DIGITAL INTERACTIVE SERVICES
Key steps to refresh an aging brand
Staying relevant is the name of the game if you want to retain your existing customers or attract new customers. Your brand might have attracted a lot of customers in the past but if you do not adapt to the changes in a dynamic marketplace, it will be difficult to retain your customers, and attracting new ones will also be very difficult.
The market dynamics change at a very fast pace. Variations in customer demands, changes in economics, technological innovations, etc., are some forces that businesses need to contend with. While certain changes, for instance, the disruptions caused by the COVID-19 pandemic, cannot be predicted, several other changes can definitely be assessed. Therefore, brands can’t afford to be complacent and need to build strategies to ensure that their existing customers continue to be loyal to them and that they are also able to constantly build a new customer base.
How to refresh an aging brand?
Step 1: Determine your goals
If you are considering refreshing your brand, you will first need to answer the question, “What do you wish to achieve by refreshing your brand?” Your goals could be attracting a new segment of customers such as a younger audience, or maybe attracting an entirely new customer base that is different from your existing customers, etc. It is a good idea to establish goals that are achievable and aligned with your core values.
It is also essential to identify the right metrics for accurate measurement of your strategy’s performance vis-a-vis your goals.
Step 2: Assess where you stand
When planning to refresh your brand, you need to find out where you stand currently. This implies finding out how your customers view your brand, What works and does not in the current circumstances, etc.
One of the most effective ways to find out more about customers’ expectations is to “ask them what they feel!” This can be done by conducting surveys. Design your surveys such that the answers reflect aspects such as how your customers perceive your brand, what more they expect from your brand, etc.
In addition to approaching the customers for their feedback, you can analyse the available data to gauge factors such as does your brand drive purchase decisions, are your marketing channels providing the expected results, identify the areas where your brand needs improvement, etc. Artificial Intelligence can be leveraged for data analytics to provide the required foresight. Besides, Machine Learning technology can accurately predict the future based on previous trends.
Step 3: Identify your new customer segment
To connect with your new customers, you will first need to identify and understand them. The needs of your new customer segment might be different from those of your existing customers. For instance, if you are currently selling toys for teens and are thinking of selling toys for 5-6 year-olds, you will need to customise your marketing strategy accordingly. You can refresh your brand according to the needs of your specific customer segment.
It is also important to bear in mind that the needs of your existing customers are not constant. They might also be looking for something new/different from your brand. This can be done by customising the surveys mentioned in point 2.
Step 4: Build your strategy
Once you have all the data in place, the next step is to develop an effective strategy that will attract new customers and retain existing ones.
You may need to refresh your brand by making changes in the logo, colour scheme, etc. In other words, you might need to give a brand new look to your brand if your customers want you to.
It might be helpful to make modifications to your existing website to match the latest trends.
Another important aspect is customising your messaging according to your customers' needs. Based on the customer segmentation, you might need to create unique messages that resonate with your buyers for each segment.
Besides, you will also need to identify the specific social media and other channels that your target audience is using to connect with them.
Sending customised emails according to a segmented customer list is highly effective to help you to connect with your customers.
Step 5: Track the effectiveness of your strategy
Track the performance of your strategy with respect to the metrics established in step 2. This will help you gauge how your branding efforts are performing. You can tweak your strategy based on its performance.
Building a sustainable brand is an ongoing process. Businesses need to keep track of the changes in their circumstances and build strategies to refresh their brand from time to time. This will ensure that their customers remain loyal to them. New branding strategies will also help businesses to reach out to new markets and customers.
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