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Answers to Common Branding Questions
- On-going loss of market share even though investments in advertising have increased;
- Disconnect between what customers expect and what they get;
- A failure to maintain consistency across all forms of marketing communication;
- Low employee morale and motivation.
Unfortunately there is not one simple answer. The cost of rebranding is a function of the scope, complexity, and objectives of a rebrand program. Cost is also not necessarily dictated by the size of the company. Each branding initiative is unique. However as a rule of thumb the cost of rebranding can be as little as $10,000 or as much as several hundred thousand.
The value of brand has been shown to exceed the value of a company’s tangible assets by virtue of public perception of the brand. That is what yields brand equity. In the short term any investment in a brand will contribute to value that adds to bottom line profitability. It’s the value difference in what you pay for a cup of coffee between one branded McDonald’s and one branded Starbucks.
- Market research and issues assessment
- Brand strategy platform formulation
- Name and/or Logo and identity system design
- Application including website, business system and collateral design
Branding is primarily intended to build value while advertising is generally focused on building awareness. Brand is a long-term proposition to shape perceptions that are essential to how the brand is promoted through advertising.
Your employees are your strongest advocates and one of the most trusted voices about your brand. The more they understand and believe in your brand the more effective they can be in advancing and promoting what gives your brand a competitive advantage.
The most important goal of research is to provide insights on what your customer believe about your brand as opposed to what you hope they believe. It can also tell you how you are, or not, relevant to their needs and wants, what they are loyal to, and what opportunities there are for you to excel.
Brand management is the organization’s governance policy and procedures to protect and build long term brand equity and value. It is the structure, method and means of managing brand expression and experience consistently across all points of contact.
A logo is only one expression of a brand. But a brand is so much more. A brand is reputation, what people believe it stands for, it’s vision and mission, distinction, products and services, and so much more. A logo is only symbolic of the brand.
- Do they have the right skills and expertise that match your particular needs?
- Do they have a track record in solving similar kinds of challenges?
- Do they take the time to educate their clients so they make informed decisions?
- Do they work as collaborative partners?