A company is as good as its ability to expand which is why it is important to renew your brand every so often in order to prepare and welcome new business and new business relationships. It is also a very relevant way to treasure existing business relationships because it says, we care to impress you.
Since 2003, Shimmer Events has been doing an exceptional job of conquering new territories in the world of meetings, conferences, weddings, and special event productions. While they keep growing and aim to dominate the events and production industry, they are also enthusiastic about presenting their existing clients and vendors with a more valuable business. In essence, the company will be adding some shimmer to their existing glow…an excellent way to renew your brand!
Reinventing Your Brand
Over time, even the most successful businesses can grow dull because they no longer have light to shed. That is the outcome of waiting too long before reevaluating operations and making necessary adjustments to keep the foundation renewed. Nurturing changes in any industry is vital to developing your brand, demonstrating the company’s capability, and also the ability to mature alongside your client’s. Reinventing the company shows your clients and vendors that you are making a commitment to satisfy their needs continuously. The best way to stay in business is to reinvent the brand progressively and stay on top of industry trends. Fortunately, we live in a digital age where a change to the face of your company’s products and services can come as fast as the speed of light.
I think that everyone could agree that Apple is the market leader in utilizing the best methods to reinvent a brand. Their “Think Different” campaign that launched in 1997 with great shine is surely remembered. What’s not remembered, is that they ended the year with a 36% fall in sales. After that, they launched the iMac and iBook that lead to another nose dive of 14% in revenue. Does that mean that their reinvention was an epic fail? Nope! Now they had our attention and later introduced the iPhone, which lead to $170 billion in revenue. There is a lot to be learned from that turnaround.
Reconnecting With Your Audience
All established brands have a variety of advantage over start-ups. They have the ability to count on their existing recognition, customer base, and reliable income stream. However, while established companies have the upper hand in the success race, they often lean too much on the past and lose sight of the do-or-die enthusiasm that is brought on by creating industry altering solutions. If your consumers remember your name but can’t remember what it is you do or sell, then it’s time to reinvent yourself and introduce them to a 2.0 version of your company. This is a great way to reconnect with not only your customers but also reconnect with your trusted vendors.
So how do these changes add value to your relationship with customers?
Well, the very definition of the birth of anything is that something new is being promised. Introducing new products or services to existing clients is rewarding to them. If they are existing customers, they are already content with the services that were provided. Only now, you’re saying, but wait there’s more! Changing the company to something bigger and better is a subtle way to renew your brand because it isn’t expected or requested. The positive reaction to that noble gesture is that they realize how much they wanted it after it was presented. Your ability to add worth to your existing services also increases their interest in what more they can expect. The key is to continue to satisfy them not only to keep their business but also to make them want to spread the word about your company which invites new clients to use your company.
While there is something to be said about the achievement of customer appreciation, vendors are also always keen on the reinvention of the companies they do business with. Launching new products or services is a wise way to renew your brand; the vendors you utilize to fulfill customer requests will see that there is a possibility that you will need more of them as well.
That makes cents! Something all vendors can appreciate. By improving or adding services, you are increasing your worth which adds value to a vendor’s interest in continuing to grow a business relationship with your company. The more you offer customers, the more you’ll need them. Everyone in the business world wants to be needed. Needed means income.
Remember that reinventing your brand doesn’t mean to reinvent the wheel. Don’t throw out everything that worked in the business before. It just means that it’s time to examine what got the company to where it stands today and figure out what worked versus what didn’t. Then develop a new approach to what you will offer next. Knowing the evolution of your company will help you discover what the next stages and strategies should look like.