Just because the economy is bad and your brand is not enjoying the growth it has been seeing previously doesn’t mean you have to hunker down and keep doing what you’re doing. In previous posts, we’ve mentioned ways you can use the downtime to get stronger either in your existing business, business practices or innovation. But, what about in your branding?
Please don’t go out and update your branding just because business is slow, but perhaps now is the time to take an objective look at whether your business or brand needs to be re-positioned and see if you might be best served to work on that in a down time so that when the economy’s outlook brightens, consumers can also get a new outlook on your product. When the economy rebounds, it is not certain that consumers will return to the products they were using before. As such, it may be assumed that they will be looking at new ones to take their place either based on revised personal or business priorities.
It doesn’t even need to be a major overhaul. It can be a tag line or a simple change in part of your logo or identity. Have you changed the way you do your business that provides benefit to something other than your bottom line – community, environment, lifestyle, etc. – that may connect with a new type of consumer? Have you been lying low after embarrassing business situations where a new identity or even the conveyance of a new corporate consciousness could help you rise from the nadir?
Effectively, you always need to be aware of how things have changed and the affect it has on your branding – even in good times. Make the most of what is happening in the world around you to ensure that you are best suited to move forward smoothly upon the rebound in the economy.