When a brand faces poor external results with a decline in sales, shrinking market share, and lower profit margins due to lower prices or rising costs, the brand leader needs to create a turnaround plan that will fix it. From my experience, you will need both a short-term and long-term fix. The quick fix helps address the hemorrhaging results that are impacting the bottom line of the company.
Assessing your brand situation
Before moving towards a plan, you must fully understand the situation you face. Each year, conduct a deep-dive business review to assess the health of your branded business. A smart brand strategy is a smart business strategy. You are running a live business, with a need to drive sales, manage costs and produce profits. Without addressing the competitive and consumer factors you face, all your great strategic thinking will come collapsing down around you.
There are four distinct situations your brand could face:
- Fuel the momentum
- Fix it
Fix it plan
However, most fix it situations have a more in-depth cause, hidden beneath the surface level. You will need a change management leadership style that challenges everyone and everything. You will need a new plan, which includes a new vision filled with new ideas. Explore the need for different people to join the team. Losing can be contagious to the culture of a team. You will need to create a new attitude.
The quick fix can buy you time with management to implement what you see as the longer-term fix it plan. Any immediate wins also give the team a much-needed boost of motivation.
Dig deep into a full business review to understand the underlying causes happening in the market. Evaluate changing consumers needs, new competitors, changes in the retail landscape, and changes in technology. Close leaks using a brand funnel analysis. Go through every investment decision. Cut all spending that fails to drive results and reinvest in the new plan. Invest only in programs that give you an early breakthrough win and payback. Once you have the plan in place, make sure you have the right talent in place to make it happen.
The quick fix plan
- Find early, and obvious potential wins to stop the hemorrhaging.
- Emphasize results to fuel a performance-driven culture.
- Use all early wins to boost the team motivation.
- Celebrate every victory, big or small.
The long-term fix
- Conduct a deep-dive business review of the market, consumers, competitors, channels and the brand. Focus on the top three issues emerging from the review.
- Invest in a new brand plan with a brand idea supported by a unique brand positioning.
- Make focused investment decisions, and take smart risks to fix the brand communication, product innovation, purchase moment and the consumer experience.
Your brand should start off with a brand strategy roadmap
Every brand should have a brand strategy roadmap that includes the vision, purpose, values, key issues, strategies, and tactics. As well, it should layer in the brand idea to deliver a consistent brand across the five consumer touchpoints. To ensure you have a long-range plan everyone can follow, you should get your brand strategy roadmap down to one page.
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With Beloved Brands, you will learn everything you need to know so you can build a brand that your consumers will love.
You will learn how to think strategically, define your brand with a positioning statement and a brand idea, write a brand plan everyone can follow, inspire smart and creative marketing execution and analyze the performance of your brand through a deep-dive business review.
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Beloved Brands: Who are we?
At Beloved Brands, our purpose is to help brands find a new pathway to growth. We believe that the more love your brand can generate with your most cherished consumers, the more power, growth, and profitability you will realize in the future.
We think the best solutions are likely inside you already, but struggle to come out. Our unique playbook tools are the backbone of our workshops. We bring our challenging voice to help you make decisions and refine every potential idea.
We start by defining a brand positioning statement, outlining the desired target, consumer benefits and support points the brand will stand behind. And then, we build a brand idea that is simple and unique enough to stand out in the clutter of the market, motivating enough to get consumers to engage, buy and build a loyal following with your brand.
We will help you write a strategic brand plan for the future, to get everyone in your organization to follow. It starts with an inspiring vision that pushes your team to imagine a brighter future. We use our strategic thinking tools to help you make strategic choices on where to allocate your brand’s limited resources.
Our brand playbook methodology will challenge you to unlock future growth for your brand
- Our deep-dive assessment process will give you the knowledge of the issues facing your brand, so you can build a smart plan to unleash future growth.
- Find a winning brand positioning statement that motivates consumers to buy, and gives you a competitive advantage to drive future growth.
- Create a brand idea to capture the minds and hearts of consumers, while inspiring and focusing your team to deliver greatness on the brand’s behalf.
- Build a brand plan to help you make smart focused decisions, so you can organize, steer, and inspire your team towards higher growth.
- Advise on advertising, to find creative that drives branded breakthrough and use a motivating messaging to set up long-term brand growth.
- Our brand training program will make your brand leaders smarter, so you have added confidence in their performance to drive brand growth.
To learn more about our coaching, click on this link: Beloved Brands Strategic Coaching
To learn more about our training programs, click on this link: Beloved Brands Training
If you need our help, email me at firstname.lastname@example.org or call me at 416 885 3911
You have my personal promise to help you solve your brand building challenges. I will give you new thinking, so you can unlock future growth for your brand.