What do you do about the changing marketplace when it comes to branding? The fact is that businesses trying to amplify their brand often just focus on colour, packaging, overall aesthetic, the user experience, or customer case studies.
But they may be overlooking a key component that’s crucial to branding success. According to the 2018 Edelman Earned Brand study, 64 percent of consumers around the world buy products and services according to their values.
In fact, those consumers will even support or avoid a brand depending on what issues they care about. That’s why it’s so important to not just create a brand but stay consistent.
Building Trust and Brand Loyalty
It’s inevitable that a growing business will face adversity at some point or another. Whether it’s a viral rumour about their business, a heated discussion with a customer for all to see playing out over social media, or a news-worthy profit loss, most companies will grapple with conflict at some point or another.
Although businesses can do their best to avoid such issues by focusing on amazing customer care and products, the real solution is to simply embrace adversity. Look to big brands doing it best. Instead of running from rumors of pyramid schemes, Amway uses it to help brand their company.
Users hunting for the Amway pyramid scheme facts will find a run-down breaking down the truth about its position as a direct selling organization and how it compensates its Independent Business Owners.
Meanwhile, Fujifilm embraced its own adversity as the digital photography movement seized the mainstream. Instead of hanging onto its dying business of producing a film for traditional cameras as the business had since 1934, Fujifilm pivoted to expand to medical imaging, optical technology, and other digital areas.
#2]. Learn to Evolve While Staying Aligned with Your Brand
It’s inevitable that brands will evolve over time, but they shouldn’t make a complete pivot. Just look to Apple for the answer. The technology juggernaut nearly went bankrupt after failing to innovate fast enough to keep up with the changes in consumer technology.
But Apple didn’t simply look to what was trending and produce an array of lackluster electronics and products that didn’t align with its core brand. Instead, the company partnered with Microsoft, let go of a dying project called Newton that was sucking away profit and introduced the iMac.
Over time, Apple also introduced innovative new products like iPhones and iPads and grew to a trillion-dollar business.
#3]. Hold Yourself Accountable
What were your core values and brand when your business first launched? Was it all about making a ton of money? Or was it about selling others a quality product or service while improving their lives? Dig deep into what your brand is really all about and hold yourself accountable.
Are your business choices still helping others like you once reamed? Or are you just creating a company that takes more than it gives? Think about what you want your brand to stand for and hold yourself accountable to that vision.
Staying true to your brand can feel overwhelming in a rapidly changing marketplace with competition around every corner. But building a consistent brand based around your core values puts your business on the path to long-term success.