There are two different kinds of brands.
Vision-Driven Brands
The first kind of brand is born out of a need for a creative ambition. This is the company or designer who has a huge idea, and by any means necessary, wants to convey that vision. This is a brand that is very centered on its look and its feeling. It doesn’t really matter what the products are, as long as they hold true to the vision.
Product-Driven Brands
The second kind of brand is very focused on a particular product. This brand is all about product development and finding the right branding for it- the vehicle to sell that product.
Should You Pivot or Pursue?
If you’ve been in business for a few years, you may wonder what’s happening with your traction. What if few people are buying your product, and you’re not getting market feedback. Could there be something wrong with the product or branding? At this point, you need to evaluate if it’s time for a change.
As an entrepreneur, and as someone who has owned other businesses, you need to be able to decide if you pivot or pursue. What aspects of your product are you most attached to? Is it the branding or the feeling that you’re this creative director trying to evoke a certain lifestyle? In that case, it may be just a matter of redeveloping the products, taking another look at the price points, and finding a way to create something that’s really commensurate with your branding and brand values.
However, you may be the type of person who is more attached to the product itself. You may have created a very interesting product, a brand new product category, or some kind of technology mix with this item. If that’s true, focus on the product; what’s lacking is its connection to your branding and price points. It’s also a good time to sit down to think about what your branding is telling you. The story needs to be clear so you can pivot to match your product.
Follow a Timeline
The last thing of importance is the timeline. The timeline is how long you’ve been in business versus the traction you’re getting. Whether the traction is on the direct-to-consumer front or the wholesale side, it should take about 18 months of continuous selling at maximum effort to see some results.
If it’s been less than 18 months, then you may not be ready to pivot; pivoting your brand will require another injection of capital. It takes another vision- one that starts a new creative board, another marketing campaign and rebranding. It may come down to creating new products. That means looking at product development, design, margins and price points. You’ll also need to understand the areas of investment you’ll need for your business.
Some brands have been around for about 10 or 15 years and are only just beginning to receive significant attention. You may think a brand is very successful, but it could have taken a decade to reach that far. There are brands out there that have been around just a few years, and they’re getting significant distribution and press. It’s true in some cases, after two years, the brand is selling, and the decision is made to pursue that brand. In other cases, brands take 10 years to become successful. Those are the brands that stayed with their visions and waited to find the right customers. Those pursuing the brand were attached to their branding. Or, success comes to brands that have really pivoted their models.
It’s not easy to decide whether to pivot or pursue. We’d love to help. Contact our team at hello@scalingretail.com.