March 27, 2019
You’ve probably been growing your business for a while, and people are finally starting to get to know your brand and what it stands for. But as your market share grows it is important to stay 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.
But of course there is the cost – can you afford the next step?
However the real question 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 our thoughts on what the warning signs may be.
A strong brand helps you cut through the noise of a crowded marketplace. Whether it be for your professionalism, your creativity or quality products, a strong brand 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?
If your sector is surging ahead but your bottom line isn’t, warning bells may be ringing in your ears. A strong brand and constant promotion are powerful tools defending your corner from the competition. Is your business continuing to grow?
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 that is failing to hit the mark. Are you happy with your marketing ROI?
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?
Old-fashioned, outdated or irrelevant branding makes your business look just that. Clear, professional, exciting or confident – your brand speaks volumes about the company behind it. Do you love and embody your brand?
If you are struggling to attract top talent and your staff turnover is rising, your brand could be the cause. People want to work for companies that inspire them, ones they believe in and are proud of. If your brand isn’t inspiring, you may be missing out on the ‘cream-of-the-crop’. Are you retaining staff?
When business is going well, evaluating or refreshing your brand 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?
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 answering ‘no’ to any of the questions above, you might be at the tipping point of needing a brand refresh. So start the conversation and get sound advice from an expert team like ours, before you launch your business into change.