Is your brand still relevant?

23/05/2023. A brand is a long term investment and a key pillar to your business development and marketing activities. While companies have worked to reinvent and update their operations to stay competitive, there is a risk of neglecting to update their brands.

Businesses have faced numerous challenges in the past few years, including Brexit, Covid, inflation, interest rates, supply chain issues, skills shortages, regulatory changes, working from home, and digitalization. Along with that markets are becoming more and more saturated which increases competition, and businesses must proactively update their brands to remain relevant. A once-successful brand can become outdated and irrelevant without updates to reflect the changing needs of the target audience. Simply maintaining the status quo is no longer enough in today's ever-changing landscape.

Is your brand still as relevant as it was?

All the things that have affected your business have affected your clients and their businesses too. Therefore, it's crucial to review your brand and ensure it's still relevant and compelling to your customers and clients.

Some of the key questions to ask yourself are:

  • Is your brand offering more to your customers and clients?
  • Are you still solving your customers problems and providing something others can't?
  • Are you doing a better job than your competitors?

How well is your brand tackling today’s challenges?

If your brand and proposition haven't moved with the times, then you may be missing an opportunity. A relevant and compelling brand can increase sales, improve the effectiveness of your marketing budget, grow your business and make more profit. Crucially, for every business owner, a strong brand can increase the value of your business, if and when you choose to sell it.

It's important to constantly review your brand and ensure it's still relevant and compelling. A brand that is not updated can quickly become outdated and irrelevant. Just look at Kodak, Nokia, and Toys R Us. These companies were once leaders in their respective industries but failed to keep their brands relevant, and as a result, they lost their competitive edge and eventually went out of business.

To ensure your brand remains relevant, it's essential to stay connected with your customers and clients. Listen to their feedback, understand their needs, and provide solutions that meet their needs. Keep up with industry trends and embrace new technologies and innovations. This will help you to remain competitive and relevant in a rapidly changing world.

What’s next? 

If you want to stress test your brand identity, or develop a new one, we've designed a workshop that will create your own High Growth, high performance plan. 

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