“Your brand is what other people say about you when you’re not in the room.” (Jeff Bezos)
You have a great product or service that fills a need. You are doing your marketing. Your accountant has helped you streamline your cashflow and provided you with your financial forecasts. You are well aware of the risks and challenges, but you are still not connecting with your customers. What could possibly be going wrong? There’s a strong chance you may need a rebrand. Here are five signs that it’s time to think of a brand refresh.
1. Your business has changed
Growth is generally considered a good thing, but if you have grown too much you might have left behind the little brand you once were. Merging with competitors, bringing in new products and moving into new areas to seize opportunities can all result in your brand becoming muddled. If you’ve morphed into a jumble of different products, services and merged divisions it can become hard for your customers to work out exactly what you do. Now might be the time to bring everything under one new banner – or, alternatively, to split your brand into clearly identifiable offerings.
2. You don’t stand out from the competition
If you look up your services and see a multitude of similar companies, chances are your brand is not defined well enough. If your company looks just like the others in the same sector, then how will your customers know to choose you over anyone else? You need to show the market that you are different – and a well-articulated brand offering can do just that.
3. Your business has suffered reputational damage
This is a tough one for leadership to admit. Did you get off to a bad start? Did something happen that put your company in the news for the wrong reasons? Were you caught up in something unsavoury that maybe you had nothing to do with? Or were the previous owners simply incompetent? If you answered yes to any of these questions, then it’s definitely time for a brand refresh. Casting off the old image and adopting a new one is the quickest way to leave the past in the past – and it needs to happen urgently.
4. Your poll results are confusing
The best thing you can do if sales aren’t living up to expectations is to start asking people why. A simple poll that asks your clients, employees, friends and family what your company does and how it could do things better could be just what the doctor ordered. If the results are inconsistent, then you have your answer: it’s time for a rebrand. Your brand narrative needs to be strong and focused if you want your audience to recognise your value.
5. You have high employee turnover
We live in an age where employees want to work for companies they believe in. It follows, that companies with weaker brands and undefined missions can find it hard to hang on to talent. While South Africa’s poor employment stats may mitigate this somewhat, a weak employer brand can also be identified by the way high-value candidates react to interviews. If you notice you’re struggling to get your chosen candidates to sign on the dotted line, it may mean you haven’t been able to communicate what you stand for – and they have decided to work for more attractive brands that they do understand.
The long and the short
If you notice one or more of these signs, it’s likely your company may need a rebrand. And before you worry about freeing up the budget to make it happen, remember that we are here to help. As your accountants, we can help you to find the funds required to shake up your brand and get yourself on the right foot again.
Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.
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