Is your brand having an identity crisis? You’re not alone, in the 2020 financial year, over 344,000 new businesses entered the Australian market. That’s a lot of new brands vying for our attention and hard-earned cash.
In current times, it’s certainly become far simpler to create a brand or start a business. All it takes is one bright idea, a business registration, a Shopify subscription and a sturdy internet connection — and thus a brand presence is born.
With this relatively simple start-up route comes the often complex catches of launching into an oversaturated market and finding a noteworthy niche to ensure brand differentiation from the outset.
Smack Bang is built on the philosophy of creating future brands. We believe that a clearly visioned brand can quite easily parlay purpose into profit. We also understand to ensure brand longevity, a solid foundation with clear brand messaging and a succinct narrative that speaks directly to your audience is paramount to the brands future success.
How to determine if your brand is simply wading in the shallows:
Maybe the once successful tactics you implemented are no longer delivering for your brand? Audience dwindling? Messaging diluted? Revenue falling? Losing relevance? Taking stock of where your brand has been, where it is currently positioned and where you want to go is an invaluable exercise and positive starting point for any brand needing realignment in one or all areas of business.
When is it time to dive in?
There are a number of signs that can indicate it’s time to pivot your brand strategy and take a plunge. Pivoting is a clever way to bring new life to the business. Most successful brands will be constantly growing and evolving to stay current with their audience and competitive within their industry. Does your brand seem outdated, irrelevant or unevolved within the world around it? Becoming stagnant is one of the worst fates a business can face however with proper planning, it’s avoidable. Rethinking your roll-out, pivoting with pace and implementing constant evolvement into your brand strategy is key.
"A strong value proposition is critical to standing out from the crowd. If your business model has been replicated or outdone by competitors, it could be a sign you need to rethink your approach."
- Business Australia
What is a rebrand? And do you actually need one?
Rebranding is the process of changing the image of a brand. The aim is to make the ‘new’ image more attractive to consumers. It’s a marketing strategy that reviews the look and feel of a brand and develops a new identity. It could include a new brand name, new visual identity and marketing collateral — view it as a method of reinvention to keep you one foot ahead of the competition and visible in the market. What untouched potential is your brand harbouring? Where is this vision not being fully executed? A successful rebrand can help you differentiate and align with the wants, needs and values of your target audience.
Future-proofing your business
As some brands thrive in the digital space, others continue to grow in the real world. Where should you invest to ensure your brand’s survival? The world as we know it is constantly evolving and consumer expectations are following suit. To achieve longevity in tomorrow’s market, a brand must be willing to think differently about the relevance of their brand and leverage new and deeper consumer insights. We make it our business to be at the forefront of consumer trends and sustainability advancements in order to best guide our clients on how to remain relevant and continue to grow in their industry.
Consumers rely more than ever on brands to help them simplify their choices. Smart brands are those who leverage this consumer need and in turn, are far better positioned to capture the growth opportunities that follow.
Growing to match your audience
As consumer expectations continue to change and grow, so must your brand offerings in order to compete in the future market. Whilst Gen Z consumers have been shown to highly value environmental factors when it comes to the brands they choose to support, it is projected that Gen Alpha will have even higher expectations when it comes to sustainable brands. If you are wanting to grow your target audience and stay relevant, brand evolution must be a core consideration.
Knowing what makes you great
By understanding your brand’s strengths and weaknesses you can accurately identify what differentiates your brand in a sea of same-same. Branding is about competitive edge and effectively communicating your purpose and niche to your target audience. A strong brand can help you achieve that competitive advantage and convert one-time consumers into brand loyalists.
Importance of a strong brand strategy
As your brand develops so should the strategy behind your brand. Every strong rebrand begins with determining your company’s purpose, vision, mission and core values. Before deep diving into the rebranding process ask yourself — why does my company exist? Where is it headed and what values do I want to define the way I run my business? Once you have a clear understanding of your why, you will be able to use this information to guide every decision you make throughout your rebrand.
A strong foundational strategy is essentially a way to future-proof your brand – implementing sustainable processes and scheduled iterations will empower you in building, managing, and developing the brand without the risk of detrimental digressions.
The difference between good and great
It’s important to remember that rebranding doesn’t mean there is something wrong with your current strategy, it is simply a natural step in the growth of every business. Keeping future trends, shifting consumer needs and the changing values that underpin your business in your sights will allow you to have a brand that is constantly evolving and growing in box-step with the market — ensuring your brand continues to thrive.
Smack Bang specialises in boosting brands for success in tomorrow’s market. Get in touch here or stalk our latest projects.
