Very few brands are exiting 2020 without having experienced a change in their market landscape. New strategies were quickly implemented to survive and thrive this year. As we look to 2021, it’s clear that new strategies may be again needed to keep a brand’s growth on track.
Brands that focus on solving the right customer or marketplace challenges do so by looking at a defined set of strategic issues proven to drive brand growth.”
How can you tell if it’s time to reconsider your growth strategies? Here are eight pivotal shifts that can occur when a deeper look into your customers and marketplace is most likely necessary:
- You are losing an emotional connection with customers, and it’s showing in a dip in sales.
- The brand is moving into new markets, and you’re questioning whether the existing strategy will deliver on performance goals.
- Customer preferences are changing—and fast. This is especially true in when a new competitor enters the market and causes rapid shifts in customer attitudes and behaviors.
- Your industry ecosystem is being disrupted whether by technology or new players in the market.
- The brand team is struggling to coalesce around the right path forward for innovation and new product development.
- Your messaging is falling flat and this is impacting the shelf space allotted to your brand retail partners.
- You have an exciting new product or service feature, and it could impact who you target and where.
- Annual plans from top management require new strategies to meet performance goals—where are the opportunities to find this growth?
Brands that focus on solving the right customer or marketplace challenges do so by looking at a defined set of strategic issues proven to drive brand growth. These strategic issues are the framework of our Brand Growth Navigator, which is our proprietary approach for guiding brands in developing clear paths to success.
Download this ebook (PDF) to learn how to use our Brand Growth Navigator.