You probably evaluate a lot of elements in your business, from your digital marketing expenditure to the quality of your products. Judging and evaluating your company is important to ensure you’re offering customers the best possible service and to identify areas for improvement. The only way to grow and succeed is to sell more, so you do everything in your power to make sure people want to buy from you.
For some reason, marketing strategies and sales strategies tend to be evaluated a lot more often than branding strategies. Branding affects all other areas of the business; it is the essence of the organisation and helps consumers connect with you. Why wouldn’t you assess the business identity?
Studies have shown that branding affects buying decisions, and the image of a brand can be the sole reason for purchasing or not purchasing a product. Consumer attitudes towards brands are becoming more influential, so surely it pays to evaluate your branding strategy on a regular basis to check you are sending the right message.
Here’s a few top tips from Regency and things to consider when weighing up your current branding strategy.
A business is most recognised by its logo. So how effective do you think your current logo is at representing the brand? Many businesses decide to rebrand and switch their logo at some point. Perhaps when you first started out you didn’t have the finances to hire a professional graphic designer, or you think it doesn’t really appeal to your target market. A logo is the face of a brand, so review it and check it still fits.
Review business goals and taglines
The wording you use along with your logo, on your website, leaflets and product packaging is also important for the brand image. Everything should relate back to the main business goals and objectives, so the first job is to evaluate these and make sure they are still relevant. Many companies realise their aims have changed since moving into new markets or changing direction, and therefore the brand taglines and phrases need to adapt.
Is your brand perceived as ethical? With consumer attitudes changing, it’s crucial to realise how people connect with businesses and increasingly consumers are demanding moral products and services. If a business is branded an unethical in any way it could have disastrous consequences, with Mintel research revealing that 56% of US customers would stop buying from a brand they believed was unethical. Companies can increase awareness of their ethical practices through their branding strategy, by using certain logos on products, supporting charities or social/economic movements and spreading the word about their ethical ethos on their blog and social media.
Need help reviewing your branding strategy and could do with some fresh ideas? Get in touch with our creative branding team.