Break your brand out of its growth slump

Credit: Caleb Roenigk

All businesses want their brands to grow.

Steady year on year growth of 3-10% would be great, exponential growth (if you’re in a rapidly growing category or at an early growth stage) is brilliant.

Unfortunately, while we like to see brands grow consistently each year, it’s not always that easy.

Does your brand growth look like this?

In fact, regardless of the rate of growth that you’re delivering, wouldn’t you like more?

The problem is, even if your brand is super sexy, in a super sexy growth category and has been growing at an enviable rate…maintaining or improving the rate of growth simply becomes more challenging year on year.

Needing to constantly ‘go one better’, improve on that outstanding campaign from last year, or find a new way to blow your competition out of the water becomes more difficult.

So, if you’re faced with challenging growth ambitions, how do you get yourself out of the ‘how on earth can I do that?’ spiral and redouble your efforts?

 

  1. Take Stock

How is your brand currently performing?

How far off your target growth are you?

Which strategies and activities are working? Which ones aren’t?

What’s helping the strategies that are working deliver?

What’s stopping the strategies that aren’t working from delivering to your expectations?

What obstacles are in your way? How can you navigate round, over or under them?

Someone, somewhere will have already navigated the obstacles you’re faced with – seek them out by asking for help within your business or externally.

 

  1. Focus Your Effort

You have limited time, people and financial resources available to deliver the results you want and you can always improve your utilisation of these resources.

Often marketers see budget as the biggest and most important resource, but it’s not. Time is the only truly limited resource we each have.

But you can achieve more, in less time, by being focused. Do the important things first and without other distractions.

If you also work collaboratively with others, you not only share workload, but can also achieve a greater result than working alone as each person focuses on doing what they’re great at.

Many marketers believe that if they only had more investment, they’d be able to achieve so, so much more…but that’s not necessarily true.

Being really smart about what you want to achieve and how you can best accomplish it outweighs simply throwing cash at the challenge.

Put simply, focus your resources on doing more of the stuff that works, and stop doing the stuff that doesn’t. Time is too short!

 

  1. Take Action

Let’s get you going.  Can you apply the tech ‘Lean Startup’ approach to your brand?

  1. Execute your activity
  2. Monitor performance against your objectives
  3. Pivot as needed based on results and go again

Continual action, assessment and reiteration will get your brand out of the slump and towards your goals as quickly as possible.

At BrandWorks, we support food brand owners in reinvigorating and accelerating brand growth.

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