(By Buzz Knight) If you’re growing a brand, you need to recognize that the status quo may be your enemy. Here are some steps to help assess whether your current strategies, processes, or mindsets are hindering progress.
Take a hard, honest look and evaluate your results.
To quote the great researcher Kevin Cassidy, “This is the moment you need ice in your veins.” If you’re not achieving the desired results, the status quo may be holding you back.
Acknowledge the importance of market research.
Continually gather market intelligence to stay updated on industry trends, consumer preferences, and what role emerging technology may be playing. If you are stuck holding on to old methods this may be part of your problem. An old and outdated playbook is not the answer.
Do a competitive analysis.
Comparing yourself to yourself will not uncover what is holding you back. You need to study your competition and their strategies whether you are losing to them or not. If they have adopted innovative strategies this may be where you are losing the battle.
The Feedback Loop.
Keep your ear to the ground for feedback to establish if you are meeting customer needs. If you are not meeting their needs this is an indication that stagnation has set in.
Conduct internal assessment.
Examine your internal processes team dynamics and company culture. Resistance to change and outdated workflows can impede progress.
Set goals.
Establish clear and measurable goals for brand growth. If you’re not making substantial progress achieving these goals it is clearly an indicator that status quo is hindering your growth.
Seek external perspective.
Consult with industry experts, mentors or consultants who can offer fresh perspectives and challenge existing beliefs.
Embrace innovation.
Be open to experimenting with new ideas, technologies and marketing strategies.
Get out of the habit of saying “we’ve always done it this way” and try something new.
Monitor Key Performance Indicators.
Regularly track KPI’s to gauge the effectiveness of brand building campaigns.
Take calculated risks.
Breaking away from the status quo involves taking calculated risks. Evaluate the potential risk versus rewards very carefully.
Remember that change can be uncomfortable but staying stagnant can be more detrimental to brand growth in the long run. Continually assess your brand’s strategies and adapt when necessary to remain relevant in these highly competitive times.
Buzz Knight can be reached by e-mail at [email protected]. Read Buzz’ Radio Ink archives here.
