Creating a great brand is one of the most productive things that any business can do. Unfortunately, some stop there and do not evolve. It’s imperative to do so for several reasons, otherwise you might end up losing business. Here are some reasons why brand evolution is so important:
Attract new clients
One of the main reasons you should always seek to evolve your brand is to attract new customers. Just as a person changes over time, so does a business. It’s unlikely that your company and industry have remained the same over the last decade. Consequently, you need to evolve your brand to portray these differences and to attract new customers who were probably not there at the start. For instance, Netflix started as a movie rental company in the US. It was not until 2007 that the company decided to take advantage of the internet as a marketplace and introduce the now familiar streaming platform. If it had remained as a DVD rental company, it would never have been as successful as it is now. By evolving the brand, Netflix was able to attract new customers from all over the world.
It’s also important to evolve your brand to stay relevant to customers and to remind them of your value. A business that refuses to adapt to meet modern demands is likely to lose customers in the long run as competitors will sway them. One company that refused to follow the internet trend in the 2000s was Radioshack in the US. The once renowned electronics seller maintained its ethos of selling in bricks-and-mortar stores. It’s no surprise then that competitors like Amazon soon phased Radioshack out of the market. In just a few years, the latter had become irrelevant to customers as it couldn’t offer the convenience that other brands could. If Radioshack had evolved sooner, it’s likely that it would still be successful today.
Connect with clients
Another advantage of brand evolution is connecting with clients. Despite taking sales and being successful, it can be easy to become detached from your customers if you do not regularly communicate with them. One standout performer in this stance is Nike. In spite of all the massive success that the company has had, it’s always evolving its brand. By connecting with clients through social media, it has gone from merely advertising products to empowering the target audience. For instance, while Nike may have sold more products to men in the past, its recent campaigns have focused more on women. That kind of evolution is one of the reasons behind their global success.