When your value proposition changes, it’s time to change your brand. How to adjust your brand when your market shifts.
With stay at home orders slowly beginning to lift many people are still choosing to stay close to home, and we’re also seeing major shifts in behavioral trends.
Pivoting is a powerful concept, especially for high growth companies. But it’s being overused. A company shouldn’t be pivoting multiple times per year, let alone multiple times every three years. Here is a more effective approach to evolving your strategy.
The founding vision of a business is the roots of the brand. Startups, like Percy 3D, establish long lasting and scalable brands by having a strong vision. Their vision plants roots for the brand to grow and thrive.
Past successes are not predictors of future successes. Toocoo Media grew by over 2,000% in one year: from $200,000 in revenue to over $4,200,000! They’re not relying on the past, and pivoting to a new market for the next phase of their growth.
Every growing company tries and abandons strategies: products fail, partnerships fail, business ventures fail. Change is necessary for growth, but not everyone will see it that way. Not everyone is going to agree with the changes, and some may get malicious. Manage people with an axe to grind after your company changes direction.
Brands have a shelf life–typically 3 to 7 years. As they age and mature, companies have to rethink and reposition themselves for the times. What is innovative today can become common place tomorrow.
Companies often hire consultants so they don’t make mistakes. The challenge is innovation doesn’t happen in a vacuum. And trying to make everything perfect before you act will not mitigate risks, it just delays action.
Strategies can change, but values don’t. Your company’s values are the glue that holds it together. If you tamper with your values you risk crashing your brand, and jeopardizing or even destroying your business.
In March I had an amazing opportunity to deliver a short speech for the Canadian Association of Family Enterprise (CAFE). I talked about how family businesses must constantly rethink and reposition their businesses in order to remain relevant through the decades. I...
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