When to re-brand
One of the most common questions we get asked by SMEs and business owners is “why or when should I re-brand my business?” It’s a very sensible question.
Most businesses tend to re-brand for one of two reasons, either because they want to differentiate themselves from competitors or communicate a change. Both of these are valid, but they are also quite generic. We always recommend having a more specific goal with clear and measurable objectives.
Here are five specific and commercially measurable reasons to re-brand your business:
1. INCREASE YOUR PROFITS/MARGINS: a strong brand will protect your margins and reduce the need to lower your prices. Ask yourself why you are willing to pay far more for a coffee from Starbucks or Costa Coffee than you know you really should.
2. WIN MORE NEW BUSINESS: your brand is usually the first thing somebody sees when they come across your business. It’s your most important new business tool and should be primed to be attractive but, more importantly, relevant and engaging.
3. RETAIN MORE CLIENTS: your brand represents who you are, what you do and why you do it. It should drive the way you engage with your customers and keep them coming back.
4. ENGAGE EMPLOYEES AND IMPROVE RECRUITMENT: it’s an old adage, but we all know that a business is only as good as its employees. A strong brand unites them, gives them a sense of belonging and inspires them to be more productive.
5. MAXIMISE THE VALUE OF YOUR BUSINES: this is the least common reason we hear but probably the most important. Your brand is a business asset with a financial value. That value will be dependent on how strong it is. Quite simply, if the value of your business is important to you, your brand should be one of your priorities.