Does your brand need CPR? Are you flailing as your brand hurtles to the ground without a parachute? Well, you have taken a good move to revive your brand before it died. It is also important to remember brands can have a life of only two years, therefore you need to assess your business and choose the best strategy to revive it. Let’s look at three steps to revive your brand.
1. Analyse why your brand is flailing
Look at your past metrics and approaches and see which were successful and which failed. From the failed data try to pinpoint where the disconnect was created. Did you not understand the need of your niche? Did you change the price without highlighting the value? By analysing the metrics, you will know which strategy will work best to revive your business.
2. Understand your niche
Now it is time to understand who your ideal customer is, who your competitors are, and what are the trends in your niche.
3. Choose your strategy
There are a wide range of strategies you can take to revive your brand and they are:
Rename your product:
Sometimes the name of a product doesn’t resonate with your audience. It is important to find a name which will sound better to your customers. By renaming your product or brand, you will also be able to get rid of the negative press that your name may have had in the past.
Be customer-centric:
No customers means no sales and that can be a killer to your break-even line. You need to ensure that your product or service solves a problem which people are willing to pay for. Ensure you are satisfying your customer’s pain point.
Remain innovative:
What are the latest innovations in the tools you use? What innovations have been developed which could have an impact on your product or service? You need to be on the front line of innovation if you want to remain relevant and on-trend with your customers.
Simplify and streamline:
Have you been adding more and more products to your business hoping that it will help you survive? Have you diluted your offering and confused your customer? You need to simplify your products down to what you do best and focus on doing it well. This may bring back existing customers and bring new customers.
Find different distribution channels:
Maybe you can offer your physical product through a digital means or vice versa. Look at the different distributions available in your niche and try a different one.
Get expert help:
Sometimes, an outsider can give you ideas which you may have never considered. Align with some experts to help you to revive your business for success.
By following these three steps you will be well on your way to reviving your business.
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