“Your brand is a story unfolding across all customer touchpoints” – Jonah Sach
Business industries are highly competitive and a brand can get outdated with time when a new brand emerges. A brand often leads to stagnation when there is no growth in the business. Finding new ways to compete has become vital in today’s world, it is important to keep up with the competition, evolve, and grow in order to keep your brand up-to-date and to prevent your company from falling behind the competition.
Here are 5 tell-tale signs that your brand has become stagnant,
1. Lack of transparency
Brand transparency is imperative in today’s company growth. Good transparency is showcasing your values, vision, and mission. Although it’s walking on thin ice, what’s wise is not keeping anything under wraps. Your customers deserve to know everything about what you bring to market and a lack of transparency simply leaves them befuddled.
2. No innovation
Innovation is the process of keeping your brand up-to-date by applying new techniques and establishing ideas to create new values. It’s important to renew your brand with time and keep it vibrant. Your brand is on the brink of falling behind if it lacks innovation whatsoever.
3. Neglecting the brand
Brand neglect is the last thing you would ever want to do because it can affect your current customers and prospective ones. Less evaluation of the brand, its positioning, and strategy can lead to stagnation.
4. Customers switching to another brand
When your brand’s outdated and customers see no improvement, not only they stop talking about it but they eventually stop purchasing your brand and they switch to the most talked-about brand, which is new and updated. Losing customers is a terrible tell-tale sign of a stagnant brand.
5. Inefficacious mission
It’s important that you check on the efficacy of your brand mission every now and again. If a brand fails to serve its purpose, it simply could be way off the mark.
“When you look at the strong brand you see a promise” – Jim Mullen
Beware of these signs to avoid stagnation. The business environment changes at a rapid pace, to stay ahead and set a benchmark against the competitors in the business world, it’s important that your brand remains active and progressive. With the service Passu offers, you can grow your business and keep your brand vibrant. Passu provides promotional products to boost sales, and heighten brand recall. Sail through the storm “the Passu way”!
“Growth is never by mere chance, it is the result of forces working together” – James Cash Penney