If your brand has been battered in the marketplace, you need to develop and implement a turnaround corporate branding strategy. Having been there and done that with a Fortune 500 business-to-business brand, here are five keys to successful turnaround branding.
5 Keys to a Successful Turnaround Corporate Branding Strategy
1. Be prepared for a multi-front branding battle.
A turnaround corporate branding strategy is not a one front battle. If a brand were just a logo, it would be. Since a brand is more than a new ad and a new logo, however, you must fight the turnaround branding battle on multiple fronts. That involves the brand’s strategic foundation, its people, product and service quality, brand cues, and communications channels.
2. Ask questions and pursue facts relentlessly.
Facts are at the heart of driving turnaround branding strategy. Got big data? Got small data? Either way, use it to form strategies and decisions. You have to ensure you are listening everywhere for what customers, the marketplace, competitors, and other stakeholders are “telling” you about your brand position.
3. The real competitive threat isn’t always the obvious one.
It’s easy to think the competitors you are up against with your turnaround branding strategy are the competitors that look like your own brand. It’s vital, however, to identify potential competitive substitutes – even unconventional ones – for the benefits your brand delivers. Niche players could become the competitors that disrupt and crush your turnaround branding efforts.
4. Figure out what your brand is really about in the minds of customers.
Determine what your brand represents right now in the marketplace and what opportunities there are to change your position. Exploring the benefits the brand currently delivers and has the opportunity to start delivering could lead to a very different position than what the brand currently occupies.
5. Your brand story needs to be simple, consistent, and visible.
Getting ready to deliver on your updated brand promise means everything has to be aligned, beginning with alignment to your brand culture. Enabling the brand promise starts with having the right people in place, then training and developing them to carry out what you tell the marketplace you’ll do. The key is making sure everything is ready behind the scenes before you start talking to the market.
A Corporate Branding Strategy Caution
Don’t be fooled by there being just five turnaround corporate branding strategy steps on this list. There’s a lot contained in those five steps, so start early and keep at it! – Mike Brown
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