5 Steps to Revitalize Your Brand

Most of the time of the C-suite executives go into their attempts to generate, maximize, and manifest investor value. That value can take numerous shapes, including increased productivity, decreased expenses, and market expansion, among others.

Brand can be a significant contributing factor to investor value, acting as a lever that businesses can pull for driving or maintaining value. Regardless of what category or industry the company falls in, the brand is a multiplier.

When a brand is completely dialed in, it can spell out why a particular footwear company’s stock price is worth more as compared to other companies like it. Why is a specific CPG (Consumer Packaged Goods) company harder to obtain? Why one retailer’s valuation is steady while the other retailer’s collapsing under the same competitive pressure.

However, brands often lose focus and, unfortunately, fail in maintaining their competitive edge. When the ability of your brand to connect consciously with the buyers and generate demand starts deteriorating, it’s time for a change; it’s time to invest in your brand. And thus, the process of revitalizing your brand begins.

But brand revitalization can be intimidating. What does it require or involve? How do you ensure the maximum potential for success? How do you make your organization ready to operate in this new business direction?

In this blog, we will discuss five steps to start off, manage, and eventually operate a brand revitalization strategy.

Step 1: Inculcate a Peremptory for Change

Naturally, businesses like to play safe – let’s keep doing things the way it has always been, only better, faster, and cheaper – closing in on transformation as a slow venture. The reason being that the alternative seems too risky and frightening.

But if you want your brand revitalization to be a success, you cannot do it gradually. You must reject the current situation, challenge the existing beliefs, and embrace the unknown and uncomfortable.

For true brand revitalization, you need to have a transformational mindset that requires you to reframe the challenge of making a binary proposition with only two possible consequences, either success or failure – nothing in between. Even if the situation is not so terrible, the company must believe that one result is crucial, the alternative is not acceptable, and moving gradually is worthless.

Step 2: Own a Mindset and Build a Sense of Closeness

The most potent brands do not captivate a particular gender, generation, or income bracket. They own a mindset and build such an in-depth and profound understanding of that mentality that the clients feel that they are not simply purchasing their products/services; instead, they are in an affinity with the brand.

To win this level of closeness, brands must look beyond buying behaviors and acknowledge the fact that the customers spend just a tiny fraction of their lives shopping, purchasing, or even thinking about products and services. Before customers, they are people that have goals and visions, values and perspectives, and successes and struggles.

You have to determine how your brand can, even to the smallest extent, help people to chase their dreams, achieve their goals, and relieve their struggles. That’s the only way you will be able to revitalize your brand truly.

Step 3: Strive for Indispensability

Numbers don’t lie, and according to what we have seen, customers are increasingly becoming aloof and insouciant to most of the brands. They give little to no thought to a brand and will be unbothered even if the vast majority of them disappear tomorrow.

Companies that buck the system by building a strong following of customers that genuinely care about them are an exception in this case. They leverage a deep and profound understanding of the consumers to become a crucial part of their lives.

However, to be honest, no brand is ‘absolutely’ necessary in anyone’s life. The customers will continue living their normal lives even if their most beloved brand disappears out of the blue. But an exclusive group of brands has successfully built the impression of vitalness and thus impacted the way people refer to them. For instance, “I can’t start my day without taking a quick trip to Starbucks!” or “How would I survive the day without my iPhone?” or “I can’t imagine my life without Netflix.”

As your brand moves towards the journey of revitalization, brand managers must find a way to become as crucial as possible in the lives of the customers sharing their mindset.

Step 4: Think as One, Act as One

Steps matter more than strategy. While it is hard for a good execution to boost a bad strategy, it is pretty easy for a poor execution to sabotage an excellent strategy. And the worst type of execution is the one that lacks consistency and is out of focus, making the brand look paranoid or insane.

For your brand revitalization endeavor to be successful, you need to include the people or team responsible for execution into the process as active co-creators, not as the final direction receivers. Moreover, getting buy-in on the final direction will be easier if you have everybody alongside for the whole brand revitalization journey. Additionally, enabling a cross-functional activation session at the completion of the strategic process will help align your team, convert strategy into action, and eventually result in a harmonious go-to-market (GTM) effort.

Step 5: Nurture Your Brand

Your brand is just like a living organism. It should not be built in a vacuum, and it definitely doesn’t live in a vacuum. Brands exist in a dynamic and evolving market where the wants and needs of the consumers are always progressing, the innovation is accelerating, and the corporate expectations are changing (usually increasing). Having said that, brands need to learn, develop, and adjust. Is the peremptory for change different? Has the recognized mindset changed? Does the path to vitalness need to be reconsidered? Is the execution giving the expected impact?

Conclusion

Revitalizing your brand is a continuous, ongoing process, and your brand requires regular nurturing. Brand revitalization is a crucial process to keep your business up and running and stay in the competition. With the help of this guide and the five steps mentioned here, you will be able to revitalize your brand successfully and keep it relevant, competitive, and fresh.