If your business is planning on sticking around until the foreseeable, then it is imperative that your brand be adaptable. This will ensure you survive the demanding needs of the millennials and the ravenous nature of your competitors, who will swoop in on your consumers the minute your product becomes old news.
Many businesses fail to modify their offering for fear of ruining a brand that, to them, works well already. However, it is critical for businesses to branch off and seek the approval of multiple audience demographics to ensure their best chance of survival.
Know Your Business Product First
Before you go back to the drawing board, you first need to understand your budding business product inside-out. This, and to have a firm grasp of the audience demographic you want to engage with first.
This will prevent you from doing what Facebook did — and continues to do — that is, get it wrong. Multiple failed campaigns or product flops do not bode well for your brand. Facebook’s trust rating has dropped by 66% as a result of such negative publicity. Thus, you can avoid this as much as possible by ensuring you’ve a new product or service that will connect with an intended audience.
Before adapting your product, ask yourself the following questions
• Is my product or service capable of being adapted to new audiences?
• Is the research which I’ve taken out beforehand trust-worthy, and will it ensure the success of my new product developments?
• Is my front-end user experience in-line with my new product development
• Is this capable of satisfying the intended audience demographic?
If you’ve answered ‘yes’ to all of the above, then good news; it’s likely your product is eligible for a revamp. See below for tips on how you can widen your consumer base.
Carry out surveys and one-on-one interviews with a potential new audience demographic
Converse with potential consumers to discover their current opinion of your brand, and to also gain constructive feedback. This will enable you to make relevant alterations and improvements based on what they think is currently missing, or successful.
You can also utilise customer feedback in your marketing efforts. Convey how you’ve connected — and listened — to the public, and how you have built a product from the ground-up in response to their wants and needs.
Adapt your messaging but still remain on brand
Proving your product’s relevance to a new demographic doesn’t mean discarding the things that make it valuable to current buyers. Instead, adjust your messaging by addressing the benefits that are targeted at your new audience.
Use precise automation tools
If you’re aiming to connect with younger demographics, then use “precise automation tools” such as HubSpot, to improve the reach of your marketing campaigns. The software helps to enhance the reach of your marketing ads and can provide more elaborate consumer analytics. You can use these to measure and adopt your strategy, depending on your results.
For some companies, reaching out to various markets isn’t always the answer. Sometimes confusing a brand’s consistent messaging can inflict too much of a risk on what they have going for them already. And that’s okay. What matters most for your brand is that you become aware of who you are, your offering and your target market.
If you’re currently unsure of where to go next with your business, then it’s critical for you to explore every potential option available, so that you can remain relevant, and preferable over competitors. If you’re unsure on how to do this, then we may be able to help.
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About The Author
An experienced business and finance writer, sometimes moonlighting as a fiction writer and blogger.