As a new or seasoned company, figuring out how to continue to drive your company’s value upwards can be challenging. How do you identify potential threats while still focusing on continued quality? The main threats you deal with will be specific to your company, but being aware of a variety of different threats can be helpful.
IP (intellectual property) theft is a big threat that you need to be aware of especially if your brand is associated with any kind of art including music, film, drawing, or painting. But IP theft occurs with other patents or copyrighted designs.
Figuring out the actual bounds of your intellectual property can be challenging though. There’s a fine line when it comes to claiming to own information and claiming to own trade secrets. Work with an intellectual property lawyer to help you build up your patents, copyrights, and other precautions.
Bad press can also make your brand quickly fall from grace. There are a number of ways to avoid getting bad press and a number of ways to respond to it. One of the most important principles when it comes to dealing with bad press is being honest and upfront. If the reason you’re getting bad press has to do with something you did, whether big or small, own up to the mistake.
The sooner you admit, apologize, and then present a plan to fix the problem, the quicker the story will be over. Following this pattern could actually give you the chance to win over some customers who will respect your humility as a company and your desire to change.
Failure to Connect to Audiences
Another way you might be threatening your brand is failing to adequately connect with your audience. Connection is so important to your brand being memorable—remember that there are always competitor products out there.
And while much of the thought process that goes into decision-making is connected to the individual attributes of a product, there is also a large group of buyers that make an initial product decision because they like the feel of the brand and then stay with that brand for years later. Connecting with your audience starts with carefully identifying their needs and a message or story that resonates with them.
You might be surprised that your brand could be the target of cyber-attacks. But your company’s data as well as your employee and client data are actually things that a lot of hackers could be interested in. There are a variety of things you can do to prevent cyber-attacks like limiting the information that employees have access to and even providing training about different impersonation emails employees might receive.
But in all reality, having strong cybersecurity takes more than this. You’ll want an even more comprehensive approach to protecting your company and your information. Outsourcing your cybersecurity can help protect your business from IT threats. Instead of trying to manage all your security issues yourself, outsource to the pros.
Keeping your data and business safe is important but recognize that your brand can also be threatened by moves your competitors make. Be aware of the different kinds of threats that competitors can introduce like more advanced products, better pricing, or better connection with the target audience.
Try to do your research on your competitors and stay up to date with their different developments in order to better understand the market. Ultimately, you will have to accept that sometimes competitors will outdo you in different ways—learning how to respond to those instances is often more important.
Figure out how to either do what they do better or figure out how to maximize the specific elements of your product that serve a particular audience.
Stock shortages result when some unexpected events prevent a distributor from fulfilling an order made by a customer. Some stock shortages aren’t entirely preventable, like stock shortages that occur because of bad weather inhibiting a truck from delivering the products. Other stock shortages occur when distributors simply do not predict well enough how a product will do on the market.
Try to do as much research as you can ahead of time to be able to gauge how many items of a given product you need to have available for sale. Making the effort to be prepared will help you be sure to have the right amount of different products to respond to your customers’ needs.
Losing Talented Employees
Another truly sad way to see your brand lose some of its value is to see great talent leave your company. If you’re starting to see a pattern with great employees moving on to other companies, try to figure out why. Make sure you really understand the different management styles of your different managers and assess how those are working.
You should also take the time to really analyze your company culture. Try to get honest feedback from your employees. How do they feel about the culture? Do they feel valued and capable? If not, make the effort to not only encourage but to also demonstrate the value of your company principles as a leadership team.
Demand Goes Down
One of the hardest threats to your brand to deal with comes when demand for your product goes down. Demand can naturally go down as different “better” products are introduced on the market. Demand can also be catalyzed to go downwards as a result of unforeseen events like wars, pandemics, or natural disasters. Figuring out the best way to respond in these situations will require quick-thinking and willingness to make some sacrifices.
As you work to be prepared for potential threats to your brand, be sure to think about your overall company goals. If you are focusing on your company’s main core values as well as specific goals for your progress, you’ll be able to find the right balance. Ultimately, you don’t want to be too focused on company threats to miss out on positive growth opportunities.
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