A strong, discernible brand is important for every business. Even a company that never undertakes a formal branding effort will, over time, establish a brand through its communications with customers and interactions with the public. For this reason, a company brand review is a good idea to determine whether tweaks or even a major overhaul may be in order.
When completing your company brand review (or brand audit), consider the strengths of your business and whether these have evolved over time — or very recently. Some companies have pivoted during the COVID-19 pandemic to address the changed circumstances of daily life. Look at strong suits such as:
You need to match your business’s passions and strengths to your customers’ needs and wants. To that end, ask current customers what they like about doing business with you. Survey both customers and prospects about what they consider when making buying decisions.
Look at any widely known brand and you’ll see a logo and branding effort that conveys a certain personality. Some companies want to appear creative and playful; others want to communicate stability and security. Does your company have a unique selling proposition? If so, what is it?
What personality will draw today’s customers to your business? You may think that every company in your line of business has pretty much the same target audience. If that’s true, you must come up with an edge that differentiates your company from its rivals.
Businesses tend to have various points of contact with customers ranging from business cards to print advertisements or catalogs to the front page of your website to social media accounts. All play a role in your brand’s personality. Review your company’s marketing spend and what it’s doing at each point of contact. Consider whether and how these efforts accurately and effectively represent the business’s core values and emphasize its strengths. Doing so will give you more insight into the best way to portray your personality through your brand.
No company is an island. Your competitors have brands of their own, and they’re after your target audience. So, in creating or refining a brand, you’ll need to identify their tactics and come up with countermeasures. To do so, engage in competitive intelligence gathering (SWOT Analysis) by looking at their:
Sometimes a full rebranding campaign may be necessary to differentiate yourself from a competitor. For example, let’s say a major player has entered your market and you’re worried about visibility, or perhaps your brand is blurring together with a competitor’s.
In the end, branding can make a big difference in whether your business gets lost in the shuffle or makes a singular impression. Our accounting firm can help you assess your marketing budget, including allocations for branding, and identify opportunities for cost-effective improvements.