The life stages of any brand are somewhat similar to the life of a person. The stage of birth, formation and strengthening in the market, the youth of the brand and its heyday are underway.
The life of brands can be very long and sometimes fleeting. After going through the process of becoming a company, the brand comes to real popularity, and it goes into a stage of maturity. The last stages are aging and, subsequently, oblivion. It is logical that the next stage should be death, but unlike humans, brands have a chance to go through the life cycle again and again.
It only seems to ordinary people that global brands never age and do not lose popularity. In fact, wise marketers employ anti-aging strategies that rejuvenate and revitalize a company.
There is a list of factors that mean that a brand is moving towards aging. Their presence forces business owners to act, maintaining positive development trends.
Such factors are divided into the following groups:
How does consumer obsolescence occur? Any brand has its own target audience to which it focuses. Audience activity and consumer demand are declining over time. New generations of buyers are following new products and their activity is increasing. Sales to the old audience are declining unless a new wave of young consumers is connected.
The Ukrainian market is replenished with new companies every year, new products and services enter the arena. Every brand wants to take a big chunk of the holiday pie and make a profit. Potential buyers are very active in responding to new items, because they are attractive and interesting. Against the background of new products, the brands we are used to seem old and interest in them is lost.
Another aging factor is the development of market modernization. Products begin to move along the vector of development thanks to new technologies and modern forms and solutions. The consumer absorbs new information and forms new needs and preferences. Developers must react with lightning speed to any progressive changes in demand.
Fashion trends are one of the important factors in rejuvenation. The brand image should be in line with modern fashion. To be in the top of popularity, you need a promotion strategy and a creative concept, this is the only way your business in Kiev or any other city of Ukraine will be successful.
Movement is life. A brand should never stop there, no matter what heights it conquered. The purpose of any product or service is to meet the needs of customers. If the company stops following this criterion, then the consumer switches and makes a choice in favor of other brands.
Signals to rejuvenate your brand:
The FINE branding agency Development Company: AI, Blockchain, IoT, Kyiv, Lviv, Odessa, Dnipro, Vinnitsa, Ukraine specialists will help you avoid risks and make the right decisions. We use holistic approaches to rejuvenate your brand. Contact now!