Creating a new brand or refine an existing one shall be a well thought endeavour. Using a methodical combination of Strategy and Action we handle a brand from naming to deployment.
Build or Refine a Brand
A brand is what people think of you and tell others.
Build a New Brand
What do you want to build?
A clear understanding of the distinction between brand, business and logo is imperative.
Brand is what people think of you and tell others.
Business is a systematic process for generating revenue.
Logo is a visible identity and represents a brand.
Refine a Brand
We understand the sentiments attached to a brand. But don’t forget, a brand is about a business. If the brand is not driving a business, it’s time for a review.
A business activity warrants timely review. If devoid of success, needs a re-think or termination. If it isn’t working, you should let go of a losing product, service or a brand altogether.
Change of Tactics
It is okay to re-brand or refine your brand. If it still has potential, change how people think about your it, change how it is presented to the target market. Alternatively, creating a new brand can be very promising, challenging yet exciting.
A second chance has the benefit of backed by experience and wisdom that comes by learning from our mistakes.
Why Refine a Brand?
Poor Brand Recognition
You may presume that people know who you are and what you do. But they may not be getting the right message. You are what people think, not what you think of yourself.
You are Undiscovered
Consumer in your marketplace must know of your existence. Without your prominent presence they can’t think of you or find you when considering buying something you sell.
No New Customers
You need new customers in the existing and newer regions. Retaining existing customers is great but getting new ones is critical. Both are instrumental for your growth
Losing Existing Customers
Customers should return for repeat buying. If they are not, chances are they don’t remember you. Flood of choices from your competition may make their memory of you foggy or vanish.
You need new customers in the existing and newer regions. Retaining existing customers is great but getting new ones is critical. Both are instrumental for your growth.
Your customers are confused. They should buy what you appear to be selling. Effective communication is required for not missing out for a wrong a reason.
Brands that sport stale imagery, not follow trends, have stagnant pitch and not keep up with the fads are poised to lose interest of the consumer. Branding must be up to date.
When to Re-fine a Brand?
Now or Later?
An enterprise is driven by capital and punctuated by risk. Since results of an investment are never guaranteed, the question is – when? Building or refining a brand demands time and money. Is it worth the risk?
What if the results aren’t as expected? Why not wait and invest when revenue is better?
A weak brand may never produce that sort of revenue in the first place. Especially due to the very reason of its re-think.
If you can afford it, do it. It may carry financial and other risks but that is entrepreneurship is all about.