Years have gone by, and things have changed. Perhaps you only had one or two employees in the beginning, but now you have 20. While you may have been scraping pennies together back in the day, your marketing needs and budget have now grown substantially. And it’s not just your company that has changed. Things are going on in the world. Your audience’s needs have shifted as well. You see new opportunities in new markets. You know it’s time to take the next step in your business, but is your brand actually ready?
Evolving your brand for growth is a lot of work, but it can be a bit easier if you know where to focus your attention. Brand evolution is a process of shaping a brand around changing consumer and market behaviors based on feedback. It takes time, but it’s worth it. Expanding into a new vertical—taking your existing product or service into a new market with an untapped customer base—can be a viable path to increasing revenues and meeting top-line growth objectives. Use these tips to focus your attention to know how to evolve your brand for growth:
Use Customer Feedback As A Guide
There’s no need to guess. Customers are usually more than happy to let you know what they like and especially dislike. Customer feedback can come in structured online reviews, but you can also find valuable feedback in online forums, social media comments, phone calls, and emails to your support department. All of this is qualitative data that you can use to guide what you do and don’t do next. Think about your company’s expertise and whether the opportunity to expand into a new vertical builds off of your core strengths. Does the opportunity leverage your past experiences and what you do best, or does it require a new competency?
Keep Your Audience Informed
One way for your company to grow is by expanding your service or product offerings. This can include brand new products and services or adjustments and improvements to what you already offer. Either way, it is critical to make sure that both your current and potential customers are in the know about the additions or changes you have made. There are audience members who choose to support companies based on branding and online content. 79% of consumers say brands have to actually demonstrate they understand and care about them before they consider purchasing. Keeping your audience informed can help with this. Consistent communication shows that you care about the relationship between you and your audience. Unfortunately, as many companies grow, many neglect to keep their branding up to date. Customers know your brand, they support your values, and you are immediately recognizable through your identity. By evolving your brand, you will find it easier to keep in touch with your existing client base and retain your brand equity while still having the ability to reach out to new customers who may not have engaged with your original brand.
Learn From Your Competitors
Next, you should conduct a deep analysis of the competitive landscape. How competitive is the space? Who are the players? Are there any winners? What types of new competitors are likely to emerge? What are the barriers to entry? Most markets don’t change overnight. They follow a slower evolution. Smaller, subtle developments to your brand can allow you to remain relevant in the marketplace without suddenly making costly changes because you remained stagnant. Pay attention to what your competitors do. What worked and what didn’t? Analyze this information to determine how you can offer a greater value proposition. Sometimes, your customers’ attention may be caught by a new player in the market. They look new and fresh, and in contrast, you may look slightly more old school. Choosing to evolve your brand allows you to keep your aesthetic fresh and competitive while keeping your audience engaged.
Even small changes can impact your audience and sales and positively affect your company’s growth. Letting your brand evolve over time makes it easier to stay true to your original values and retain your audience because they understand that you are listening to them and keeping up with their needs.
If you have an established brand that needs evolution to remain relevant to your customers’ needs and the everchanging marketplace, contact us to discuss your challenges and how we can help.