Many businesses invest heavily in their branding strategy, but that doesn’t mean that the job is done forever once it’s launched. Things change, and if you’re still using the same old branding strategy you put together when you first launched, then there’s a chance that your business is falling behind the times.
Of course, knowing when to invest in updating your brand strategy can be a challenge. In fact, one of the reasons why businesses fail to do so is because there’s rarely one obvious telltale sign that it’s necessary. It’s more subtle than that — but given the impact it can have on your business, it’s very much worth looking for them. We’ve put together a list of some of the signs, so you know what to look for.
It’s Been a Few Years
Even if you think your branding is still on point, if it’s been 3 – 5 years, then it’s probably worth revisiting and updating. That’s about the upper limit for how much value you can get from branding, and by taking action early, you’ll be able to get a head start on ensuring that your branding always stays relevant.
Note that some businesses in some sectors may need to update their branding sooner. For example, if they operate in a rapidly changing industry where even branding that’s 1-2 years old can feel dated.
You No Longer Know Your Audience
Your branding should connect with your audience, but if you don’t know who you’re trying to target, then you’ll essentially be guessing and hoping for the best.
Many businesses make the effort to understand their target audience when they first launch, but things change. If your customer base evolves, then your branding and marketing materials may no longer be aligned with their needs, wants, and expectations. Using customer research surveys can be an effective way to get a better understanding of your customers, ensuring that you can make marketing and branding strategies with current, relevant data. If it’s been a year since you last updated your customer research, then now could be the time.
Campaign Performance Is Slowly Dwindling
Brands immediately notice when their marketing efforts fall off a cliff, yet they’re not as attentive when they slowly roll down a hill. It’s easy to find reasons why marketing campaign performance may not be as effective as it once was, but in many cases, it comes down to brand positioning. There’s likely something that your customers just aren’t hearing. If your campaigns have been steadily declining over the past months/year, then that’s a sign to work with a branding agency.
You’re Falling Behind Your Competitors
Sometimes, the most obvious sign that you need to update your branding is seeing a competitor update theirs. If a competitor has undertaken a brand refresh that makes yours feel dated, then taking action as soon as possible is key. After all, even if your products or services are better, the sheer importance of branding means that your customers may move towards your competitor instead.