Has your growth become stagnant in the face of industry changes? Has your brand been positioned the same way since your company’s inception? If either of these situations have arisen for you and your team it may be time for a brand or positioning refresh.
A brand refresh can mean a shift in the dynamics of your company. These shifts will help you stand apart in your industry. An update can be as minor as laying out simple brand guidelines, as large as a completely new logo, or new brand position. The scale of the project depends on your team and how you are doing within the industry you are currently positioned in.
This change in positioning serves the purpose of targeting a different market than the one you are currently on trend with. Companies have sometimes failed to find their niche market right away, focusing on a new area of expertise may help. Other teams have found themselves growing in a different industry than originally planned and unable to find their new audience with their old marketing plan.
Top 5 Reasons to Update Your Brand
- You are not reaching your audience- A brand consultant can help guide your company’s vision, mission, and offerings to the correct market using targeted positioning tactics.
- Your growth has plateaued- You are trying to gain new customers without losing the market you currently have a stronghold in, a fresh set of eyes can help guide you through bridging the gap between your new and old audiences.
- You have feedback from consumers or your team that your logo needs an update- Giving your logo a facelift can change perceptions of your brand rapidly, seeing you as a newer or more innovative company. This can boost customer loyalty as well as your bottom line.
- You want to branch out to a new market- If you are a smaller business or have many different franchisees but you have a new product that is not in your current market’s scope you can benefit from an update. Whether it is a completely new market or adjacent to your industry you can build a new platform to generate interest in your product through repositioning.
- You don’t have clear brand guidelines- Having brand guidelines helps to streamline the products and marketing collateral your company creates. Working with an experienced professional to help create these guidelines will give your company the knowledge of how to produce these guidelines and correct any art based issues you may have had in the past.