Have you recently expanded the services offered by your professional services firm? Were you involved in a recent merger? Is your brand starting to lose its luster? How do you know when it’s time to pay special attention to your brand?
The logo is usually the first thing that comes to mind when most people think of a company’s brand. However, redeveloping a brand entails more than just redesigning an icon or word mark.
In this blog, we will go over the various scenarios that may require a brand refresh or redesign. Along the way, we will also identify several components of effective brand management to consider.
When is it time to revisit your branding process?
1. In Case of Merger and Acquisition:
M&A activity is still brisk. And if your company hasn’t been involved in a merger or acquisition yet, some of your competitors have. In a competitive labor market, some companies are turning to mergers and acquisitions as an alternative recruiting tool. Also, large-scale complex projects are driving the demand for similarly large and diverse organizations to service their needs. As service portfolios have grown, inconsistent messaging and diluted positioning have resulted. Well-planned, strategic mergers have created powerhouse players in an already crowded playing field.
In most cases, the need for a rebrand is obvious (for example, the merger of two firms with different brands), but they need to reposition is not always as obvious – for example, the emergence of new competitive advantage, a significant new service line, or the addition or loss of a highly visible expert.
2. When Service Offerings or Target Market Have Changed:
Professional services firms frequently evolve their service offerings when they reach out to new audiences, or expand their geographic reach. However, changes in a firm’s services, markets, or even location can dilute a firm’s differentiators. In rare cases, a change in services can be beneficial, giving a company a competitive advantage as it positions itself against poorly differentiated competitors.
3. It Has Been Long Overdue:
Brand management is often an afterthought for many professional services firms. Before you know it, you can’t recall the last time you considered your brand positioning or whether you’re still on the right track. It’s a good idea to re-evaluate your positioning every 4-7 years, using new research to get a feel for your market. These insights will help you make the necessary changes.
Next, let’s take a look at some of the most important aspects of a successful brand. Redeveloping a brand, from brand identity to brand promise to a firm’s personality, is an opportunity to differentiate your firm and turn your brand into something that people can see and experience. Consider your company’s brand to be the result of its reputation and visibility in the marketplace; thus, successfully rebuilding a brand requires taking into account the key elements that enter into this equation.
Your brand identity, for example, refers to the visual elements that communicate your brands, such as your tagline and colors. Your name and logo are likely to be the most memorable.
What’s in a Name?
In the world of professional services, a company’s name can help it stand out from the crowd. A good name is simple to remember and will not be confused with the names of your competitors. A name change is unlikely to be necessary in most cases, but if you are a new firm, have changed your positioning, are undergoing a merger, or are recovering from an unfortunate PR situation, a name change may be in order. But, before you go to the trouble of changing your name, think about a new logo or tagline to support your new positioning and personality.
Let Go of Your Logo
Is your company’s logo up to par? Is it true to your company’s personality? Does it appear to be outdated? Is it a memorable phrase? Redesigning a logo entails change and change may be frightening. However, your logo is one of the first components of your brand that prospects will notice, and it will function as a familiar touchpoint throughout their interaction with your company.
From your website to your signage to your proposals, your logo will show on every piece of marketing collateral you create. The visual representation of a brand communicates to purchasers that a company is trustworthy, well-established, and distinct from competitors. A logo redesign is often worth the work when circumstances necessitate a change in your brand.
According to Kotler, brand positioning is;
“The act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market”.
In other words; brand positioning outlines how a company differs from its competitors and where, or how, it is perceived by customers.
What makes a brand successful and sets it apart from the competition? Strong positioning. Your brand must represent something, and as a result, its positioning must achieve three goals:
- Be different
- Be focused
- Be relevant
A brand that remains relevant, focused, and distinct will capture shoppers’ attention and gain a competitive advantage. The challenge that most professional services organizations face is; that they provide a wide range of customized services that are difficult to categorize. A positioning statement can help you define your marketing messages and services by translating and expressing complex information into something more concrete.
What is the importance of brand refresh?
Time and your customers are always moving, and if you don’t keep up, you’ll be left behind. Design and branding from only a few years ago are already looking antiquated. If you go back even further, it might appear almost comically crude. If you don’t change and renew your company, you risk losing client trust and market credibility. People want businesses and brands to evolve with the times, thus updating your brand will make you appear sharper, more in control of your image, and thus more professional. In other words, it assures that customers respect you.
Your customers must believe your brand reflects them, and if they believe your brand is behind the times, that link can deteriorate. Your firm should develop and improve at the same rate as your clients, and a brand refresh ensures that your messaging reflects this. Branding that helps the company retain existing consumers while also attracting new ones will pay off financially in the long run.
Benefits of a brand refresh
- It brings you up to date on current and potential consumers’ changing values.
- It implies that you maintain your competitive advantage and do not fall behind in the market.
- It distinguishes you as up-to-date and cutting-edge in your field.
- It demonstrates how your business and product line have lately evolved and improved.
- It has the potential to benefit the bottom line.
Example of Brand Refresh:
Dunkin’ retained the familiar pink and orange colors, and the iconic round sans-serif font, for its brand refresh. However, the Brand shortened its name to “Dunkin,” which has been affectionately referred to by customers for years. This name change strengthens their relationship with their target audience and portrays the brand as friendly and familiar. The change from their previous branding also reflects their expanded menu—the modern Dunkin’ Donuts is more than just a coffee shop.
A Tip to Follow:
You have a brand in the first place, and you have customers to retain because you are already doing something right. Make sure that any brand update you do builds on and consolidates your current strengths. A refresh should provide the impression that the company is still the same as it was before, just better.
A brand refresh is one of the factors that you must consider. For the best results, you must take help from professionals. Thus, hiring one of the most excellent digital marketing companies is a great idea. The company has a team of experts who keep every factor in mind and implement the right strategy for your brand refresh.