Is it time to consider a rebrand?

Relevance

Brand positioning and markets often evolve and change during any product or company lifecycle. Regardless of how established a business is, if its branding and presentation to market seems dated or out of touch it can quickly create opportunities for new market entrants to seize market share. Corporate brand management has never been more challenged to maintain relevancy. “We need to earn the right to be part of the conversation. And you earn that right by being relevant,” reflects Pepsico Chief Design Officer Mauro Porcini. Where once you could ‘set and forget’ your brand positioning, today’s consumers want amazing content and experiences on their favourite devices, every minute of the day. They align with brands that excite and engage with relevant interactions that enhance and enrich their world. Their expectations are high and continuing to evolve and if an experience is not well designed, they will simply choose to take their business elsewhere.

Business, meet creative

IBM CEO Thomas Watson Jr. famously declared “good design is good business.” But design is notoriously difficult to define, tough to measure and hard to isolate as a function. Jeneanne Rae has the numbers to prove it. In 2013, Rae, founder of Virginia-based consultancy Motiv Strategies, devised the Design Value Index (DVI) that could be used to track how design-focused companies perform relative to the S&P 500 over time. 2015 results show that over the last 10 years, design-led companies have maintained significant advantage, outperforming the S&P by an extraordinary 211%. The results supported a growing body of findings that good design drives shareholder value.

Rebranding

Rebranding is an option that business owners often overlook with a fear of change, lack of transparency or understanding of the creative process. Change is an intrinsic necessity for any company that wishes to perform well in the long term. As Sir John Harvey Jones stated: ‘Unless a company is progressing all the time, it is in fact moving backwards. It is quite impossible to maintain the status quo’ (Rogers, 1996).

A rebrand can start with a simple logo or tagline refresh or can involve a major brand overhaul requiring a complete cohesive brand identity system for multiple brands and sub-brands depending on your business size and needs. The key is to plan, research and consider all Internal, External and Infrastructure factors to help determine your Brand Strategy Development needs.

  • Internal Branding: Product / Service Positioning, Brand Values, USP, Brand Promise, Culture
  • External Branding: Corporate ID, Logos and other Brand Elements, Collateral, Brochures, Trade Show Displays, Advertising, Website, SEO, Social Media, Sponsorships,News/PR, Blogs, White papers, Case Studies, Articles, Books, Testimonial, Videos
  • Systems and Infrastructure: Corporate / Brand Guidelines, HR policies/on-boarding process, Sales Processes / Touch Points, Internal Systems, Customer Service Systems

Brand audit benefits

A Brand Audit is the first step in professional Brand Strategy Development. It helps you review and determine the strength of your brand together with its weaknesses or inconsistencies creating opportunities for improvement and new growth. Associates working for a company are so closely involved in day-to-day interactions that their judgement of their overall brand image and performance can often be clouded. A brand audit involves a thorough examination of a brand’s current position in the market compared to its competitors and a review of its effectiveness and can be adapted to any business size ranging from start-ups, small and medium businesses right through to global leaders. It lays the foundation for identifying brand strengths and opportunities by systematically addressing questions about the overall category, the company, it’s offerings, competitors and customers. Going through the process of a brand audit can also produce a range of external and internal benefits as listed below.

External Benefits

  • Value: Add brand value to products and services by delivering better design and user experiences
  • Clarity: Provide a clear brand vision, values and identity making it easier for customers to connect
  • Current: Show your customers that you pay attention and are across current trends
  • Relevant: Ensure your brand remains relevant and clearly differentiates from new competitors

Internal Benefits

  • Discover: Uncover your brand’s ideal meaning and guide employees to a better understanding and passion for the new brand vision
  • Attract: Coherent, well-executed internal branding with clear values will attract and retain like-minded people to want to work for you
  • Integrity: Gives employees a sense of direction and purpose to help match employees’ behaviour and attitudes to the brand vision
  • Unite: Bringing people and teams together and create a more continuous culture

Boldfish are brand design experts and offer brand audits for businesses ranging from start-ups, SMEs right through to global leaders. To find out more about our Brand Audit review process and experience (see more before / after case studies) please connect with Rohan on the details below.

Rohan Berzins
Creative Director – Boldfish

Email: [email protected]
Li: https://www.linkedin.com/in/rohan-berzins-b1566a25/


Rohan is the founder of the brand-led creative agency Boldfish (boldfish.com.au) specialising in brand strategy, campaigns and communications. He brings a wealth of experience having worked with a diverse range clients and industry sectors ranging from startups right through to global leaders for over 18 years.


References:

[1] Harvard Business Review: Design Can Drive Exceptional Returns for Shareholders – Jeneanne Rae
[2] Selling the Brand Inside – Colin Mitchell
[3] 2015 dmi:Design Value Index Results and Commentary – Jeneanne Rae