I've been in business for 20 years, why do I need a new brand?
In our business we hear this question a lot. However a lot can change in 20 years. Check out this blog post to see whether you think your business could benefit from a new brand.
First of all let's clarify what a brand is. I think there is a misconception that a brand is just a logo, it is actually a set of associations that a person makes with a company, product, service or an individual. To understand the importance of the brand/set of associations and how it/they can really impact on your business, take a look at this quote taken from a Coca-Cola executive:
"If Coca-Cola were to lose all of its production-related assets in a disaster, the company would survive. By contrast, if all consumers were to have a sudden lapse of memory and forget everything related to Coca-Cola, the company would go out of business."
Although Coca-Cola is basically a soft drink, the drink is eclipsed by the sheer might of the Coca-Cola brand. In 2007 Coca-Cola's brand equity was valued at US$65.3 billion, just under half the company's value.
So now that we've convinced you that a strong brand can improve your bottom line, let's look at how you develop a strong, impactful brand and whether your business actually has one:
- The Big Idea - What makes you different? What do you have to offer? Why are you doing it? How are you going to present it? As soon as you can answer these questions, you are able to apply them to your customer service, advertising, website, staff uniforms, etc.
- Values - Although it can seem difficult to communicate your values, by not doing so could result in people not seeing what you stand for. This is becoming increasingly important to people in a social media age.
- Personality - Now that you have established your 'big idea' and values you need to communicate these through the appropriate tone of voice, language and design - this becomes the personality of the company. It can be efficient, business-like, friendly, chatty, etc. It doesn't need to have anything to do with the owners of the company. This is often the reason why smaller companies want to rebrand because the culture and stlye of the business has changed since it was started by the founders and so has its values and personality.
By following the above steps, you will form a solid understanding of your brand and know how best to present it to people.
Start with the big idea, set out your company's values and personality, then work with somebody like Bonser Design to turn your brand blueprint into tangible communications.