Yinka Olaito is happy,excited and passionate Communication specialist, Social Media expert, Trainer and speaker. Yinka Olaito helps brands(Profits and Non-profits)with effective communication and positioning for premium service delivery and returns. Yinka Olaito also has special interest in Development Communication and has consulted for noted UN Agencies. Yinka Olaito is the CCO of Michael Sage Consulting(Communication/digital media), African Child Education Right Initiatives(NGO) and Content Director, Africa Development Talk( online Platform for discussion on Policy, Governance, development across Africa)
We are already in 2017. Brand Survival will require different strategy if it must ?make a heavy headway in this uncertain economy. Economy of most Countries especially ours is beating an uncomfortable drum for every individual and corporate organizations. Everyone is trying to survive and stay afloat irrespective. There have been casualities and you really do not want to join them. Hence our focus today is very crucial to what happens next to your own brand.
Business and brand management will require unusual approach. Business in the usual lane will not survive. The wind that is blowing now is not what many corporate organizations had envisaged though we all know have inclinations thing should not continue the way it was going before. The nose dive has been catastrophic. But it is up to everyone to hold their side tight if they do not want to sink. We must hit the ground and start running with ‘proactive agility’ .
It is time to know what you must do right without any sentiment. At the international level great companies like Xerox is now testing the market water with ‘Condulent’. ?According to its ?CEO “Conduent came about because of the unraveling of a big gamble undertaken by Xerox in 2010: seeking to combine its legacy document-technology company and brand with a huge business-outsourcing”. Somehow, a re branding or fresh product , or Idea that suits the now must he considered. At the last option is what is called cannibalising where your old idea is subsumed in a new and entire direction.
A major hindrance today will be sentiment or a strong desire for the old order and unwillingness to let go. The old form of thinking will do more damage. That has been the problem of many. For instance Kodak had the option then to get involve in a form of cannibalising: jettisoning the film option for digital product but they were unable to make the decision at the right time.
While you are thinking, you may need to consider these options:
1.Create a new brand: in case what yo want to do may dilute the brand value of what has already been built, create a new brand. That is what Xerox did. Yes, Positioning guru , Al Ries had suggested being a ‘one eye’ brand will be ok. But small changes with strong focus can still help you remain afloat.
2. Think about outsourcing a part/unit: when a part of the business has become a funnel that takes more money from other part and is causing the whole system a high level of instability, the best option is to think of outsourcing that part. There may be a high level of structure and tactic require in this, but it can be done without causing unnecessary rancour and rivalry among the parties involved. The world is now shared so say a big title. Share the burden: finance, ?production cost, staff etc
3.Watch your outflow: while this ?is no time to completely abandon marketing and advertising investment, but be sure to evaluate every form of spending with regards to their return on investment values. Whatever needs pruning should be done so they do not become draining pipe.
5.Invest in technology that can reduce staff strength: technology is here to stay. This point ?may be a bad news for some members of staff, but it is better to let them go than to be owing them. That will will do more damage to your corporate reputation.
6. Keep your corporate reputation: ?when everything is gone, your good name may help sustain a great company/brand. Never cheat on clients by doing shoddy jib so you can make more money. That is a short cut. Every short cut has its own repercussions no matter how small.
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