After you've established your business, much of the remaining work is recognising, creating and maximising opportunities for brand growth.
It's all-too-easy to sail along doing things in the exactly the same way you've always done them, believing with all your heart that your brand will grow naturally, as long as you continue to feed and water it.
That's a flawed way of thinking, and it's harming your brand.
Certainly, your customers are a big part of growing your brand; however, if you put all the responsibility on them, they will turn to the competition. It's only a matter of time.
Today's consumer is looking for interaction and engagement—not just a TV ad to keep your brand top-of-mind. They want to know that you're thinking of them, specifically, when you innovate your products and services. They want to know that you're in it for them, not just the profit.
And so, you've got lots of opportunities for brand growth in front you. The challenge is to see them when they present themselves, to go looking for those that aren't that obvious and to get creative about turning bad situations into growth catalysts.
Let's talk about how you can make all that happen.
Missed Opportunities for Brand Growth
Every decision you make for your business either positively or negatively affects it. Even if you're passive in your brand efforts, your ideal customers aren't going to be passive in their opinions. If they care about your brand and love what it's doing for them, then their opinions are positive. If they're angered by your brand, annoyed by your brand, unaware of your brand or indifferent about your brand…well, they're all negatives.
I could give you a list of all the ways you can recognise brand growth opportunities; however, I think you can find that anywhere.
Instead, let's talk about how you can know if you've been missing chances, so you can start turning it around:
- Declining Profits: You've got to know your numbers. You've got to compare today's profits to yesterday's, this quarter's to last quarter's…and so on. And when you see a consistent slide, it's time to ask yourself "What am I missing?" Do your products need further innovation? Is the competition targeting your customers? Has an economic situation cause a decline in spending? The reasons for loss of profit are vast—and so is your power to uncover the truth and get to work.
- Reduced Engagement: If your social media posts are getting fewer likes, comments and shares, you've got a problem. You have been missing opportunities to engage your ideal customers, and their lack of interest in your brand is proof that their attention is being held elsewhere. It's time to dig in and find out what your target audience needs right now—and give it to them.
- No New Customers: It's true that it's more important to retain existing customers than it is to acquire new ones. Nevertheless, if you have no new customers coming in, you've been missing opportunities for brand growth. You've got to carve out time for attracting new clients, because without them, growth is going to be difficult or impossible.
- Lack of Conversions: Maybe your social media efforts are resulting in engagement, but when it comes to that engagement leading to sales, you've got nothing. There's something (an objection or a distraction, for example) keeping them from taking that final step. Talk to your ideal customers. Track their behaviour whilst interacting on your online places. Uncover the problem and remedy it before your brand growth is severely damaged.
- Negative Feedback: A negative comment here and there is typical; you can't please everyone. However, if dissatisfaction seems to be the trend for your brand, it's past time to re-evaluate how you're serving and interacting with your customers. Negative feedback presents a massive opportunity to connect, listen and remedy problems.
- Poor Product Performance: If you're sure that your product is "exactly what they need" right now, and all early indicators pointed to massive success (but the actual results are flat and unimpressive), I can guarantee that some opportunity was overlooked along the way. Audit your brand procedures (branding and marketing, specifically) to determine at what point interest is falling off).
It can be difficult to pinpoint problems when you're working IN your brand, instead of ON you brand. Sometimes you need an outsider; an objective view. So get yourself a business mentor with the experience to help you recognise the opportunities that will lead to brand growth.
In the meantime, let's get you scheduled for our next Brand Builders Thinkubator, which is a global mastermind run on Zoom for one hour every week to take away the loneliness of being in business on your own.
Everyone can benefit from being part of a mastermind as it's the smartest way to connect, network, collaborate and develop ways to build your brand. You are very welcome to attend as my guest and get an insight into the great ideas, collaboration and activity that goes on behind closed doors at Brand Builders. You do not have to be a member to join in.
For more information and to book your place, visit https://lite.brandbuilders.club/thinkubator and I will very much look forward to seeing you there!
Lots of love