Maintaining Brand Relevance… Signs It’s Time To Refresh Your Brand
April 14, 2020
Author: Liam Dunne
Reading Time: 3 minutes
As a small-to-medium-sized business, deciding when the right time is for a brand refresh can be a tricky issue.
You’ve probably been growing your business for a while, and people are finally starting to get to know your brand name, what it stands for and you will have built up some brand equity and brand loyalty from your customers. But as your market share grows it is important that your brand stays relevant and distinctive in a busy marketplace.
It may be that you instinctively feel you need to do more to grab the customer’s attention and remain competitive, while also projecting a vibrant and reassuring image to your current portfolio.
Of course, there is the cost. It is a job best handled by a creative agency with a proven track record of creating designer logos so it would be fair to ask, can you afford the next step?
However the real question you should be asking is, can you afford not to?
There are many issues to consider when evaluating your brand and whether a refresh is needed. So here’s some thoughts on what the warning signs may be.
1. A crowded and competitive marketplace
A strong brand helps you cut through the noise of a crowded marketplace. Whether it be for your professionalism, your creativity or quality products, strong brand communication will convey your USP (unique selling point), giving potential customers a reason to choose you, and current customers reassurance that they have chosen the best. Are you a standout in the crowd?
2. The market has grown but your market share hasn’t
If your sector is surging ahead but your bottom line isn’t, warning bells may be ringing in your ears. A strong brand strategy and consistent promotion are powerful tools defending your corner from the competition. Is your business continuing to grow?
3. Marketing is falling flat
Similarly, if you are spending on marketing materials and promotion – from brochures to Google Ads, advertising to PR – and it isn’t converting into sales, it may be your brand relevance that is failing to hit the mark. Are you happy with your marketing ROI?
4. Customer confidence
If customers don’t trust your brand they won’t trust your product – and they probably won’t even try it. This is doubly important for those products where customers are expected to pay a premium. Without a premium brand, customers won’t buy into your premium price. Are you trusted?
5. Be the brand
Old-fashioned, outdated or irrelevant branding makes your business look just that. Clear, professional, exciting or confident – your brand story speaks volumes about the company behind it. Do you love and embody your brand?
6. Talent turn off
If you are struggling to attract top talent and your staff turnover is rising, your brand image could be the cause. People want to work for companies that inspire them, ones they believe in and are proud of. If your brand story isn’t inspiring, you may be missing out on the ‘cream-of-the-crop’. Are you retaining staff?
7. Business is good
When business is going well, evaluating or refreshing your brand image may fall to the bottom of the to-do list. You might even think ‘if it ain’t broke, don’t fix it’. But a refresh can help you sustain and even accelerate the next phase of growth. Success is the worst teacher, are you resting on your laurels?
8. Don’t skimp
A strong brand isn’t a one-off investment, so don’t let it stagnate. Big brands are constantly building and strengthening their brands by supporting the ‘core’ with continuous improvements and tweaks and/or refinements to the fringe. Investing in your brand’s equity with a strong communications strategy, including PR and marketing, will save you money in the long run. Are you driving continuous improvement?
If you find yourself questioning any of the above, you might be at the tipping point of needing a brand refresh. So start a conversation with a brand expert who can guide you through the process of change.