Six-Point’s CEO, Meghan Lynch, ran the Vermont 50 miler in 2014. A race of that length pushes people to their limits, so it isn’t surprising that she learned some things along the way. What is surprising is that she learned some things about brand strategy! Meghan noticed five parallels between what it takes to run 50 miles and what it takes to grow and scale a brand.
Going through a rebrand (or any major change to your company’s branding or positioning) while readying your company to scale and grow is an emotional process, akin to sending a child off to college. A new brand strategy will push the aspirations of your company to new limits, and as a CEO, it will push you to exercise letting go. Be open-minded to the new perspectives and creative energy brought into consideration, but also don’t feel that you need to simply accept what is presented to you without revisions.
The term “second-stage business” is rarely recognized by entrepreneurs, yet your company might be one. Second-stage businesses are defined by the Edward Lowe Foundation as privately-owned, growth-oriented companies between $1 million and $50 million in annual revenue and 10-99 employees. Unsure if your company is in the second stage business life cycle?
Effective brand strategy is critical to companies in the second-stage business life cycle. The outcomes that brand strategy needs to accomplish depends on where in the life cycle your company is. Young second-stage companies need a growth-minded brand strategy to support their aggressive goals for growth and scaling. Older, more established second-stage companies need a focus-minded brand strategy aimed at achieving stable growth.
Your brand’s most highly personal, long-lasting interactions with customers are most consequential. These brand touchpoints can be what customers remember and cherish about your company (leading to brand loyalty and revenue growth), or they can be the reason why this customer never buys from you again. Six-Point Creative CEO Meghan Lynch had positive and negative experiences with two different airlines that put this into perspective.
Many companies tend to think “bigger is better” when it comes to influencers and their followings, but with micro influencers (with less than 100,000 followers), the quality of their focus can pay big dividends. Micro influencers have 60% higher engagement and are almost 7X more cost-efficient. For niche brands with very targeted audiences, micro influencers can produce big results.
413.216.6441 / PO Box 330, East Longmeadow, MA 01028