Branding always plays a vital part in marketing a business. And today, running a branding campaign has become even more important as information channels have increased.
In the past, when brands existed in the TV and newspaper ad, it was necessary to have a formal and proper brand strategy for the maximum impact. In this day and age, brands can have active discussions with their target audience and clients though on social media. Though it provides some allowance to go a bit informal, still it’s essential to have a proper brand strategy at backend. In fact, branding has become even tougher, so you have to be more careful.
There are more than a few signs that can signal a dire need to come up with serious thoughts about changing the course and launch a new brand strategy for your business. If you experience one or more of the situations mentioned below, consider them as signs to make a new brand strategy:
Low Response Rate:
When a business launches a marketing campaign, it focuses on the kind and magnitude of the response. When your brand strategy has been there for some time, it can start boring your audience. As a result, you will see a significant decline in the response to your branding campaign.
If you are doing it online and on social media, it will be much easier to measure. These digital platforms have certain and effective tools that help measure the participation by the audience precisely. If you are facing low response rate, get ready to come up with new marketing and branding strategies ASAP. If needed, take professional help from a company like Brand Matters.
As your brand grows, the numbers sales should grow too. If there is no change in sales constantly, it is seriously alarming. It actually signifies that your brand is finding difficulty to win new customers. Soon, the stagnated sales figures can start sloping downwards. So, take necessary measures to survive on the brutal business arena with a new brand strategy.
For instance, Coca Cola has a large number of loyal consumers, which are unlikely to change their beverage preference now, and maybe ever. But Coca Cola has to continue its marketing sand branding efforts to get the new consumers. Winning new customers is always a decisive factor for survival and keeping the brand popularity alive.
No Or Little Social Media Interactions:
When it comes to social media platforms, the number of followers might not be considered as a solid criterion for success. What really matters is the interaction of your followers.
If your brand is doing well, it will receive lots of attention, comments and sharers on all social media platforms. If you see a huge number of followers but void of interaction, it indicates that you must reconsider your current brand strategy and gear up to come up with new branding ideas.
Though it does not mean what you are doing is bad or old, it is possible that the new competitors may do better. It is a safety and preventive measure that you must take to stay ahead in the market.