Every business at one point or the other will always experience a diminution, however, this does not signify the end of the business, even the prominent brands are liable to experience success in a metrical or seasonal pattern. We’ve seen brands emerge, grow, stabilize and finally decline there are different reasons why brands are dying, although the fact that a brand is dying doesn’t mean the brand is dead. Brands like humans can be plagued with “diseases” like challenges which can come in different form
– Financial Crisis
– Unstable government policies
– Economic Instability
– Poor Management
– Poor implementation of strategic plan among others,
The Same way we survive as human through sicknesses and diseases, brands also scale through challenges, so a dying brand is not a dead brand, just as a sick patient in the hospital is not a dead body.
So as a business how do you know if your brand is dying or about to die, here are significant indicators you can watch out for
– Low NPS Score & Poor Customer Loyalty: You can measure the performance of any brand from its customer base. If your customers are no longer loyal to your brand it might be time for you to review your performance. With your Net Promoter Score (NPS) which acts as a leading indicator of growth, you can tell where your business is heading.
– Revenue & Profits Declining: Even when people are lying to you that your brand is really doing well you can’t lie to yourself because your revenue and profits at the end will tell you if truly your brand is growing or dying, this is one indicator that you can easily use to measure the growth of any organization
– Negative Feedback from Customers: When the negative feedback you get from your customers about your products or services is far more than the positive feedback it’s an indication that your brand is losing it already and it won’t take a lot of time before it starts reflecting on your business.
– When You are In the World of Your Own: A strong indicator that your brand is a force to reckon with in the market is when you have competitors comparing their products or services with yours, evaluating your business progress and always imitating or replicating your strategies. If otherwise, it only signifies you are pursuing nobody and nobody is pursuing you
– When your Staffs are De-motivated and you can no longer retain your best hands it’s a strong indication that your employee are loosing trust and faith in the company to see the light of the day, it might be time for you to start re-strategizing
– When your Brand Mention is Very Low: When people stop talking about your brand as they ought to. it might be a pointer to the fact that they already relegated your brand and feel nothing good can come out of ut again, this should get you thinking.
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