Many organisations fail to regularly audit their existing brands, products and services portfolio’s to evaluate where they are in their respective lifecycles (Launch, Grow, Mature, Decline, Sell/Terminate). Smart organisations regularly audit their brands, products and service portfolio’s, they keep a close eye on customer and general public perceptions and they implement decision support systems to help pinpoint early warning signals to promote fast proactive responses.
Warning signs could relate to a number of different contributing factors including:
- lack of R&D investment and new product and service output,
- products or services no longer relevant and fail to satisfy customer needs
- Competitive position weakening relative to the competition e.g. market share declining
- Customer switching to other competitor’s brands is increasing
- Brand is viewed as less attractive by retailers
- Thought leadership organisations are less supportive of brand or product, lower ratings, ignored
- Advertising campaigns proving less effective in stimulating demand
- Communications style is viewed as old fashioned and no longer relevant
- Negative public perception of brand reflected in surveys, ratings
- Media coverage is on the decline
Many organisations fail to consider alternates ways to expand and take advantage of the brand by extending the range of products that the brand sells and markets. Innovation techniques and approaches can be applied to help identify creative options.
Many organisations fail to use innovation and creative thinking techniques to stimulate new ideas for promoting the brand. Consider how you can generate the desire in people to want to own and use the organisations brand. Consider how the brand and its product scan improve performance, reputation or lives. Consider how sponsorships can be used to influence the promotion of the brand. Consider how TV, Film and Sports stars and events can be used to help position the brand and organisation with wider social groupings. Consider how social media and digital technology can be harnessed to help promote the brand.
Brands take an age to build but can and have been lost in seconds. Make sure that all employees understand and appreciate this point and respect it in all of their dealings with customers, suppliers, partners, colleagues and the general public. Make sure that staff understand the brands identity, its name, reputation, it’s competitive positioning, status, personality, values, image and associated beliefs.
Apply creative thinking and innovation in order to breathe fresh life into an old but tired brand. Spot and take advantage of the opportunities to take the brand into new target segments or new markets and/or geographies. Strive to improve the quality of the product from both a practical and perception point of view. Leverage the brand’s history and reputation but freshen up the packaging, marketing and promotion methods. Focus on communicating the benefits and value of the brand in relation to the customers’ needs and develop a more integrated customer relationship management approach. Find a way to differentiate the positioning of the product relative to the competition.
Many organisations fail to frequently review the marketing mix in terms of the Product, Price, Place and means of Promotion used. Smart organisations constantly monitor the effectiveness o fall four attributes in order to determine how improvements can be made to deliver growth through an increase in sales and market share.
Business Governance 19 key Issues that prevent effective Governance, Risk, Audit and Security Management
Business Innovation 8 Key Issues that disrupt the introduction of new product, service, process or technology in practice
Stakeholder Alignment 6 key issues that prevent efficient planning and control