What about your back-end?
No, not that back-end, I’m talking marketing life-cycle back-end. Think in terms of your product and services – how do you continue to promote and differentiate a brand that is way past the honeymoon stage? What is your strategy for keeping a brand profitable in the mature stage?
What if your “product” is you?
When independent consultants break off into their first venture (present company included) we are constantly defining and refining our message. It’s become rote to realize that a “brand” is critical when you are attempting to establish yourself in a crowded marketplace. “What’s your elevator pitch?” “What’s your 3-word personal brand?”, etc. – we hear it constantly, and in turn we spend a lot of time innovating, creating, simplifying, and testing our story.
Well, how about those of us who are a little saltier? When was the last time you/we seriously explored the need to breathe new life in our brand message?
Use the pharmaceutical industry as a model for the importance of “mature brand strategies.” For every successful drug, patents expire. As the pipeline for new products starts to dry up, it becomes even more critical to keep the “back end” strong for the existing portfolio: strategic pricing, brand loyalty programs, repackaging, new market penetration, product re-positioning, taste enhancements, dosing changes ~ there’s a lot of ways to skin this cat.
So how about you? Are you a “mature” product? Might be time to work on that back end.