Earlier we discussed how brand equity impacts the value of your company.
Companies with strong brands are worth several times more than companies with weak brands.
So how do you reenergize a brand that has gotten a little stale?
Remember your brand is not just a logo or website. It is an entire experience a customer associates with your company.
Start with your product or service. Do your customers believe they are getting fair value for what you offer? If your products seem to be out of touch with the marketplace analyze what can you do to change them. Can you improve packaging, service delivery or the product itself? Is price an issue? Can you deliver on what you promise?
Secondly, take a good look at your marketing materials. Is your logo modern looking and attractive or look like something out of the 1950s. Does your website provide key information your customers need in a fast easy-to-read manner? Can customers find your website easily when they do an online search? If you use brochures make sure they look clean and professional with current information.
Thirdly, analyze how you sell your goods and services. If you use a sales staff do they represent your firm in a professional manner? Do they dress appropriately and show-up for appointments on time? Do you they receive constant training and management support or are they allowed to just flounder along? Your salesperson will be the first contact your prospective customer will have with your company and immediately he/she will form an opinion whether it be good or bad.
Fourth, do some research and ascertain how the general business community perceives your company. If sales are weak and you’ve done no advertising or public relations in quite some time most businesses probably have no opinion about your company. In fact in all likelihood most have never heard of it. To restart your brand invest in some advertising and a public relations campaign. Develop a plan that reaches your target audience. Some tactics may include joining boards of organizations, sponsoring events, securing articles in various publications, and communicating with your audience via online news sites and social groups.
Fifth, follow-up with customers and make sure they are happy with product and service delivery. In today’s fast-paced environment receiving a call or email inquiring about customer satisfaction can separate your firm from the rest of the pack. In a small company that call or email can come from top management. In a larger company it may come from the head of customer service or customer service rep.
The ability to sell and market a good product in a professional manner, follow-through with excellent customer service, and give-back to your community by playing an active role in groups and charitable organizations, is the best way to enhance your brand and make your company more valuable.