How to keep your brand (and business) current in an ever changing landscape
With the digital world moving at an incredible pace it can feel a little scary looking at our little startups and thinking “gulp. How am I going to keep up?”
One thing I have noticed whilst trawling through magazines, news websites and social media is that the brands or the top dogs are staying at the top of their industries by remaining fluid… and being able to Pivot.
It is the brands that stick to their core idea and ignore the developments around them that are falling behind. Quite often the businesses that only sell one product fall hardest.
Eve Sleep is a great example, the company who sell mattresses to the masses, have stuck to their one core idea of selling a mattress for a better nights sleep and have seen their share price slump by a whopping 80%.
Yet the sleep industry isn’t in anyway down, quite the contrary, many sleep companies are thriving with statistics suggesting it’s worth £34b (yes, as in BILLION) and growing at 8% a year.
So how do we stay awake (haha, good one) in such rapid paced times? The key here is to remain open minded and very much aware of what is going on around us. Read the latest news in the business world, read reports and keep an eye on businesses that are growing (or falling) at rapid rates.
Watch out for trends in different industries. The cannabis industry is a prime example here, legal sales in North America are expanding at a compound annual growth rate of 16% and is predicted by New Frontier to surpass $25b by 2025.
Think about how your own brand could expand into this industry. You are not a one trick pony, you do not have to stay in your specific industry forever. In fact you’re likely to be far better off if you do the opposite.
This is why I constantly encourage SME’s to work hard on their branding, to produce a solid brand that has the potential to really grow. By building a business built on core values and beliefs rather than being built on its first initial product and what that offers you can easily blend into different industries as trends move and grow into new areas.
Virgin is a good example here… think of how many industries this giant brand has successfully worked its way into, such as transport, finance, music, wellness and even SPACE. Their values stay the same even when the industry is different. They didn’t let their initial product offering hold them back in the future when they wanted to expand into new territory.
The digital age has brought with it a new pace with which trends rise and fall at. Everything moves so quickly and you have to move with it to stay in the game. Make sure you’re keeping up.