Your brand is one of your company’s most valued assets. In many ways, it is what you project onto the world, it is how you want to present yourself to the rest of the world. Therefore, it is of the utmost importance to look after your brand, and allow it to evolve as your business expands. At the same time you need to be nurturing it and shaping its evolution so that it still personifies your company in the way in which you wish it to be.
The largest companies in the world often rely extremely heavily on their brand. Whether it is due to the amount of blanket coverage a large brand gives, brand loyalty or simply because it has excelled at showing a company in exactly the right light. If you look at some of the biggest brands; such as Apple, Nike, Chanel etc. They all sell very different products and make very different ‘brand promises’, but they share the fact they have kept their brand consistent throughout the years. This shows keeping a brand consistent is needed for long term success. It is not the case that rebranding is always the wrong answer, but you need to consider the risk of lost consistency and recognition as well as the benefits.
Keeping on top of your brand can be tricky, especially as your business expands and the day to day running of the company consume more and more of your time. One way to stay on top of this can be with a Brand Tracker. This is something which gives companies a detailed snapshot of where their brand is in regard to their target consumers, market position and key competitors. It can allow a business to see strengths and weaknesses in their businesses they were not aware of, and show warning signs early on, to allow a swift solution to a problem before it becomes a serious threat. The larger your business expands the higher a priority brand tracking should become, as it shows ways in which a business can healthily expand, and key demographics and markets that may have been missed before.
As your brand develops, the consistency, tracking and image being projected are all factors that need to be considered carefully. And you must expect your brand to change somewhat during a business’s expansion, but don’t allow the brand to change too much from its origins.