Establishing a strong brand identity is vital in today’s everchanging business environment, as a brand is ultimately the face of the company.
A brand represents the values, identity, and unique offerings that a business has.
As a result, given that market trends, consumer preferences, and technology are all constantly changing, it is vital for businesses to reevaluate their branding strategies on a regular basis. Whether it is a simple tweak, or a complete overhaul, such changes can have an immense impact on performance.
Therefore, here are six signs that a business needs to update its branding to remain relevant and consistent with their goals.
What might have worked in the past, may not be as effective in the present, and more so in the future.
One of the clearest signs that a brand needs updating is when it both looks and feels dated. Market trends are constantly changing, and a brand might quickly become outdated and uninteresting.
Therefore, business leaders need to regularly review their company’s logo, website, marketing content, and other assets so that they are in line with current aesthetics and consumer preferences. They must be aware of market trends, insights, and feedback, together with utilising side-by-side comparisons between the company’s brand and that of competitors.
As a business grows, so should its target audience.
If the branding of a company no longer fits in with the customers it wants to attract, or fails to bring in new ones altogether, then it is a clear sign that a brand update is required.
Business leaders have to conduct market research and gather the necessary information from customers to understand changing customer needs and preferences.
Whether a business is entering a new market, or introducing new products or services, mismatches may arise between the current brand and the increased business objectives.
In such cases, a rethink or update of a brand identity may be needed in order to ensure that the business is consistent across all fronts, thus providing customers with a more fluid and seamless brand experience.
Industries and markets are constantly changing, especially due to technological advances, cultural changes, new competitors, and other macroeconomic challenges as witnessed over recent years due to the COVID-19 pandemic.
If a company’s branding does not reflect its position in the current industry or fails to effectively convey its competitive advantage, then it is an indicator that a reshuffle in the brand strategy is needed.
One aspect which makes brands effective is consistency.
A strong brand needs to be consistent, utilising a similar colour palette, tone, and approach across all fronts. This will help make the brand more noticeable and recognisable, whatever the platform, leading to a unified brand image that evokes greater brand trust and loyalty.
Failing to do so can confuse the target audience and may lead to a drop in brand recognition.
When major change happens within a business, it has to be communicated, both to employees, as well as customers.
This is also the case for mergers and acquisitions, as it is vital for business leaders to examine the two companies involved and assess whether the two distinct brands need to remain separate, fall under one of the companies’ existing brands, or form a new identity altogether.
A new brand identity can represent a combination of both corporate strengths and values.
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