Is brand potential an elusive goal?
How do you know, as a marketer, if the brand you’ve been entrusted with has truly achieved its full potential? It goes beyond just success or meeting KPIs like market share, sales growth, or market penetration.
It’s natural that we are up close and personal with the brand
If you’re a solid brand manager, you likely know your brand inside and out. It almost becomes an extension of who you are! On the flip side, maybe you’re too close to see the bigger picture. The goals and objectives you’ve set may not actually be at the pinnacle of what’s possible. In other words, maybe your brand has yet to achieve its true potential, and there’s still more to reach.
As marketers, we celebrate milestones—like incremental increases in market share (yes!) or stronger market penetration, because they translate into healthy, profitable outcomes. But what if, instead of celebrating, we should be reflecting on what the brand hasn’t achieved?
Is your brand leaving its true brand potential on the table. This is really the true definition of missed opportunity.
Pushing the envelope
Even though you’ve experienced successful outcomes from your brand initiatives, maybe there’s still more on the table. Maybe your brand hasn’t fully reached what it could, even if what you’ve accomplished is already impressive.
So how do you know when your brand has truly reached its full potential? What measures can you put in place to ensure you’re pushing the limits and maximizing every opportunity? Here are a few takeaways to keep in mind when your brand initiatives seem successful:
- Don’t rely on the past. The market is present. Every day brings change. Past accomplishments are best viewed in a rear view mirror. Look to the future and always reassess.
- Stay uncomfortable. If you’re comfortable with your brand’s growth, it’s time to disrupt that. Challenge what you believe is possible. Unlocking a brand’s potential means never coasting.
- Playing it safe is risky. Dare to create strategies that shake up the norm. Be unpredictable. Just because something hasn’t been done before, doesn’t mean it’s wrong. And if it has been done, maybe now is the right time to make it right! Make sure your initiatives grab attention, make noise and stand out.
- Be ambitious for your brand. Reach and strive to attain the outer limits of what’s considered an acceptable objective. No ambitious goals…means you are being complacent. And that is never good for a brand or for business.
- Use the 3-year-old conversation approach: Always ask questions. Continually assess. If campaigns or initiatives were successful, ask why?
Remember, success doesn’t always mean you’ve reached maximum achievement or full brand potential. Striving for more is how you unlock a greater brand potential!