product strategy in order to continue appealing to your target group.
4. Your Staff is Unclear
It’s essential that your entire staff understands who they are working for-and why! This includes understanding what your business stands for-your mission statement, your values, your audience, and your goals. Knowing who they are working for provides a greater sense of purpose and direction. It also means that your customers will have a better sense of who you are as they’re interacting with your employees. If your team is unclear, then it’s a sign that change is needed.
5. You No Longer Resonate
Perhaps the issue is personal. Maybe you simply just don’t resonate with your brand anymore. Instead, you’ve been brainstorming a new set of values and a new direction for your business to go in. If you no longer resonate with your brand, then your heart probably isn’t in it and business is suffering as a result. Do something kind for yourself and invest in a brand strategy that you will love and that will motivate you to grow!
If you’re experiencing any of the signs above, it’s time for a refreshed brand that you and your team can feel passionate about, and that will begin attracting the right customers and boost sales!
If you’re ready for a rebrand, but not sure where to start, contact Kudzu Brands. We will take you through a Discovery in which we will learn the ins and outs of your business. From there, we will work with you to design a memorable, profitable and sustainable brand. Contact us at firstname.lastname@example.org