Should I invest in my Brand Identity when Times are tough?
Updated: Dec 22, 2022
Home-schooling, tough economic climate, self-isolating, very little financial support and bubbles busting: us business owners have been through a lot. And that's why your brand identity should be your number 1 priority.
In business we all need to make those slightly risky decisions: those leaps of faith that we aren't 100% sure will pay off and those decisions that we aren't entirely sure what the outcome will be.
But this is why we run a business, we WANT to be able to make those decisions and jumping without knowing the landing can sometimes be a little exciting!
Branding (when done properly) looks at every part of your business - from how you communicate with your customers to whether the colours you are using are attracting your dream client. The process can take months (my brand identity process takes an average of 3-4 months) if not years. Because of this branding is probably one of the business decisions that you probably aren't going to take lightly.
The aim of a good brand identity is to create a sustainable business with strong foundations to grow on. It is working on creating a connection with your customers much deeper than the sale level and like any relationship that takes time. So when you do implement your brand identity into your business it is not an instant return on investment.
So when times are tough should you really be considering getting you brand identity into shape?
Well of course you know I'm going to say yes, so instead of me preaching I am going to demonstrate it instead.
That other fizzy drink brand...
Pepsi has been around since 1893 and was originally named Brad's Drink - presumably after it's creator Caleb Bradham. Obviously Pepsi has gone through some significant brand changes since it's inception (including a change of name) but I wanted to focus on one particular rebrand between 2008-2009.
During the time of the rebrand, Pepsi's net revenue was $43.23 billion in 2009. After the relaunch of the new brand their revenue in 2010 increased to $57.84 billion, an increase of 34%.
Now, I know there could have been other factors at play here, however it is well known that when you have a consistent brand identity your average revenue increase is 33%
Can the same happen for small businesses?
Okay, so Pepsi has some impressive numbers and does have brand recognition - but could that still be achieved by a small business? Yes, 100%.
Take my client Kayleigh, the founder of The International Retail Academy. When I first met Kayleigh she had just been made redundant from her job due to the pandemic. With a wealth of retail knowledge Kayleigh set up TIRA to help people get into the Retail Industry by reviewing their CVs, offering interview training and team building workshops. Her business is only a year old but with consistent visual branding and messaging her business is growing from strength to strength; allowing her to help more people and expand her team.
Or what about my other client Sam: Sam runs the Sugar Rose Kitchen and was initially struggling to get her clients to understand what products she provided. Once she had gone through her branding and worked on her customers' journey she now has repeat sales and is much more confident in her brand.
Getting your Brand Identity done professionally will always be one of the larger investments in your business. And whilst the initial spend may feel terrifying, the numbers and examples speak for themselves.
Are you ready to sort your brand identity?
Whilst I will of course continue to shout "BRANDING IS IMPORTANT" until I am blue in the face, I cannot tell you whether you are ready to take that leap into getting your branding done professionally. However, if this blog has intrigued you I do have an "Am I ready?" checklist on the Brand Identity Package page.