6 Ways You’ll Know It’s Time for a Brand Refresh
As a small to mid-sized business, determining when is the best time to refresh your brand is a delicate issue. You're building up the business, and people are beginning to get to know your brand and what it represents.
But, as your market continues to grow, you want to guarantee you stay relevant and distinguishable in a noisy market. You intuitively feel you need to do more to seize the attention of potential customers while demonstrating a lively and reassuring image to your current portfolio. Then there is the expense – as a business, can you afford brand work? Or more troublingly, can you afford not to?
There are numerous matters to consider when assessing your brand and deciding whether a refresh is required. So, what are the warning signs that it might be that time?
1. Your marketing is falling short. If you are spending time and resources on marketing materials and promotion – from brochures to Google ads, advertising to Public Relations – and it isn't translating into sales, it could be your brand that is not hitting the mark.
2. There is a full and competitive marketplace. A robust brand helps you to cut through the noise of a jam-packed marketplace. Whether it be for your professionalism, quality products, or creativity, a strong brand will give your potential customers a reason to select you, and give current customers comfort that they have chosen the very best.
3. The market itself has grown, but your market share has not. If your industry is surging ahead, but your bottom line is not, warning bells may be ringing loudly in your ears. A sturdy brand and its continued promotion are influential tools in shielding your corner from the competition or modernizing to leave it behind.
4. There is a lack of customer confidence. If your customers don't truly trust your brand, they won't ever trust your product – and they probably won't even try it in the first place. This is even more important for those products whose customers are expected to pay premium prices. Without a premium brand, customers won't even consider buying into your premium price.
5. You have an absence of internal talent. If you are having troubles attracting the top talent, and your staff turnover is on the rise, your brand could be the reason. People want to be employed by companies that inspire them, ones they believe in, and are truly proud of. If your brand isn't inspiring to people, you may be missing out on the best of the best talent.
6. Business is very good. When business is going swimmingly, evaluating or refreshing your brand may not be at the very top of the list. You might even think that if it isn’t broke then you shouldn’t fix it. But a proper brand refresh can allow you to sustain and even hasten the next phase of growth.
A brand refresh is about so much more than updating your logo or fine-tuning your website. It's about defining what your offering is as a company, how that makes you stand out, and giving customers a reason to choose you over your competitors. Finally, a brand refresh is a way to reconnect with your network and re-energize everyone internally.
Many of the businesses we currently work with don't realize they need a new brand or a brand refresh until they've spoken to us in person. To connect with a representative at theONEco, please contact us today. Whether you prefer phone, in-person or online assistance, we’re always here to help.