Find out with this 5-point checklist
1. Your visual identity is out-of-date
Every successful brand keeps its visual identity fresh, sometimes with changes that are so subtle they can hardly be noticed. Make sure that the visual identity of your brand looks current and contemporary.
2. Your product is not keeping pace
Is your product keeping pace with the market? Technology, design, packaging, even terms and conditions – they all play a role. Are you innovating in all these areas?
3. Your customer base is aging
Sometimes customers grow old with a brand. This is a good thing, but you must also continue to attract new customers to the brand. Do you understand the dynamics of your customer base? What secrets lie under your sales figures?
4. Your positioning is losing relevance
Where are you in the mind of the consumer, and how does that align with market trends? Is your positioning ahead of the market, gaining relevance as the marketplace moves towards it? Or are you behind the market, losing relevance as your market powers ahead of you?
5. Your touch points are not aligned with the market
Still supporting a costly retail network when you could be online? Still advertising in print and TV when you should be using digital channels? Still placing your product in movies, when your target market is spending more time gaming? You need to constantly align your touchpoints with the changing marketplace. Otherwise your brand won’t be reaching your market, it will be somewhere else, and it will fade and die.
How is my brand doing on each of these points? (Try scoring your brand 1-10 on each point)
How are my competitors doing on each of these points? (Score them too)