Does your branding need a refresh? Discover whether your business needs a fresh identity as we enter an inevitable recession.
As the race for sales intensifies, rebranding could hold the key in catapulting your business to the top of your industry. The question is, does your business need to? In this blog, we share some valuable insights on the importance of branding, how much it costs and whether it’s something you need to think about this year or not.
Why branding is important (especially in 2020)
The pandemic in 2020 has presented a lot of challenges to UK businesses, leaving many on the brink of bankruptcy.
However, sometimes change is a good thing. It gives your business a new lease of life and helps attract new prospects. There’s an opportunity to reset and reinvent yourself.The world in 2020, 2021 and beyond will never be the same. COVID-19 has made us think differently and prioritise brand values more than ever. The world is taking a closer interest in the environment and the effects businesses are having on it, due to the source of the outbreak. We are also looking to invest our money in businesses who are helping and making a difference on a social level too.
New branding could make all the difference. It’s a way of identifying your business.
A strong brand isn’t just a logo design and fancy colour palette (although that does help). Your brand is an integral part of everything you do and what it stands for. When you run a paid advertising campaign, your branding will help distinguish it from your competitors. Or when your employees talk to prospects, it can influence the type of language they use.
Your branding is essential in defining your success. It only takes an unprofessional website design or outdated logo design to deter new customers.
When you establish a quality brand, customers will buy into it. For instance, when you purchase a Big Mac from McDonald’s, you’re telling the world that you’ve bought into their reputation and ethos. Yes, you may have a hankering for a burger, but something has persuaded you to choose their offering over one of their competitors.
Branding shapes the way you think about a product. You can have the best possible product on offer, but if customers don’t feel anything towards the packaging or branding, they’ll go elsewhere. Every product or service needs a visual identity to sell it and a top brand strategy to leverage a business’ ethos and values.
For McDonald’s, it’s their “secret sauce”, which consists of their tasty food, a visual identity (the golden arches), their fast service and the atmosphere which forms a massive part of their branding.
Branding statistics in the UK
• Having a signature colour can boost brand recognition by 80%
• 60% of millennial customers expect a consistent brand across all channels
• 77% of marketing leaders say strong branding is crucial to their growth plans
• 91% of customers would rather buy from an authentic brand
• 82% of investors want the companies they invest in to have a strong brand
• Only 60% of marketers think their brand is well aligned with their long term goals
Does your business need to rebrand?
Knowing whether your brand image has outgrown its effectiveness isn’t always easy to identify. As a business owner or dedicated employee, you can become attached to what you have and find the prospect of change very daunting.
However, if you want to continue sitting at the top of the tree, it pays to consider the possibilities of a rebrand.
With this in mind, here are five signs it might be time to update your branding.
5 signs you need to rebrand
1. You’re experiencing a lack of leads
If you’re generating website traffic but are receiving a small number of leads, your branding could be at fault. When a new visitor lands on your website, your visual branding plays a pivotal role in the decision-making process, especially when they’re shopping around.
Check common marketing metrics like bounce rates and conversions. Or go one step further by implementing a heat mapping tool. This will tell you exactly where a customer’s journey has taken them. If you recognise a high bounce rate on your homepage and limited activity on other website pages, this suggests that you’re making the wrong first impression through your identity and content.
2. You’re getting brand envy
Let’s face it, we all keep a close eye on our competitors. It’s a way of learning from each other and upping the ante.
However, when you find yourself begrudging a competitor’s branding, you may need to rethink yours. This can include anything from determining what your business stands for, to how your business card looks.
Don’t sit there hating your competitors, do something about it and beat them.
3. Your business has changed
A lot can change over a few months. Perhaps your initial vision is no longer relevant, or you’ve been forced to pivot your approach towards sales.
Starbucks used to just sell coffee and tea. But as time went on, they expanded their product list to include sandwiches and iced tea. This has forced them to change their branding and their logo to incorporate this different market approach.
4. Your message is inconsistent
The best brands in the world are consistent with their messaging. Whether it’s through a new blog entry or a product label.
When you find your business overpromising to prospects or receiving an influx of complaints, there’s a high possibility that you’re sending out the wrong message.
If you want your brand to be trusted and reliable, you need to deliver the same, familiar, quality experience whenever a customer engages with your business.
5. You want to reach a new audience
Sometimes the most effective way of generating more business is to think outside of the box. Wrestling customers from your competitors can be counterproductive and costly.
Evolve your product or service offering to suit an untapped audience and create branding which compliments the messaging. Often, you only need to change your image or voice to address different pain points or tastes and you’ll strike gold.
How much does rebranding cost in the UK?
The cost of rebranding in the UK depends on what level your business needs. In principle, there are two different elements of branding to consider. First, you have the brand strategy which focuses on outlining specific, long-term goals and your brand story.
This is a longer rethinking process consisting of many components, such as:
• Purpose – what is the purpose of your brand and why are you doing what you do?
• Consistency – how will you remain “on brand” in your communications?
• Flexibility – how can your branding remain versatile and flexible to market changes?
• Emotion – what emotional connection do you want your target audience to feel when they see your logo or marketing communication?
The second element of branding is your brand identity. This includes all the visual things which shape the look of your website design and marketing materials. Common brand identity jobs will include focusing on:
• Logo design
• Business cards and letterhead design
• Sales and presentation and marketing materials
• Trade show materials
• Signage
• Packaging design
If you think it’s time to rebrand, get in touch with Design in the Shires today. As one of the leading web design, marketing and branding agencies in Worcestershire, we can help breathe new life into your brand.
Whether you require a new logo design or rebranding on products, we offer agency quality without the price tag.
