After last week’s blog posting, how did your brand clean up? Here are five more questions to see if it’s time to brush up.
Have you acquired new companies or shed divisions?
When your company acquires new ones or divides, it may mean a shift in business strategy or it may not. Regardless, it may mean you’ve left your brand behind.
Has your revenue growth stalled?
If your category is dying, you can’t necessarily blame poor performance on your brand. But if your sales growth doesn’t match your category’s growth – and it hasn’t in awhile – it could be time to overhaul your brand.
Has your market changed around you?
Lots of new players, new developments and new customers in your market? Your brand may be well-positioned to take advantage. Or it may not. Time to figure it out.
Has your senior management restructured?
Brands belong to the people, but brand development begins at the top of the food chain. When there’s a lot of change at the top, there’s bound to be some confusion below. A strong brand development process is a great way to get everyone on the same page.
Has your company turned 20 years old?
Okay, this one belongs to my friend Jim Hughes, of the Brand Establishment, who’s been doing this a long time. Jim swears a high percentage of established companies that come to him for his brand development expertise are about 20 years old. Why? His hypothesis is that at about the 20-year mark many companies find they’ve lost their focus, the market has changed around them and maybe there’s been some senior management change. Whatever. Maybe it’s like the 17-year locust or seven-year itch. But I’m guessing that if your company’s about 20, some of the other nine clues are making themselves evident.
So where does your company stand? Healthy brand or unhealthy? For most successful companies, working on brand building – understanding it, delivering on it, communicating it, measuring it – is an all-the-time thing. If your organization has a clear vision of your brand and is acting on it, you’ve probably already stopped reading. If not, you’ll probably find yourself nodding yes to a number of the clues; it may be time.
