In this blog post, ‘5 Signs It’s Time to Invest in a Brand Refresh’. We will be covering:
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How do you know if it’s time for a brand refresh?
Well, when was the last time you went for a new look? Cut your hair, bought a new pair of shoes, treated yourself to that adorable handbag. Living in such a fast-paced world means style, trends and pretty much everything else is forever changing – I think I speak for most of us when I say we aren’t still sporting the same hairstyle we had in the 2000s. If you are still rocking it – you go girl!
But what about your brand?
How do you know when it’s time to take the plunge, upgrade your brand and give your business a whole new look?
I know making such a huge decision is never going to be easy, especially if you’re the sentimental type – your business is your baby after all. Don’t worry, I’m here to help. I’m going to talk you through 5 signs it’s time to give your branding the upgrade it deserves and why with the Azori team on board you won’t regret a thing!
So, let’s get started on the top 5 signs it’s time for a brand refresh!
Do you know which age group spends the most money? I could tell you, but I won’t, I’m giving you your first bit of homework. I’m mean, I know – but I guarantee you’ll thank me later. Getting into the habit of researching the market is going to help your business thrive more than it already is.
Let’s imagine when you first started your business your target audience was 40-50 year olds (otherwise known as generation X) but during your current research, you discover that 20-40 year olds (otherwise known as millennials) are spending twice as much as the current 40-50 year olds in your industry.
This might be a good indication that it’s time to shift your ideas and focus on a new target audience. With a rebrand, we can redefine your business with the goal of reaching your new and untapped audience. I’m not saying you have to change everything about your current brand, but some tweaks and upgrades could go a long way to upgrading your brand to appeal to your new target audience.
Perhaps your business has grown immensely over the years, if so – congrats! But, has your customer audience also changed? Maybe you started off as a one-man band and now with a fab team, you’re able to offer services to bigger businesses or higher-end clients. Will your current branding help you attract those new target customers? Do they share the same likes and dislikes as your previous customers? If you’re saying no or maybe, it’s time to refresh your brand to align with your new audience.
The world we live in is ever-evolving, with changing markets, new competitors, new clients, and new directions, to keep your business thriving it’s absolutely essential to remain relevant and that starts with your branding.
How long ago did you start your business? Let’s say you founded your company 10 years ago – that’s an extensive amount of time in the business world and I can almost guarantee that you’ve had a change of direction or set new goals since then. To put it into context – 10 years ago our phones were used for making calls and sending texts, and now?
‘82% of users turned to their phones when deciding whether or not to buy a specific product while standing in a store.’ – Investopedia
Phones are an essential part of our business marketing, we run our lives through our phones!
Remember this bad boy? This was released in September 2000.
If PHONES have changed that much, how much more so has your business and the way you run it. To ensure your business remains in line with your brand – your brand mission, vision and values need to be up to date with where you are today.
Your mission statement delivers the heart of why your company is passionate about what it does. As your company grows and changes, it’s important for your mission to reflect that.
Your brand vision should encompass what you’re doing now, and how it will lead into the future of your company years down the road. Your vision should be a clear picture of the growth you wish to achieve with your new direction. After all – if you don’t know where you’re going, how are you going to get there?
What about your company values?
Did you know that 71% of customers buy from companies that align with their values?
With an ever-changing world comes ever-changing concerns. What impact does the world around you today have on your company values? What changes do you want to see in the world? Your brand values need to resonate with your audience. Help them to understand what it is about your business that is meaningful.
“Consumers no longer want only a great product. They want to buy products from companies that align with their own character and values.”– Muhtar Kent
To remain competitive in your industry, it’s incredibly important for your branding to stand out from your competitors. There might have been a time when your branding stood out a mile off. However, with such a fast-paced market, a ton of sneaky competitors have likely crept in since then. With so many competitors, keeping your brand unique and up to date is key!
It could be that your business has expanded and simply outgrown your branding. Which is a great indicator that your business is thriving – every cloud has a silver lining and all that! By giving your branding a makeover, we can show your target audience exactly what you can offer. We can show them how you’re different from the rest. If you’re sentimental, don’t panic – a rebrand doesn’t have to be a complete start from scratch situation. By using the strengths of your current brand, it is possible to give your business a brand refresh that doesn’t feel unfamiliar to you.
If there is one thing we know for certain, it’s that life is getting more and more expensive.
What about your prices?
If the market price for your products or services seems hopelessly fixed, despite the rising cost of materials, a rebrand can be an effective way to break free.
A rebrand allows you to raise your prices smoothly without having to worry about what your audience will think or how they will perceive your production quality.
Your brand’s true value is defined by your customer perception, if your customers think your brand is great – that gives it a huge amount of value! With a fresh new look, you redefine the value customers place on your services – allowing you to raise your prices too!
With a strong brand, you can be more profitable, build more equity and sell at higher multiples. A strong brand is more than just a good logo and a clever tagline. A strong brand means more pricing power, and pricing power drives growth!
We all know how much time goes into our name when we first start our business. It can take hours, days, weeks to come up with the right name and when you finally get it, you’re ecstatic! Now I’m telling you that you might need to change it, I know your heart is sinking – you’ve got a lot of emotions held to that name. I know how much this means to you – trust me.
But – what if your name is what’s stopping you from getting more clients? Does your name still align with the incredible business you’ve grown and the changes that have taken place since then?
Your branding needs to be memorable to your target audience, and a great name is a vital part of that.
Did you know that Google was formerly Backrub, and Nike, Blue Ribbon Sport? They don’t exactly roll off the tongue, do they? Would you say their former names represent the global services the billion-dollar brands offer now? I don’t think so.
Many large companies have completely changed their brand names over the years and remain successful – if not more successful, through creating and maintaining consistent, unique, forward-thinking, and hyper-focused brand names.
Have you realised that your brand may just be in need of an upgrade? I know, rebranding can seem overwhelming, but that’s where I and the AZORI team come in. We are here to take the pressure off and give your brand an up to date, well deserved restyling!
Contact us using our brand application form to find out more.