Is it time to revamp your brand?

Posted at 07/28/14 12:12 PM

MANILA, Philippines - Your brand defines your business and it takes time to cultivate and grow it. But what if you feel like you need to win back your customers? Then maybe it's time to revamp your brand.

In an interview on ANC's Shop Talk, Mansmith and Fielders' Chief Brand Strategist Poch Cid, said a revamp in brand is needed if and when a business is slowing down and there is a need to recapture its

The first step before the revamp is to understand what the problem is in your business, why customers are losing their interest in your
product or service.

After identifying the problem, the business owner can simply refresh his/her offering like updating the appearance of the shop.

Many tried to revamp their brand without understanding the problem of their business. Cid said this may result in wasting time and money, as well as business opportunity, and it may even affect your brand.

Before doing the revamp, business owners must record everything to understand everything, like number of customers coming in and out of your store, who are your regular customers and what do they order.

Don't just rely on your employees, take time to meet your customers and get their feedback.

With that you'd already know what steps to undertake and to build on inventory of ideas you can work on. This gives you more time to calibrate your ideas and test them in your market.

If nothing changed after the revamp, Cid stressed:

1. Keep in close touch with your business

2. Continue studying other possible problems

3. Identify signals to a problem so that you can react faster

He also emphasized that rebranding is not just a logo design, it is what you've done to change to make your customers understand your brand.

Therefore it is important that you pay attention to your business to understand the evolution of your business, whether good or bad.

His tips for revamping your business:

1. Understand the needs and wants of your customers.

2. Record observations.

3. Know your sales volumes.

4. Revisit your findings at different times of the day and year.

5. Learn from your competition.

- Test out their products and services
- Compare and contrast your own products and services

For more tips, catch ANC’s “Shop Talk” every Thursday at 7 p.m., with replays at 10:30 p.m. and every Friday (3:30 a.m., 1:00 pm) and Sunday (4 a.m.)."Shop Talk" can also be watched on iwantv.com.ph and on tfc.tv (for viewers outside the Philippines).