4 ways to constantly refresh your brand

 

Every business owner knows the basic model of a business lifecycle; introduction, growth, maturity and decline. But what do you do after the decline? More common business models cater beyond decline today and it is generally accepted that business have the opportunity to establish a regrowth phase after a decline.

Regrowth is an opportunity to refresh your brand, whether it is changing the way you operate, changing your service or even simply changing your image. How you incorporate change and move forward can be the difference between accepting decline and embracing regrowth. Below are four tips that can help.

Be innovative

Think about your product or overall service and try to identify if there is anything you can improve. Even the biggest brands have been forced to reconsider their approach in order to stay fresh and relevant. Think about Red Bull, who started off as an energy drink and is now the face of extreme sports. Although a small business can't be expected to take the same approach, there are always options to improve.

Stick to your values

When you suffer a period of decline it's easy for SME owners to ignore their original business values and do whatever it takes to build sales again. But this can be a risky strategy, as sometimes it will be the original values that drove customers to your store in the first place. If your business originally prided itself on customer service, chances are customer service will be central to reestablishing yourself in the market. 

Stay in your market

If your business is suffering a decline it means that it recently had gone through a growth period. Think about what worked in that growth period and try to determine what might not be working now. For example, it could be that a new alternative has appeared and taken away the need for your service. The most important thing is that you stick to what you know moving forward. You won't grow your brand through innovation if you are attempting to enter a field you know nothing about. Sometimes you may even find that your target market has changed, do the research and see if there is a new customer segment you should be targeting.

Build trust - again

Contrary to belief, not every customer is looking for a bargain. It's not uncommon for customers to buy products based on their perceptions of the brand and its quality. Take Apple for example, the iPhone and MacBook are far from the cheapest options on the market, but it's the technical knowledge and in store certified Apple Geniuses that drives both trust and sales. Find something about your product that resonates with customers and use that to deliver a trustworthy service.

Entering a decline phase can be a daunting challenge for a business owner. Many owners often struggle to determine a strategy on what their next steps will involve. When making the efforts to rebuild it's most important you remember to embrace change and rediscover the values that originally drove customers to your store.

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