The best time to review your brand
Clarity, consistency and trust are valuable attributes, in a period of disruption. They will help you to create stability, in an environment defined by uncertainty. Your brand can help you to create each of these attributes. So, as the economy stands poised on the brink of recession, now is the best time to review your brand.
The impact of the coronavirus on the UK economy was swift and substantial. The lockdown brought most commerce to a halt. Businesses were suddenly forced to consider what they needed to do to survive. Staff were furloughed, budgets cut, activity frozen. But that’s beginning to change. Some businesses are beginning to think about what they do next.
Taking the next step
For some businesses their next step is planning how to respond to the changes in their market: more competition, fewer customers, smaller budgets, new priorities. Other companies have identified opportunities they want to exploit: new products to launch, new markets to break into, new services to offer, new routes to market.
After the enforced economic hibernation of lockdown, businesses want to get back to work. They want to take the next step. But before you do anything, you need to stop. The economy is different now. You need to understand what has changed – inside your business, and outside.
This is the best time to review your brand – to undertake a brand audit. An audit will help you to understand how your brand can influence your success, before you take the next step. It looks at internal factors, like your purpose, values, market position and proposition. It also considers the key external factors; your customers and your competitors. For businesses that know WHAT they want to do, but aren’t so clear about HOW to do it, a brand audit is a great start.
How a brand audit can help your business
Depending on your plans, there are many ways a brand audit can help your business:
Launch new products
In an environment where customers are changing, it will give you insight into what you need to do to make an impact.
Break in to new markets
If you need to reach new markets, understanding your strengths and weaknesses will allow you to focus your resources.
Stand out from competitors
An audit will help you to identify what makes you different and creates an advantage for your business in the recession.
Raise your profile
A review will help you to understand what you need to do to be distinctive and memorable, in a crowded and competitive market.
Win new customers
Looking at existing customer relationships will help you adapt to the situation and build strong new relationships in the recession.
Define your market position
Insight into how you compare to your rivals, as the market evolves in the recession, will create opportunities to stand out.
Create a stronger proposition
Understanding the benefit you deliver in an uncertain economic environment is a powerful competitive advantage.
Nurture customer loyalty
Reviewing your strengths and weaknesses will help you meet the needs of your customers, as they evolve through the recession.
A thorough audit will give you the insight you need to create a compelling proposition for changing customer priorities.
Prepare for the future, now
Lockdown has left companies impatient to do business. Companies are eager to take the next step – as soon as possible. But when the stakes are high, and the margin for error slim, it’s important you take the right step. With the prospect of a recession looming, now is the best time to review your brand. A brand audit will help you to build the brand you need to drive your success; not just through the recession, but into the recovery that follows.
Get in touch
If you would like to have a chat about the best time to review your brand, drop us an email. It would be great to hear from you!
Our services: How can we help you?
A clear brand strategy will create a competitive advantage for your business, and make it easier to win new customers. This is because it brings focus to your business, so you can identify what’s most important and make the best use of your resources.
Read more about Brand strategy >
Your brand identity will help you to raise your profile and stand out from your rivals in a competitive environment. We’ll work with you to create a strong brand identity that is distinctive and memorable, so you can make an impact, in print and on screen.
Read more about Brand identity >
Strong brand management will drive your business success more efficiently and effectively. It is the process of building a relationship with your customers, by managing the quality of their experience, through every interaction.
Read more about Brand management >
Photo by Anne Nygård on Unsplash