Every company strives to have the dominance of recognizable brands. From small startups to powerhouse companies, all work hard to foster innovation and creative thinking to relate to millennials and change makers.Many business owners don’t realize that with the adventure of building a new product and diversifying the company in new directions, there’s the risk of losing the brand’s identity.
Before any business leader is tempted to become such an aggressive visionary that the new ideas alienate the core audience and prospective customers, he or she should follow these tips to stay on track:
1. Evaluate your resources.
Many companies are tempted to hit the restart button when moving in a new direction, with choices ranging from fresh messaging to new hires. Before wiping the board, take a closer look at current resources to find the value in each one.
The existing employees may not readily embrace the new direction or know how to do so, but keep in mind their company knowledge and client relationships, which are rich assets. Consider working with your employees to support them through the transition, giving them a foundation in the new direction.
2. Keep a pulse on the industry
It’s certainly important to stay relevant to today’s youth as they’ll one day be part of the core audience. But determining where and how to grow the business requires listening to current customers. They offer the best insight on the company’s strengths and opportunities.
3. Engage your core audience as well as newcomers.
A company that’s pursuing a new direction might face the challenge of juggling two segmented audiences: the core audience (loyal customers who have followed the corporation’s brands) and a new audience (consumers interested in the updated offerings).
The core audience might not embrace every new product line or brand image immediately, but the company can convert them into adopters by educating them about the benefits of the fresh venture. This can be a slow and arduous process, but with 89 percent of consumers willing to purchase from a competitor after a poor customer experience, according to Oracle’s research, it’s imperative to be responsive when clients ask questions and work with the customer-relations team to provide better service.
When building and sustaining a business in fields with convergence and change, pause and reflect on how a transition might affect the company’s culture and identity and ultimately its customers.
