A Time for Change
While nearing my one-year anniversary working as an intern/part-time employee for Paragon Public Relations and approaching the end of my undergraduate career, I am faced with a unique situation I have never had: the end of the life I have known since starting pre-k at age 4. While the change from a full-time student to a full-time employee sounds intimidating, it is necessary to take on new challenges while continuing to grow. The same goes for a business. All brands should continuously change and rethink their strategies to ensure they meet evolving demands.
Why do Brands need to Change?
I have devoted my life thus far to academic success and earning a degree that will allow me to explore the world and the different options it has to offer. Now, after 18 years and two Bachelor’s degrees, I am ending my time in academia (for now) and entering the workforce as a fresh-faced college graduate. While this change is both terrifying and refreshing, it brings to light something most people and brands have a hard time doing – growing with the world around them.
Companies and brands have a hard time accepting when their current brand strategies need to completely change or be updated in order to continue growing their customer base and keep their returning customers happy. In March, Sports Authority closed 140 of its stores, citing consumer sentiment that its stores are outdated and drab. In this instance, it appears Sports Authority failed to meet consumer demands for enhanced in-store shopping experiences.
Brands need to evolve with the wants and needs of their consumers. There cannot be a gap between what a brand provides and what a customer is seeking. In other words, where the customers go, the brand follows.
Take a Tip from Coca-Cola
While revamping or refreshing a company’s brand and image can seem extreme, it is necessary in order to keep up with market demand. The company’s business model may not need to change, but its messaging, positioning and brand identity should be updated when a shift of the market is noticed or when a new target audience is being pursued.
Coca-Cola, a Fortune 500 company, changes its slogan every few years. Even the design of the brand’s packaging changes frequently. While the product itself is mostly the same, the brand finds new ways to articulate its core message: Coca-Cola is one of the best soft drinks that can be shared with others. As one of the largest advertisers in the world, it knows that change is needed to keep up with the moving market and attract new customers. From its original slogan of “Drink Coca-Cola” to its 2016 slogan, “Taste the Feeling”, the brand is always thinking of new ways to attract more people.
It can be difficult to change the messaging and positioning of your company after spending a lot of time developing it, but remember that the market and industry are also evolving. A strategy that works now will not work forever. Change brings growth, not only in sales numbers but in the company as well. A growth in customers, a growth in employees, a growth in offices and much more.
While changing your company’s branding and positioning is not easy, there are professionals around to help. Contact us to learn more about how Paragon can help you stand out in your industry.