Stagnation to Success: The Power of Brand Evolution
Attention all passengers. Your brand needs to change.
Fasten your seatbelts because we're about to take off on a journey of brand evolution.
Yes, even you - sitting comfortably in first class.
Every brand needs to evolve at some stage of its journey.
But brand evolution can be complicated. There are many reasons for brand turbulence:
1) Complacency: Brands that have been successful in the past may feel that their current branding strategy is enough to maintain their elite status. But like a plane, a brand also needs regular maintenance.
2) Identity Matching: Passengers get too attached to their seats. Employees intertwine their own identities with the identity of the brand and thus fear the change.
3) Resources: Rebranding and evolving a brand can be a costly and time-consuming process, and smaller brands with limited resources may not be able to invest in necessary changes. But if you don't invest you may end up with a one-way ticket to obscurity.
4) Data Scarcity: Without data, you're flying blind. Data is the fuel you need to keep your brand going. Brands that continue their status quo strategies despite a changing market will soon find themselves crashing.
5) Too Many Pilots. A brand is like a plane. Having too many people in charge of a brand is like having too many pilots in the cockpit - chaos at 30,000 feet! The passengers can inform the direction, but ultimately you need a head pilot to call the shots or your brand is never going to arrive at its destination.
But in today's marketplace, there are no forever brands.
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Brand evolution is like having a first-class ticket to the front of the line, ensuring you stay ahead of the competition and don't get stuck in the boring middle seat of irrelevancy. Here are 6 reasons for a flexible flight plan.
1) Consumer Preferences & Behaviors Change: Many airlines adjust their flight plans due to weather, operational constraints and mechanical issues - marketers must adjust their marketing plans to consumer preferences and behaviors. To illustrate a few: TikTok is now the #1 search engine; Mobile is now preferred over desktop; consumers are using social platforms to purchase, e-commerce is the preference, AI is influencing our decisions, and sustainability is intertwined with our social consciousness. (2)
2) Competitors Innovate: The marketplace is constantly evolving, and competitors are always innovating. IPA longitudinal research shows that if you're not actively growing your SOV you're losing SOM to your competitors (3).
3) Technology Shifts: The advent of new technologies and digital platforms has changed the way we do business. Brands must embrace these changes and use them to their advantage in order to stay relevant (4).
4) Social and Cultural Values Evolve: As society and culture evolve, so do the values and beliefs of consumers. If a brand fails to recognize and adapt to these changes they risk alienating its customer base.
5) Branding is not a One-time Event: You're not taking a quick trip. Building a strong brand is an ongoing journey that requires constant iteration and investment.
6) Branding must be Authentic to be Relevant: In order to build a strong brand, it must be authentic and relevant to the needs and desires of its target audience. This requires ongoing research and an understanding of the market and consumer preferences.
Feel like your brand is grounded or going through a bit of turbulence? Whether you're experiencing engine failure or just need a little in-flight entertainment, let us be your trusted co-pilot on your brand's journey. Hire me for a first-class unbiased and unfiltered perspective at The Brand Audit --> https://linktr.ee/thebrandaudit
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