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.
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.
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.