How to Keep Your Company Branding Current (And Profitable!)Phillip Davis
October 6, 2009 — 1,155 views
The one constant in business is change. Nearly every product, service or solution gets replaced by something newer, better, and "different-er" than before. Take mobile texting for example. All three of my teenagers live on it, spelling out each cryptic message in a matter of nanoseconds. They prefer it to email, or worse yet, utilizing verbal communication technology (formerly known as "making a phone call"). But they are the new norm, the reality of the marketplace. They are adapting to new ways of connecting, new methods of networking. They are not doing it "wrong," or inefficiently. They are simply doing it differently. And that's what constitutes change.
A speaker at a business meeting I attended a few years back shared that 40 percent of the average business's revenue stream would be coming from an entirely new source in five years. That was an amazing statistic to me. Yet most businesses are operating based on old models and old ways of doing business.
So the question I have for you this month is exactly that . . . "What is your new revenue stream?" What is it that you can build, develop, create or extend that would keep your company and your products relevant to the market? For clues, look at what you already do well and ask yourself if there's a better way to deliver those same benefits. Encyclopedias did not go out of fashion because information was no longer needed. They became obsolete because of the way they delivered the information. The same holds true for everything from cassette tapes to typewriters. Those who hold tightly to the current way they deliver products and services will most likely miss the innovations that emerge in how they are delivered. We will always need energy in order to move from point A to point B, but will it necessarily be in the form of gasoline? Or will it shift to wind and solar? Or garbage, grain, water and manure?
If you're wondering what this has to do with branding, quite simply, it has everything to do with it! Your brand is the core benefit, your key promise, one that you consistently deliver to your customer. The good news is that they still want that benefit, but the method in which they want it is subject to change. Are you aware of that shift? If so, how are you responding? How can you extend your current brand so that it remains the consistent provider of your core benefit?
These are the important questions that can lead to substantial company growth in the long haul. Adapt and you will continue to thrive. The world needs your services or you wouldn't have a current business -- just look for new ways to provide these services. Viewing change in this light is often less threatening, and more rewarding, than living in constant resistance to what is evolving around us. So discover new ways to expand and serve your customers' needs by extending your brand's promise. You'll find it's often a change for the better.
Phil Davis is President of Tungsten Branding. Phil’s life goal of “creating environments where people thrive” reflects his desire to assist in personal, professional and business growth. Phil founded and ran a full service ad agency for over 17 years and now works full time as a business naming and branding consultant. Phil resides with wife Michelle and four energetic offspring outside Asheville, North Carolina.
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