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What’s the value of branding?

February 2020Helen

FIG works on alot of branding projects. We develop brands from scratch for new companies and rebrand existing organisations. But we also do alot of work with companies to continually develop their brand, without changing the logo. Brand development is part of our DNA, and we’re pretty good at it. Two very different branding experiences with organisations inspired this article, to look at, what is the value of branding.

We were introduced to a very large company who had acquired one of our customers. This company had purchased other organisations previously as part of their growth plans. They had retained the logo and brand identity of each new acquisition. With this latest acquisition however, there were now discussions about how to position these changes in their marketplace.

FIG recommended repositioning the company as a whole, to recognise its new standing in the marketplace. the company had grown significantly and because of its size, longevity and ability to service the whole of the UK, we felt there was a good story to be told. We also felt there would be significant benefit to reposition the company with a new name and a new brand identity.

With any renaming and rebranding exercise, there are always risks. I’m sure most people can remember a few disastrous examples. Such as Gap’s efforts to modernise its look in 2010. The rebrand was met with such an extreme backlash from angry customers that it returned to its original logo in just one week.

In 2002 management at the Royal Mail renamed and rebranded itself as Consignia in an attempt to convince the public they did more than mail. The response was not good. The public disagreed with their decision to rename such a national institution and the name was phased out over time.

royal mail branding

The name we were proposing for our prospect was a natural progression as customers were already familiar with it which lessened the risk. We felt a rebrand was necessary because the existing brand did not stand up against the competition. This company had grown significantly over the past few years and was now a major player in their industry. It was an opportunity for them to shake up the market, and take notice of what they were doing. It was an opportunity for the company to maximise the next level of growth, to set out their offering and brand values to potential new customers.

In the end, the company directors did not feel the output warranted the expenditure. They could only see it as the cost of a new logo to use on a website and business cards. They couldn’t see that creating a brand could have significant value to the business and its future growth going forward.

Understanding the value

A second branding experience was very different. This time with an existing client. We have been doing a lot of branding work with them since they acquired another company. We are helping them to consolidate their product offering and rebrand products and existing brands in the marketplace. One of the products we rebranded was repositioned as a luxury brand and is now one of their strongest performing brands in the portfolio.

Such has been the success of this branding work we are now working closely with their marketing team to relaunch one of their £10m brands. It will have a new name and new identity with the intention of increasing market share. The vision this company has, in seeing the true value of a brand in the marketplace has generated alot of return for them. We’re excited to work with a company who understands and values branding.

If you are considering a rebrand, read our previous post about the importance and benefits of branding https://fig.agency/blog/2019/11/21/the-importance-of-strategic-branding-in-b2b/ or give FIG a call on 01457 857111 to chat about your project.

 

 

 

 

 

 

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