How to Drive Growth for an Established Brand in the Modern Era
The key to any established brands successful transformation? Staying true to brand while using data and serve your customer.
In the era of an epochal transformation,
- continuing to drive and maintain growth,
- knowing your customer,
- innovating while remaining true to the brand’s roots;
- The ingredients for sustained growth?
Nowadays, many brands try to replicate the models of its competitors without innovating an extra mile only for achieving early short-term goals in the hyper-competitive marketplace. Unfortunately, it’s a myth for a brand who think they will succeed in the market by replicating the ideas of its competitors. Later on, brands may lose its brand loyal customer base & market share which can actually put the brand’s reputation at stake.
The major ingredients for sustained growth of any brand are:
- always bring quality first,
- be very specific with customers about the difference between your brand and your competitors brand,
- always treat your customers & employees with respect,
- Decision Making: How to drive growth for your established brand?
The toughest and biggest debates of a brand about its choices for driving growth often come down to which products or services to launch and what to execute successfully so that the brand maintain its consistent image and market share.
There’s always a natural tension that arise among the brands between marketing and operations, because marketers are really good at creating fun ideas. But sometimes new ideas can put unfair stress on the brand without generating a big enough return to warrant the effort that goes into it. Being an authority, you’ve to make sure that every person is grounded and everything you do is built around improving the economic model of a brand.
- Modernising your brand’s tone of voice
Each and every brand has its loyal customer base and they want the brands to modernise according to the market trends. Customers who are loyal to your brand would always try to hang in there with you, even though the brand has gotten little dated and tired because they’ve been rooting for the brand and love your brand.
So for you as a brand authority in the modern era, the challenge is to bring the brands back to life in a very different way.
To keep your brand willing to fight with the competition you need to modernise your brand’s tone of voice, particularly in social, is that you’ve to stay grounded and do what you have first started advertising it when your brand was at the initial stage of business.
- Identifying which ideas to pursue and which to reject
It’s a challenge in the present scenario for brand managers to identify and choose which ideas to pursue and which to reject due to infinite bombardment of content over internet.
Brands need to test a lot of different ideas. Some of them work, some of them don’t and some of them work great. The key thing to understand is not to do things that only do okay. Those okay, safe and mediocre or middle-of-the-road ideas rarely lead to big result, and you can waste lot of time, money, workforce and energy very quickly. There’s a long list of okay ideas that brands can have but the okay ideas don’t work great now a days.
So, the brands have to pick up two or three big ideas and drive those out. Many a times team invests a lot of efforts in developing ideas but they don’t get a big enough result. But the work that was done previously by the team efforts can help brand to a jumping-off point to go find that bigger idea.
- Standing Out & Taking risks
According to, the recent study of The IBM institute for business value in cooperation with Oxford Economics and partnership with The Drum, found that “84% CMO’s believes that their business model is under threat.” Not just from technological disruption, but also because of the changing market dynamics, changing customer preferences and introduction of new distribution channels.
Digital has changed branding but
Sometimes ideas seems bit loose and seems unattractive to you as a brand manager, don’t hesitate to test that idea might be that can turn out to be a big success.
- Turning customers knowledge into profits
In the recent world of
Let’s me give you an example of Wendy’s “an American international fast food chain”, how they turn out the customers knowledge into profits. Back in 2015, Wendy’s invented a new promotional concept called 4 for $4, where Wendy’s gave people a complete meal solution for $4. This offer transformed the velocity of Wendy’s business. They attracted a lot of new customers, and they were incredibly appreciative of the value they could get with the high-quality food Wendy’s offer.
Wendy’s came up with this 4 for $4 idea after listening to their customers, who were looking for a complete meal for under $5.
- Taking leverage by using Data Analytics to unlock creativity
Data has always been the best-way to unlock the creativity. Established brands have specific data with them to analyse what customers are able to spend and what a brand can offer. A good brand manager is who solve the problems of the customer, because he or she understands the customer spend and what they can offer to its customer as a brand.
Data is all about identifying the problem you’re trying to solve. Then you bring creativity to deliver solutions. Whenever you’re providing solutions for a consumer problem, your business grows.
You can check out more about it on 9 Important Reasons to use Google Analytics
- Balance your spending between channels
Brands have to spend their money wisely on choosing the right channels for spreading the awareness quickly about their new initiatives they are bringing to the market. Television continues to get more expensive for brands, so brands should shift more money aggressively into the digital.
The more disruptive the brands are with social, the less brands have to spend on other channels. The best advantage of social is that if you come up with the disruptive things, you better can get lot of press out of it.
- Innovate while staying authentic to your brand’s roots
When you think about the trends that are out there, or your competitors are following the trends, you are never going to make the most out of it. The most important thing a brand manager should understand is not to chase a trend but stay true to what you do uniquely well.
Try to go out and do a research by taking face-to-face interviews of the customers what they think about your product and what do they think before buying such products. Ask the customer for all the different things that could motivate them to buy your products.
Instead of following the trends the brand manager should really focus on communicating what makes your brand different as your competitors.
LUSH That Brilliantly Differentiated Themselves From the Competition
LUSH is unlike any other make up brand on the marketplace. The top competitors of LUSH are Sephora, BOMB Cosmetics, Etsy. This cosmetic brand has international reach with a local “warm and fuzzy” approach that isn’t afraid to push the boundaries. So, what makes them unique and how they have a massive brand loyal following in comparison to Sephora or even Etsy? Handmade products is the key to LUSH success. Brand advocates of LUSH are committed to ethical buying, and are obsessed with the purity that comes from a handmade item. The company’s biggest success is knowing that its core buyers value social and corporate responsibility over a luxurious and out-of-reach image. LUSH’s branding is quite simple and genuine, with great contract between visuals and is simply not seen elsewhere.
How they are doing it:
- Customers: LUSH understands its customers and appeals to the girls who believes in natural and handmade cosmetics.
- Products: LUSH is one of its kind that offers free samples and in-store trial on nearly everything.
- The business is not selling an image, they are selling viewpoint on how to define “beauty”.
- Offers a one-of-a-kind retail experience like you’re walking into an Etsy store in real life.