Maybe your sales aren’t exactly sagging, but if your business has sort of plateaued, it might be time to consider injecting some new life into it. A newly rejuvenated company can increase it sales and expand its customer base while helping to maintain the customers it already has. What company wouldn’t benefit from this?
Unsure of whether or not your company could use a bit of a makeover? Here are some signs your business might be in need of a facelift.
Outdated branding
If your business has been around for a number of years, your brand might be outdated. Over the lifetime of your business, trends change and having a brand and logo that keeps with old times can make your company seem stagnate unattentive. A company needs to continue to evolve its brand over time so it can: set itself apart, appeal to new and emerging markets, and connect with its target audience.
Startups can also benefit from updated branding. In the early days of beginning your company, you may not have been able to fully develop your identity. Taking the time to establish what you want your business to be is critical in helping with your brand awareness. This is something that can spill over to a company logo, website and printed materials all with the goal of unifying your business’s message and overall image.
Changing products or services
It’s certainly not unheard of for a company to start out doing one thing but overtime evolve into something different. This is a natural progression. The problem is, your company’s image needs to also reflect these changes.
Take some time to evaluate what your business started out doing and how it has evolved to the present day. Make sure your image reflects new products or services, so you can better communicate what you represent to current and future customers. A good tip is to review your business plan once a year to make sure your business is heading in the right direction to match the goals of your five-year plan.
Stagnate marketing plan
If your marketing plan doesn’t ever change, it’s likely your business is in need of a facelift. Over the natural evolution of any company, goals, products and services can all change. This will affect who you market to and how. In order to make sure your business is working with an up-to-date marketing plan, ask yourself the following questions:
- Who is my target audience?
- Is social media part of my marketing strategy?
- What areas do I want to focus on for spreading my message?
- What is the time frame for my marketing plan?
- What are the end goals for my plan? For example, how much will sales, profits and spending increase?
Over the life of any business, a facelift is inevitable. You can’t expect your company to maintain its customer base without acknowledging new trends and technologies– let alone attracting new clientele. Three big indicators that your company may need a facelift are: outdated branding, changing products or services, stagnate marketing plan
Change is inevitable. How you respond to it will determine the longevity of your company.
