" /> > How to revitalize your brand | Hallmarknews
Published On: Tue, Sep 6th, 2016

How to revitalize your brand

When a brand gets to maturity stage and nothing is done to rejuvenate it, once it enters the decline stage, it may be on its way to extinction.

A lot of brands that were once the toast of customers are presently out of market. There was a time Three-top orange drink was in almost every home in Nigeria, but today it is nowhere to be found. The same applies to Dr Pepper cola drink. So, if manufacturers are not proactive in ensuring that their brands continue to appeal to consumers, in no time, competing brands would send it out of market.

Therefore, if you want your brand to continue to remain in the marketplace, you must improve on your brand as trends change. As an entrepreneur, it is imperative you make small changes every few years to remain relevant. But if you change too often or too drastically, you can confuse the consumers who have come to know you under your current branding.

We shall be looking at some of the things you could do to make consumers to continue to go for your brands, regardless of the number of years that you have been in the market.

Meet your customers

You must always have it at the back of your mind that it is because of the customers that you are in business. Thai is why is often said, in business, customer is the kings. So, you always make out time to relate with them. Ask them what they want changed or improved on in your brand. With interaction with your customers you would know what their present taste is like. This would help know what you have to tinker with in your brand so that it would continue to get their attention in the marketplace.

Introduce brand extension

Variety they say is the spice of life. So, if you have had the same line of products for a while, adding one or two new items can bring new attention to your business. In the bid to keep Tomtom Candy alive, Cadbury now has Tomtom Candy in variants in addition to the black and Tomtom that most people are used to.  Similarly, Dettol medicated soap was what was in the market, but Reckitt Benckiser has now added Dettol Cool Soap, Dettol Even Tone Soap, Dettol Antibacterial Soap, Dettol Active Soap etc. Moreso, don’t be afraid to rest any of your products that are not doing well.

Create exciting campaign

An interactive marketing campaign would help you engage with your customers. It would also help get them excited to post about your brand on social media. For instance, the “mama too good oh” campaign ran for Indomie Noodles by Dufil Prima Foods caught the attention of its consumers while it lasted. So, if you want your brand to stay long in the market, come up with an exciting marketing campaign.

Commission a new logo

The logo you created at the outset may already be out of vogue. The little occasional logo update that you carry out on your brand would help keep the same general idea while helping reach a wider audience. Rebranding is something you must engage in from time to time. Last year, following its poor performance and the need to catch up with trends, one of the oldest banks in Nigeria, Union Bank changed its logo from a static stallion to a galloping and vibrant one.

Redesign your website

Most consumers are online today. Your website is one of the meeting points between you and your customers. So, if your business is more than a couple of years old, chances are your website may be idle and needs some freshness. As part of ways of keeping your brand in the mind of your customers, bring in a design expert to suggest improvements.

Create a fun new slogan

If your business has a slogan, take a look at it and make sure it still reflects your brand. As your products or services evolve, you may find that the slogan needs to evolve too. You might also find that the slogan you came up with at the beginning no longer makes sense, and it needs a complete overhaul. When MTN came into the country, it had the slogan “The better connection”, after two years of its operations in the country, its slogan changed to “Everywhere you go”.

Attend a conference

It is a common saying that the day you stop learning, you start dying. So, as an entrepreneur also seek avenue to learn new ideas. And conferences offer you opportunities to learn about new developments in your line of operations. If you just sit in your office, you would sooon be overtaken by latest trends.

Be present at public events

Gaining the goodwill of your publics would always have positive impact on your brands. Companies and brands that are seen as good corporate citizens would do better than those that have bad image in the market. To gain goodwill, show your support for the local community and learn more about how the general public perceives your branding. It is the light of this that some organisations engage in community services like sanitation.

Partner with another business

There are likely other businesses, either locally or within your industry, that could gain from more exposure. By partnering to sponsor a booth or create a new product, you could combine resources and expand your reach.

Host an open house

You can introduce your brand to local customers by hosting an open house. Provide drinks and finger foods and get to know the very people who are likely to purchase from you. You can also invite a guest speaker to talk to your clients, making it even more of an event.

 

Recently Big Cola served its products free at a religious gathering in Port Harcourt.

Go digital

Consider ramping up the way you offer your products or services. If you own a brick-and-mortar store, set up an online shop. Go mobile if you haven’t. If your business is service-based, allow customers to make appointments through your website.

Know when to make a detour

In some instances, a business’s current approach simply is not getting results anymore. When that happens, don’t be afraid to go in a completely different direction.

It is important that a brand continuously improve to remain competitive with new businesses. By taking time on a regular basis to evaluate your current brand messaging and finding ways to update it, you can ensure you’re always moving forward.

INVESTMENT SECTION

What you need to know about Trust fund

What Is a Trust Fund?

A trust fund is a special type of legal entity that holds property for the benefit of another person, group, or organization.  There are many different types of trust funds, and many different trust fund provisions that change how they work.  Generally speaking, all trust funds have three important parties:

The Grantor: This is the person who establishes the trust fund, donates the property (such as cash, stocks, bonds, real estate, mutual funds, art, a private business, or anything else of value) to the fund, and who decides the terms upon which it must be managed.

The Beneficiary: This is the person for whom the trust fund was established.  It is intended that the assets in the trust, though not belonging to the beneficiary, will be managed in a way that will benefit him or her, as per the specifics laid out by the grantor when the trust fund was created.

The Trustee: The trustee, which can be a single individual, an institution (such as a bank trust department that appoints one of its staff to the responsibility), or multiple trusted advisors, is responsible for overseeing that the trust fund maintains its duties as laid out in the trust documents and applicable law.

The trustee is often paid a small management fee.  Some trusts give responsibility for managing the trust assets to the trustee, while others require the trustee to select qualified investment advisors to handle the money.

How Is a Trust Fund Structured?

Trust funds are a fictional entity given life by the legislature of the country in which the trust was formed.  Certain states have advantages over others depending on what it is the grantor is attempting to accomplish, which is why it is so important to work with a qualified attorney when drafting your trust fund documents.

Some states permit so-called perpetual trusts, which can last forever, while others will forbid such entities for fear of creating another landed gentry class that results in future generations inheriting large amounts of wealth that the beneficiaries did not earn.

One of the most popular provisions inserted into trust funds is the so-called “spendthrift” clause.  What this means in plain English is that the beneficiary cannot pledge the assets of the trusts, or dip into them, to satisfy his debts.

It is a way for concerned parents to make sure their irresponsible children don’t end up homeless or broke, regardless of how terrible their life decisions are.

Why would I consider using a Trust Fund?

In addition to the creditor protections that can be enjoyed, there are several reasons trust funds are so popular:

If you don’t trust your family members to follow the letter of your intentions following your passing, a trust fund with an independent third-party trustee can often alleviate your fears.  For example, if you want to make sure your son and daughter from a first marriage inherit a lake cabin that must be shared among them, you could use a trust fund to do it.

There are some significant tax advantages that can be achieved when using trust funds.  For example, setting up a so-called Charitable Annuity Trust or Charitable Remainder Trust can make it possible to shield thousands, or even millions, of dollars from taxes, while benefiting your favorite charity.

Trust funds can be used in a way that maximizing estate tax bypasses so you can get more cash to more generations further down the family tree.

Grandparents often setup trust funds for their grandchildren, designed to pay educational expenses and then distribute any additional principal following graduation as start-up money to establishing a life.

Trust funds can protect assets that you cherish, such as a family business, from your beneficiaries.  Imagine you own an ice cream factory and feel tremendous loyalty towards your employees.

You want the business to continue being successful, and run by the people who work in it, but you want the profits to go to your son, who has an addiction problem.

By using a trust fund, and letting the trustee be responsible for overseeing management, you could achieve this.  Your son would still get the financial benefits of the business but he would have no say in running it.

There are some interesting ways to transfer large sums of money by using a trust fund, including establishing a small trust that buys a life insurance policy on the grantor.

When the grantor passes away, the insurance proceeds are distributed to the trust, funding it.

That money is then used to acquire investments that generate dividends, interest, and rents for the beneficiary to enjoy.

Facebook Comments

comments

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Recent posts

  • Arms seizure raises concerns over proliferation of security agencies at ports

    By FUNSO OLOJO The interception last Sunday by the Nigeria Customs Service of cache of high calibre arms made up of 661 units of brand new Tomado pump action rifles on the street of Lagos has once against raised serious concerns among the agitated industry stakeholders who have now renewed their calls for the review […]

  • Michael Ajayi: The bridge-builder bows out of NPA

    FUNSO OLOJO “I am a Marxist-socialist who believes that a common man deserves a better life”. That is the philosophy which underpins the life and actions of Chief Micheal Kayode Ajayi, the retiring General Manager of Nigerian Ports Authority(NPA). The ebullient image-maker of the super-rich government agency bows out of the organization this March after […]

  • N4bn 7UP loss exposes rot in real sector

    Okey Onyenweaku Seven up Plc, in a result that has kept investors shuddering, recently posted a mind-boggling N4.8b loss for the third quarter of the year 2016. The result, a total collapse from its 2015 third quarter profit after tax of N2.2b, signposts one of the worst operating performances for the carbonated soft drink manufacturer […]

  • Skye Bank crisis worsens

    …customers, shareholders’ express anxiety Okey Onyenweaku Against the background of an implosion in the earnings of commercial banks in Nigeria, Skye Bank Plc has again grabbed headlines for unsavory reasons. Indeed, emerging developments in the bank underscore a deepening operating and management crisis and has set up the stage for an epic battle to save […]

  • First Bank leads four Nigerian banks in Top 500 Global Banking Brands

        First Bank of Nigeria Limited has been named as the most valuable banking brand in Nigeria in The Top 500 Banking Brands of The Banker magazine of the Financial Times  and Brand Finance, London, United Kingdom for the sixth consecutive time.   According to a press release issued on Sunday by the Country […]

  • N4bn loss: Guinness Nigeria faces more challenges

    Okey Onyenweaku The once cheerful faces of shareholders of Guinness Nigeria Plc has suddenly turned gloomy as their company’s fortunes continues to fall into a never-ending hole. Unable to ride on the back of an increasingly weaker consumer market for alcohol, the company found its 2016 financial statement dipped in red ink as it posted […]

  • Forex crisis: $30bn loan in jeorpady

      Okey Onyenweaku Anxiety is beginning to cloud the possibility of international lenders to give Nigeria the $ 30 billion she needs to restructure her sagging economy. The Nation’s economy which slipped into a recession in the first quarter of 2016 has continued to deepen the government’s desperation for far reaching solutions. The recent drop […]

  • Anxiety over Banks’ year end results

    Okey Onyenweaku Anxiety has begun to drench the expectations of analysts and other stakeholders alike as they continue to fret over the release of year end 2016 results for banks listed on the Nigerian Stock Exchange (NSE). The anxiety of investors reflects the adverse impact a full year of falling gross domestic product (GDP) growth […]

  • Prospects of market recovery bleak

      .           Stocks lose N4trn in 3 years; Blue chips shed 47% value Okey Onyenweaku Nine years after the melt down of global financial markets in 2008, the Nigerian stock market has taken a frightening tumble as the Nigerian All Shares Index (ASI) dropped by an astonishing 60% or -10.7% per annum on a compound […]

  • NICON Insurance, micro finance banks sign MoU to boost Nigeria’s business frontiers

      NICON Insurance has signed a memorandum of Understanding with the National Association of Micro Finance Banks (NAMFB) in order to stem the harsh effects of economic recession on small scale businesses in the country. The pact, sealed by NICON with the umbrella micro finance body, composed of 978 members, is said to be targeted […]

  • Lloyd’s threat: Anxiety as AON struggles to save Nigerian airlines

    There is unease among domestic airlines in Nigeria following a threat by Lloyd’s of London, the world’s leading insurance market, to blacklist them over irregular payment of premiums. This is another unfortunate consequence of a biting economic recession Nigeria is currently undergoing which has among other things thrown the nation into acute shortage of foreign […]

  • Ports get harmonised support portal

      Maritime activities closed last Friday with the Nigerian Ports Authority (NPA) saying the nation’s ports are ready to absorb increase in imported vehicles expected from government’s ban on importation of vehicles through land borders. The Managing Director of NPA, Ms Hadiza Usman, gave the indication in Lagos to mark her 100 days in office. […]

  • NDIC, CBN set up committee to study digital currency

      The Managing Director, Nigeria Deposit Insurance Commission (NDIC), Alhaji Umaru Ibrahim, has said that the commission and CBN had set up a committee to look into the trending “digital currency, ‘Bitcoin’. Ibrahim said this at the ongoing 2016 Workshop for Financial Correspondents in Kaduna. The theme of the workshop is “Economic Recession and the […]

  • Rice smuggling thrives in spite of ban

      The smuggling of rice through the land borders has continued to thrive in Badagry area of Lagos State in spite of the Federal Government’s ban on the practice. Markets along Badagry Expressway close to Seme border, are stocked with various varieties of smuggled rice, especially as the Christmas season approaches. A smuggler, who identified […]

  • Ugwuanyi’s fate hangs in the balance as Appeal Court fails to decide

    The protracted legal tussle between the Enugu State governor, Hon. Ifeanyi Ugwuanyi and former senator representing Enugu North senatorial zone, Ayogu Eze is poised to last longer than anticipated as the Appeal Court sitting in Abuja and presided over by Justice Tinuade Akomolafe-Wilson last week Thursday, reserved judgment on an appeal filed by Eze seeking […]

  • Hallmarknews Backpage

    On November 8, 2016 Americans elected Donald Trump as their 45th president.  By the time you’re reading this, Mr. Trump would have named all his nominees for leadership of various government departments. The president-elect, who will be inaugurated on January 20, 2017, has not only unveiled the lineup of his cabinet, he has also specified […]


Take a Poll

Please wait...

Subscribe to our newsletter

Enter your email address and be the first to know when our article is published.