Brand New Day or Fight Another Day?
“I just hate our logo–we’ve had it two years and business is flat.”
“People buy more from fresh, new companies.”
“The news media will cover our name change. No, really, they will.”
Pity the person who has heard any of that from their boss, board, or consultant. People get antsy when business flattens or declines, and often instead of examining the product, service, or marketing strategy, attention is turned to the brand itself.
Your brand is your company’s or organization’s public face. It’s your identifier, your differentiator, and not a plaything for the bored or those grasping for an explanation of declining market share. I’ve worked in several situations where the boss was convinced by branding consultants or “brand alchemists” that the only thing holding them back was their brand identity.
Hold on a second–I should say strongly that changing your brand is not always a bad move–far from it. I mean, who doesn’t know what a ring pop or an iPhone is? I work with some branding consultants and firms who are downright kickass at what they do. They just happen to be professional enough to tell a client when they don’t need a rebrand. (Sound crazy? Nah. Just ethical and smart in the long run. What company is going to hate a consultant who saved them from wasting thousands of dollars?)
I’m by no means saying that a lousy logo, tagline or brand message is worth keeping simply because it’s expensive to rebrand. What I’m getting at is that before you make any move towards engaging a brand identity firm you do some research, serious thinking and some long conversations with objective people who have no skin in the game.
It’s all about brand equity. Wikipedia says “Brand equity refers to the marketing effects or outcomes that accrue to a product with its brand name compared with those that would accrue if the same product did not have the brand name.”
If you’ve invested thousands of dollars and years of consistency in your brand and decide that it’s what’s holding you back; then you need to put pen to paper and ask “If I jettison our identity and create a new one, how much will it cost?” Are you prepared to flush your brand equity–essentially zeroing out your name recognition–and pay a consultant or tie up your marketing team for weeks or months? (Not to mention waiting perhaps a year or two to see if it pays off.)
Google “costs of re-branding” and the results may take your breath away. Some claim that research alone for a re-brand lies in the $50K range–that doesn’t include creating a new logo, tagline, website, collateral printed material, etc.
Well worth a second thought, wouldn’t you say?
Is it your marketing strategy, rather than your brand identity? If so, then a complete overhaul of that strategy–not necessarily your logo and brand identity–is in order.
As for the news media caring about your re-brand? In general, they will devote time to your re-brand only if it’s really lousy one. It can also be a PR nightmare if you tick off your current customer base (see Coke, New).
So before you go for a brand new day, think carefully. It may be that your brand just needs a better marketing strategy under it–and it needs to live to fight another day.
