" /> 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.

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

  • 2017: Investors look back in defiance

    By TESLIM SHITA-BEY The year 2017 was not supposed to be a happy one. Inflation was 18.72 per cent at the beginning of the year, unemployment had jumped a few hoops to settle at 25 per cent for those between the ages of 18 and 25, while lending rates had gotten stuck in a band […]

  • Profit taking drags equities market down

    The All Share Index (ASI) of The Nigerian Stock Exchange (NSE) was down -1.00 per cent on back of profit taking by investors. The bourse closed at 38,534.64 basis points against Tuesday’s 38,924.63 and its year-to-date returns to stand at 43.39 per cent. The equities market hits the 39,000 mark last week and attained three […]

  • Lafarge names Alode new company secretary

    Lafarge Africa Plc has appointed Mrs Adewunmi Alode its new company secretary. In a release signed by the company’s group managing director, Michel Puchercos, which was sent to The Nigerian Stock Exchange on Wednesday, Lafarge Africa stated that her appointment takes effect from December 12, 2017. The new company secretary who had held several positions […]

  • OPEC production falls to six month low

    Oil market may not stabilize before end of 2018 despite Organization of the Petroleum Exporting Countries (OPEC) production reaching six month low in November as U.S. production continues to increase than expected. The Wall Street Journal quoted the oil cartel to have said Wednesday in its monthly oil report that production declined by about 133,500 […]

  • Breaking: 20 vehicles burn as tanker explodes in Festac

    No fewer than 20 vehicles and four commercial motorcycles were on Wednesday afternoon burnt when a tanker laden with petrol fell and spilled its content on the Festac Link Bridge in AwuwoOdofin LGA of Lagos State. The fire started at noon and raged for about an hour Vehicles burn as tanker explodes in Festac area […]

  • Gunmen break into Magu, EFCC chair’s home, shoot police officer dead  

      Some yet to be identified gunmen, Tuesday broke into to the Abuja home of the Acting Chairman of Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu and shot dead a police sergeant attached him the Cable reports  The tragic incident was said to have occurred around 10pm. The attackers reportedly stormed the house […]

  • I fear Nigeria might break up- Awolowo-Dosunmu

      By Obinna Ezugwu Daughter of late sage, Chief Obafemi Awolowo, Dr. (Mrs) Tokunbo Awolowo-Dosunmu has expressed deep concerns about the survival of Nigeria, noting that the country may likely disintegrate if not restructured. “I don’t even want to imagine it (Nigeria not being restructured) because we have come to a breaking point,” a visibly […]

  • How Buhari tackled Jibrin over ‘budget padding’ scandal

      The Cable A simple question from President Muhammadu Buhari to Abdulmumin Jibrin, former chairman of house committee on appropriation, put paid to his allegation of “budget padding” against Yakubu Dogara, speaker of the house of representatives, a new book has revealed according to the Cable. Jibrin had alleged that the 2017 budget was padded […]

  • Lagos govt evicts GIG motors, Peace, GUO, other transporters from Jibowu

      Obinna Ezugwu Lagos State Government on Tuesday sealed off the premises of major transport companies including God is Good Motors, Peace Mass Transit, Chisco Transport, GUO Transport Ifesinachi and other companies in Jibowu area of Yaba, Lagos. Justifying the move, the Permanent Secretary, Ministry of Transportation, Olufemi Salami who acted on the approval of […]

  • World Cup: FIFA deducts points from Nigeria, fine NFF for fielding ineligible player in qualifier

    By Obinna Ezugwu Nigeria has come under a heavy hammer by the Federation of International Football Association (FIFA) disciplinary committee  for fielding an ineligible player, Shehu Abdullahi for the World Cup qualifier against Algeria on November 10, 2017, a statement by the committee said on Tuesday. The world football’s governing body fined Nigerian Football Federation […]

  • UPP commends PDP on successful convention, extend hand of fellowship

    By Obinna Ezugwu United Progressive Party (UPP) has congratulated the Peoples Democratic Party (PDP) on the successful conduct of its December 9 convention and tasked it to join hands with other credible opposition parties to deepen the country’s democracy This was contained in a statement signed by the founder and National Chairman of the party, […]

  • Nigeria lacks leaders with moral compass – Amb Keshi

    By Obinna Ezugwu Former Permanent Secretary, Ministry of Foreign Affairs, Ambassador Joe Keshi has decried what he called the lack of moral compass among Nigeria’s political elite, noting that poor leadership was the country’s biggest challenge. Keshi who bared his mind in a chat with BusinessHallmark in his Lagos home recently, regretted that virtually all […]

  • Non Yoruba in S/West inaugurate forum, vow to take rightful place in zone’s politics

    By Obinna Ezugwu Political and cultural leaders of various ethnic groups resident in the South West, Saturday last week at Ota, Ogun State, came together under the aegis of Non Yoruba Indigenes Empowerment Initiative, to seek ways of working together for a fair deal in the zone’s polity ahead of the 2019 general election. Various […]

  • Don’t celebrate yet, agitation for restructuring not over- Uko warns presidency

    By Obinna Ezugwu Founder, Igbo Youth Movement (IYM) and Secretary General, Eastern Consultative Assembly (ECA), Evang Elliot Uko has warned against any suggestion that the South East geopolitical zone has been “forcefully” and “violently” pacified as according to him, such is false. Evang Uko who is also the Deputy Secretary of Igbo Leaders of Thought […]

  • Nigeria’s Debt Service ratio falls to 45%

    Nigeria has made significant improvement in its debt-service-to-revenue ratio as it dropped from 66 per cent to 45 per cent. This is coming on the back of improved revenue mobilisation from both domestic and foreign sources. The government has been aggressively driving its tax reform with the introduction of Voluntary Assets and Income Declaration Scheme […]

  • Banks’ NPLs reach 10-month high in Q3

    FELIX OLOYEDE Non-Performing Loans (NPLs) in the Nigerian banking industry hit 10-month in September, latest data from the the Nigeria Deposit Insurance Corporation (NDIC) has shown. The report quoted by CNBC states that NPLs in the Nigerian banking sector reached N2.42 trillion at the end of Q3 2017, which is 10-month record high. Muyiwa Oni, […]


Visit us on Google+