Brands must acknowledge their likely lifecycles.
Creating a brand is only the beginning. The real work is sustaining brand relevance and evolving in a fast-paced, multifaceted, complex, highly competitive and totally connected world. Brands have to evolve and be in sync with the world they serve.Brands that don’t evolve, can lose their core, and eventually become extinct.
Reasons to Evolve
- Your target audience has shifted/changed. What once was your best target is no longer the one you need to serve. Your goals have shifted and it’s time to change gears.
- Your capabilities have advanced and evolved. With the rapid advancement of technology, your services or products have evolved. It’s time to announce that growth to the world.
- The way you are perceived has changed. Some clients or customers may think you’re outdated instead of established. It’s important to stay ahead of trend and show your strength in the market.
What should you keep?
- Your name. It’s your identifier. It’s what people know you by…in more ways than one. There are cases where you may need to rename yourself and reinvent your reputation or your old name doesn’t really fit what your core values and mission is as a company any longer.
- Your purpose. You should always strive to change the world and always remain inspiring and ahead of trend. This is important for your customers, staff, followers and your competition. Strive to be the best that you can be.
- Your core values or beliefs. Only change them if it’s absolutely necessary.
- Your brand promise. Trust is the foundation for any brand’s success. Without trust in the market, you are nothing.
- Your ideologies/principles. Today, we are in a super transparent market. Any mistakes or transgressions will be discovered.