Your brand identity strategy is set. You’ve built equity in your brand. Now, you want to increase revenue. Can you accomplish this by broadening your brand’s message…by targeting more people in a more general way? Casting a wider net might seem like the logical (and tempting) next step, but let’s discuss some of the pitfalls of expanding – and potentially diluting – your brand identity strategy.
Maintaining Brand Identity Strategy Focus
There are times when extending the reach and limits of your brand make sense. If the industry in which you work is losing relevance, or if you find your brand being crowded out, despite your best branding efforts, extending its reach might make sense. However, this is not usually the case.
Remember when you first set out to build your brand identity strategy? You named those values that were most important to you and your brand. You researched your industry niche. You envisioned your ideal client and spoke and wrote directly to that person. You built an audience composed of those people with whom you felt a connection – those people who wholly appreciate what you do and how you do it.
If you shift your brand identity strategy focus now, in an effort to include more types of people, with a wider value spectrum, you will effectively exclude that precious audience you worked to build. Suddenly, your message will no longer speak to them. They will feel lost in a sea of other clients – which is essentially what happens when you cast a wider net.
Before casting that larger net, first consider how you can monopolise on the audience you have in place. Have you tapped into their word-of-mouth potential by rewarding referrals? Have you engaged them with social media, in an effort to establish yourself as an expert and to gain recommendations? Is your customer service above par?
Once you are sure you are taking full advantage of everything that loyal customers have to offer, then you might want to consider moving forward with sub-brands. Introduce a new product or service that doesn’t steal focus from your current line, but rather, enhances the relationship you’ve built with your loyal clients. First, listen to what your clients are saying and determine how their needs are changing. Second, pay close attention to the strengths your brand is developing. Now, find creative ways to use the information you gather to augment your brand for the good of your current client relationships. Remember – the happier they are, the more they’ll talk about your brand. Soon, you’ll find your net income increasing – no massive net-casting required.
The moral of the brand identity strategy story? Don’t unnecessarily dilute your brand out of boredom, a desire for quick cash, or to stay competitive in the short-term. Instead, fine tune the focus of your existing brand to create long-term sustenance.
Before you cast that net, talk to a branding expert about how lucrative such a move might be. We know how hard you’ve worked to build your brand, and now we want your brand identity strategy to work – efficiently and effectively – for you.
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