The British Franchise Association investigates the importance of rebranding your business in order to keep relevant, maintain consumer confidence, and build trust
Whether you are a strong global brand or a small local business, it is always essential to keep on top of what the consumer wants (perhaps even before they know it themselves), which involves constantly evaluating the brand strategy and image.
A rebrand could be something as simple as updating the website or tweaking the logo, to analysing the business model and what its defining USPs are. Without fully understanding what your brand means to the consumer, you will not be able to market effectively, or be as impactful as you would like.
In the case of the bfa, we hope to uphold our mission to be the leading educators in franchising, the trade association for our members and a guiding light to prospective franchisees who are looking to invest in an ethical business. Formed in 1977, it’s easy to be seen as stale. This is why, in recent years, we have reinforced our strategy and vision to uphold this mission, and confirm that this translates to our members and the wider community.
Never too late to sharpen your axe Joe Hinton, Managing Director of UK Business Mentoring, finds it fascinating to witness how little some businesses take the time to build their brand and identity. He explains:
“I think it was Abraham Lincoln who said: ‘Give me six hours to chop down a tree and I will spend the first four hours sharpening the axe’.”
There are similarities in how we run our businesses. Sometimes we are so obsessed with the chopping down of the tree i.e. ‘running the business’ that we forget to pause for a while to see if our axe is still sharp, or was ever sharp in the first place. Our axe in this case being our processes, systems, people etc., all of which make our businesses run efficiently.
Joe continues: “After reviewing a business for a client, part of the feedback was that the logo and branding for the company looked very outdated. The client admitted to wondering how many quotes/tenders they may have lost over the years due to the branding giving the wrong impression of the company.”
Understand what your brand means The consumer must be at the heart of the brand’s strategy as strong branding is the reason why consumers will pick one business over another.
Changing strategy or overhauling processes without understanding why you’re doing it or how it benefits the consumer will ultimately be alienating as that confusion will be transparent and people will flock to brands who have them in their best interests.
It can be a tough line to walk between modernising the brand and sticking to your roots. But as with all businesses, modernising is a must and while people love to feel familiar and safe with known and established brands, small changes to move with the times can be done to ensure relevance in the market.
There have been many businesses throughout time that have stubbornly refused to let go of what they thought was a timeless recipe for success. An obvious example of this would be Blockbuster, whose failure to move with modern consumption led to a demise which will most likely forever cited amongst companies who failed to rebrand or modernise.
Don’t let your business fall into this category, keep on top of what the consumer wants, and gently mix this with your brand identity.
Don’t forget, if you haven’t taken the time to evaluate your brand in the market, it’s never too late to sharpen your axe.