A strong brand is important for your business. And your company will develop a brand one way or another, either through formal brand development or simply through interactions with the public.
With today’s competitive atmosphere, it is a good time to examine your brand and determine if you need to make adjustments.
Who are you?
When reassessing your brand, consider the strengths of your business and whether these have evolved over time — or very recently. Some companies have pivoted during the COVID-19 pandemic to address the changed circumstances of daily life. Look at strong suits such as:
- Distinctive skills, such as excellence in product design,
- Exceptional customer service,
- Providing superior value for your price points, and
- Innovation in your industry.
You need to match your company’s passions and strengths to your customers’ needs and wants. To that end, ask current customers what they like about doing business with you. Survey both customers and prospects about what they consider when making buying decisions.
What’s your personality?
Look at any widely known brand and you’ll see a logo and branding effort that conveys a certain personality. Some companies want to appear creative and playful; others want to communicate stability and security.
What personality will draw today’s customers to your business? You may think that every company in your line of business has pretty much the same target audience. If that’s true, you must come up with an edge that differentiates your company from its rivals.
Businesses tend to have various points of contact with customers ranging from business cards to print advertisements or catalogs to the front page of your website to social media accounts. All play a role in your brand’s personality. Review what your company does at each point of contact, considering whether and how these efforts accurately and effectively represent the business’s core values and emphasize its strengths. Doing so will give you more insight into the best way to portray your personality through your brand.
What’s the competition up to?
No company is an island. Your competitors have brands all their own — and they’re after your target audience. So, in creating or refining a brand, you’ll need to identify their tactics and come up with countermeasures. To do so, engage in competitive intelligence gathering by looking at their:
Latest products or services,
Current prices and special offers,
Marketing and advertising methods, and
Social media activities.
Sometimes a full rebranding campaign may be necessary to differentiate yourself from a competitor. For example, let’s say a major player has entered your market and you’re worried about visibility, or perhaps your brand is blurring together with a competitor’s.
Are you making an impression?
An effective brand can make a big difference in the impression your business leaves. If you want to work on improving your brand but aren’t sure how much you can budget, please contact your Rudler, PSC advisor at 859-331-1717. We can help you assess your budget and find cost-effective opportunities for you to refine your brand.
RUDLER'S TAX MANAGEMENT & PLANNING TEAM
This week's Rudler Review is presented by Becca Thorman, Staff Accountant and John Wood, CPA, CVA.
If you would like to discuss your particular tax situation, contact Becca or John at 859-331-1717.
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