In a time of entrepreneurship new businesses are being developed every year it becomes hard to stand out in a pool full of businesses. In a study conducted by the Australian Bureau of Statistics, the entry rate for new businesses was 406,365, however, those that didn't succeed and decided to close down were 386,392.
With a lot of industries being as saturated as it is, businesses must stand out to their audience allowing themselves to gain credibility, marketability, and a clear tone of voice when presenting themselves to their customers.
Many businesses think that their brand image may no longer be trendy, or seem dated and look to create a rebrand their business. However, these are some of the businesses that are included in the 386,392 that closed down in 2022/23. Creating a new identity for our clients means more than just a new image, or redesigning their logo. We work to understand why our clients feel they need a rebrand and work backwards. Be sure to visit our How We Build Brands section on our website for more information. So let’s explore how building a new brand may help you maximise your investment in the product or service you offer as a company.
Have you ever walked down the supermarket aisle, or even a shopping complex and taken notice of where stores are placed and how they’re presented? This is all a part of their brand strategy. Each product and brand like a shelf positions themselves based on various factors; market value, affordability, and brand image. We take these into account when we design for our clients, discovering whether their main goal is to attract budget-conscious clients, high-value boutique clients, or someone who is time-conscious and is happy with a quality product that is priced well however removes customiseability.
The beverage industry is something that utilises its brand's image to create an experience for its customers that determines how much they’re willing to pay. Whether it be generic spring water, Mount Franklin, Evian, or Voss their brand image determines where they sit in the market regarding their product's price.
Likewise with many industries, reimagining your brand and creating a lifestyle for your client, can allow you to charge more for your product because of where you position yourself in the industry. A lot of our clients that have gone from being small businesses to medium-large companies find themselves rebranding for this exact reason.
With a large number of small businesses hoping to brand their companies themselves, we see a lot of them look very much the same as they design without any intent. When creating a brand strategy for our clients we try to work against the norm and find a way where your business can stand out. We aim to create brands so the image itself stands strong enough against its competitors that without even mentioning the client's company's name, their audience can identify the brand they know and love.
We also work with brands that create accessibility for their product and service. Creating a brand that is more inviting and clients aren’t afraid of them is something some of our clients are also attracted to. At the end of the day, we custom-tailor the brand's requirements in order to create a solution that in turn works on increasing profitability for their business.
Some brands enjoy creating exclusivity and portraying the perception that their brand is only accessible to a few individuals. Whether this be financially, politically, or socially. A basic concept in economics is when there’s a limited supply of something the demand or the price increases. However, we understand this isn't for all businesses.
Many established brands over the years have decided to rebrand their companies, although they may still be making millions, if not billions of dollars in sales. Some of these companies include Google, Apple, Starbucks, Pepsi, and McDonalds. Not all brands traditionally undergo a rebrand for monetary value, however they may find that although hundreds of thousands of dollars were invested in their brand and brand strategy, with developing times, a change in consumer preferences, and the development of competitors, they may feel find their overall control of the market visually may suffer.
Brands like McDonalds and and Pepsi over the years have moved with the times, ensuring the visual appeal of their brand stay relevant and on trend.
Apple took only a year to identify that their establishing logo wouldn’t work as they moved to a coloured version of the Apple logo we know. Utilising the 6 coloured Apple icon, the brand wanted to promote their product being the first computer that supported colour, and was used to promote the innovation of their product line. Moving through the timeline, we saw Apple amend its colour palette, including a translucent style logo which again reflected the products of the time, and then moving to the logo we know today again moved with the times being a classic silhouette that people are attracted to. In our current time, we see clients are attracted to minimalistic branding that isn’t bold and obnoxious. Likewise we see brands such as Louis Vuitton also minimise their brand on their products where items are understated. A slight tune of “if you know you know”.
Similar to the attraction that users may have with the products they use, the consumption market likewise have health trends they need to adapt to in order to increase their audience, or continue to satisfy their lifestyle needs.
The FMCG market over the years have seen a massive sway, particularly in their packaging. Brands in the late 10’s saw more health conscious packaging that highlighted the health benefits of their products as opposed to the taste. We saw a massive increase in organic packaging, gluten free products, and high protein items. Consumers found themselves indulging in the health and fitness lifestyle and became more health conscious and found consumers moving to new brands that were promoting healthy eating hence the shift in larger companies such as Subway and the packaging for brands such as Arnotts and Coca-Cola variations that suited the changing lifestyle of their consumers.
Have you ever walked past a store that has “NEW MANAGEMENT” plastered across their shop front? In an era where branding leads the consumer market, when people suddenly attach a new brand to their company, customers automatically assume the business is under new ownership or there has been a change of hands somewhere along the line. This is best suited for either clients that have taken over a business and they’d like their clients to know, or their business name and brand has been tarnished and they want to put forward the perception that they’ve made improvements to their product or service. Either way a new look for a company can sometimes mean a fresh start and allow a second chance for some businesses.
All together, there are many reasons why our clients come to us to rebrand their business, whether it be for any of the reasons above, or to just give their business a little more direction through brand strategy. A business brand is something that new business owners shouldn’t overlook and is something established companies should continue to develop and work on to ensure their presence in the market is consistently working with them as opposed to against them.
Not sure if your business requires a rebrand or not? Be sure to contact us and explore our consultation services where we audit your business including your marketing position, strengths, weaknesses and opportunities for growth. If you’re ready to take the next step and grow your business through our creative solutions, be sure to contact us to inquire about our calendar availability.
