To help your brand stay relevant and successful, here are 7 missteps to look out for
when managing your brand to avoid failure:
1: Not Being Authentic
This is one of the top reasons why most brands fail.
Simply put, don’t try to be everything to everyone.
I know it’s tempting to try and capture all the potential customers in the marketplace. But as I’ve mentioned before, you need to find your niche, your audience, and differentiate yourself from the competition.
Know who you are, know what you do best, know who you serve, and present your brand in that way.
2: Breaking Your Promise
One of the main goals in developing your brand is to earn the trust of the consumer and create loyalty.
In doing so, you are making a promise to the customer. If you break that promise and don’t make good on your word, you are destined to fail.
3: Losing Connection With The Customer
While developing your brand, you will spend a lot of time and energy finding and understanding your target audience.
Remember, your brand exists in the minds of your customers.
So to stay relevant you must constantly be connected with your customers and aware of their ever-changing needs, motivations, and perceptions.
4: Lacking Differentiation
I talk a lot about differentiating your brand from the competition, and how important it is to maintaining longevity.
Many brands disappear and become irrelevant because they get lost in the competitive landscape. They simply play it safe and don’t push the boundaries of uniqueness.
Your brand is your ultimate competitive advantage. So define what makes you different, and boldly and consistently announce it to the world.
5: Misaligned Company Culture
Your brand starts from within your company.
It is critical that everyone in your organization, from the part time interns to upper management, are inspired by your brand and uphold the core values.
Building an internal company culture of enthusiastic brand advocates will be demonstrated in their work, and obvious to the customer.
6: Confusing Brand Architecture
Remember earlier when I described the different types of brand architecture, and how beneficial it can be to increasing your brand equity?
Well, as valuable as brand architecture can be, it can also confuse the consumer if it’s not structured properly.
If the hierarchy no longer makes sense, you could be wasting marketing dollars by targeting the wrong audience with the wrong message.
Brand architecture should maximize your marketing efforts by providing powerful cross-promotion between your sub-brands.
7: Remaining Stagnant
Just because your brand is successful today, does not mean it will be successful tomorrow.
The marketplace waits for no one. You have to constantly be on top of current trends and consumer preferences.
If you are complacent, your brand will quickly become irrelevant.