Many brands started out as somewhat successful with excellent first impressions and support from the public, but after a certain time frame, there is a noticeable downfall followed by the zenith. This phenomenon is far more common than usual because it occurs even in celebrity stardom, one prominent example being Carly Rae Jepsen’s fame drop post her Call Me Maybe album. This particular album of hers hits too immensely, thereby overshadowing her other pieces. A similar conception applies to the very world of commerce; if a brand is not maintained the way it is supposed to, a downfall may be experienced. Here are some early signs of rebranding companies should take into account before crying over spilled milk.
Dropped In Sales
Notwithstanding the current state of affairs where the pandemic has taken over most dimensions of our lives, it is not an intervention for the public to pursue what they are fond of. As the saying goes, “If there is a will, there is a way”. Have you ever noticed McDonald’s drive-thru being less crowded due to the pandemic? Have you ever seen people stop frequenting shopping malls because they are petrified about the consequences? Precisely. Society today is fairly interest-driven, there are simply no stumbling blocks preventing them from pursuing their goals unless they stop being engrossed. Consequently, suppose you notice a drop in sales, there is probably something wrong with your strategies which call for attention.
You may begin conducting a survey and distribute it to your targeted market via social media in which focuses on questions like :
- How likely are you to purchase this range of products or services?
- How likely are you to prefer this range of products or services over that of another brand?
- How do we improve on our range of products or services to make it suit your needs and demands?
Furthermore, carry out a meeting with none other than your marketing team to come up with suggestions on ways to rebrand your existing product or service range to better cater to the needs and demands of your intended market. Needs and demands change from time to time in accordance with trends, it is thereby important for your team to devise a strategy that will not be easily affected by the ever-changing trend. To put this into perspective, Angry Birds’ merchandise was once a cash cow of many businesses amidst the game launch, and after a certain period of time, sales were noticed to reduce prominently because the trend has been marked a full stop.
Bear in mind that it is of utmost significance to keep an eye on your branding strategy from time to time because the market changes more frequently than we anticipate. Give branding Malaysia a holler today to get their professional assistance.