When was the last time your company sat down to discuss your brand? If the answer is “in the last five years,” then great, you’re on track for another strategic discussion here soon. If your answer is “we don’t talk about he who must not be named,” then we need to sit down and have ‘the talk’ … the brand talk.
Let’s talk about what a brand is. Your brand is all of the tangible and intangible components of your company that both your consumers and employees see and experience. It’s your logo, colors, fonts, website, documents, name tags, business cards, brochures, and the list goes on. Some elements might need minor changes, and some might be classic to your brand with no changes but a focus on how to strategically use them to your benefit.
Brands are important to a company for multiple reasons. Internally, it’s a lucrative asset. You should include your brand on your balance sheet because something so well implemented and important to your company can be worth thousands of dollars. Your brand is also something that, when communicated and interpreted correctly, can provide a better understanding of your mission, vision and values to your employees so much so that they begin to exemplify these same strategic goals in their behaviors. Externally, it is how your consumers, community members and stakeholders perceive you. So, if you haven’t updated your brand in 30 plus years, only have one low quality image of your logo to use and purposely leave off your brand on the items your company produces, then you’re only decreasing the value of a lucrative asset and misrepresenting yourself to the people who contribute to your success.
Sure, rebranding is a lengthy process and implementing those changes can be costly. Take McDonald’s, for example. The company makes a consistent effort to update their logo on a regular basis, making the investment to implement those updates despite the high cost with thousands of locations all over the U.S. and around the world. There is a reason big corporations and chains participate in this practice and a reason you should too. Because it works. It’s all about consistency and staying relevant. I recommend collaborating with a marketing agency on how to do this correctly and implement it over a longer period of time. Ideally, you can rebrand your company and complete the implementation process within a year. You can also plan ahead and leave room in your budget for the future to accomplish this. Lastly, your rebrand can also be a successful tactic to accomplish items in your strategic plan.
Below, find some successful companies in West Central Indiana taking the initiative to invest in their company, consumers and employees by rebranding.
