Your brand strategy is the foundation of your business, and it needs to evolve with the times. You may have had a killer brand strategy a few years ago, but is it still as effective in today's market?
If you're no longer getting the results you want, it might be time to revisit and revamp your brand strategy. So what exactly do we mean by that?
What is brand strategy?
Brand strategy is the plan that outlines the long-term vision of your brand. It encompasses everything from your brand's mission, values, and personality to your target audience and marketing approach.
A well-crafted brand strategy can help you differentiate your business from competitors, build brand awareness and loyalty, and ultimately drive sales. Your brand strategy should be dynamic and adaptable, changing as your business evolves and as the market changes.
The importance of brand strategy
Brand strategy is critical to the success of your business. It provides a roadmap for all of your marketing activities and ensures that your messaging is consistent and aligned with your business goals. A strong brand strategy can help you stand out in a crowded market and create a memorable and recognizable brand that resonates with your target audience. It can also help you build trust and credibility with your customers, making them more likely to do business with you.
Signs that your brand strategy needs to be revisited
As a branding agency, we‚Äôre no strangers to refreshing the brands of professional services and expert firms. Your brand strategy should be reviewed and updated regularly to ensure that it is still effectively achieving your business goals.
Here are some signs that your brand strategy may need to be revisited:
Changes in your target audience
Your target audience may change or adapt over time! However, if your brand strategy doesn't reflect these changes, you may be missing out on potential customers. For example, if you started out targeting Gen X but now find that your audience is mostly millennials; you may need to adjust your messaging and marketing approach to resonate with this new audience.
Changes in your industry
Industry trends as well as consumer preferences can change rapidly, and it's important to be across this for a few reasons - mainly so you stay ahead of your competitors. If your industry is moving towards a more personable and friendly approach, but your brand still comes across as formal and strictly professional, then you may need to adjust your brand messaging and values.
Changes within your competition
Your competitors can also be an influence on your brand strategy. Of course our competitors are offering similar products or services but sometimes, they introduce a new approach. Before long, this new approach can become adopted on a large-scale. In cases like this, you may feel the need to revisit your brand strategy in order to stay competitive.
Decline in sales or customer engagement
One of the biggest signs your brand strategy might need a revisit? If you're not seeing the results you want from your marketing efforts. A decline in sales or customer engagement could be due to a variety of factors, including outdated messaging, ineffective marketing channels, or a lack of differentiation from your competitors.
Revisiting and revamping your brand strategy
If you've identified that your brand strategy needs to be revisited, the next step is to take action. We have a tried and tested approach to refreshing brands at Beyond Billables - here is some of what you can expect when you choose us for your new branding:
In depth market research
Market research helps us understand the changing needs and preferences of your target audience, as well as gives us the ability to identify new opportunities for growth. This involves conducting analysation of everything your customers are doing both on and offline.
Revisit your brand messaging
Your brand messaging should be clear, concise, and consistent across all marketing channels. If your messaging is outdated, confusing, or inconsistent, we‚Äôll be able to refresh it. This could involve refining your brand story, updating your tagline, or repositioning your brand language and tone to better reflect your values and mission.
Visual identity audit
Your visual identity, including your logo, colours, and typography, can have a significant impact on how your brand is perceived. Think about it - we eat with our eyes first. We're visual creatures by nature. If your visual identity is outdated and needs an update, we're on it. This could involve redesigning your logo, updating your colour palette, or adopting a completely new visual style.
New marketing tactics
Marketing tactics are constantly evolving, and if your brand strategy doesn't keep up, you may be missing out on potential customers. We'll present you with strategies for new marketing tactics, such as influencer marketing, social media advertising, or content marketing, to reach your target audience more effectively.
Ready to refresh?
Your brand strategy is one of, if not the most critical component of your business; and it needs to evolve with the times to stay relevant. By staying attuned to changes in your target audience, industry, and competition, and revisiting and revamping your brand strategy as needed, you can ensure that your brand remains competitive and resonates with your customers. Remember, a strong brand strategy is the foundation of success, so it's worth investing the time and resources to get it right.
Beyond Billables is a Brisbane based branding agency, specialising in professional services and expert law firms.