Being purpose-driven: the new imperative to reinvent your brand.
If COVID-19 has taught business leaders one thing, it’s that businesses need to be versatile, learn how to pivot and roll with the punches. While most brands go into business intending to grow, develop and succeed, the current NSW restrictions and lockdowns have other plans for us.
Now more than ever is the time to reflect and reinvent as a brand, providing products and services to customers that will be the solution to the problem.
In pursuing continued growth and development amongst changing industry and world dynamics, businesses can stray from their original purpose and deliver a less coherent branding. With over 46,000 new businesses in the 2019-2020 financial year (ABS), branding that lacks purpose or strategy can significantly impact your company, especially in the highly competitive market today. According to smallbizgenius, these impacts can range from higher costs in employees to loss of customer trust and brand loyalty.
Rebranding a company however is not just creating a new website or new tag line for a product. Without strategy or purpose, it will not fix the companies problems. A true reinvention of your brand starts by refocusing the strategy and purpose of the company, ensuring everything the company does is in line with purpose, opening possibilities of more efficient and effective solutions. Here we’ll reveal our secrets on how to be purpose-driven when reinventing your brand:
- Clarify your business’s purpose
Having a clear purpose ensures that every decision made is moving in the same direction. It gives your company a North Star to follow and sets up clear standards to measure your outcomes against.
- Research your market and industry
Knowing what is happening in your market and industry heavily influences how well you can tailor your product or service to keep your business successful and growing. How has COVID-19 affected your industry and what can you do to add value to customers?
- Research what changes need to be made to your brand
This step is about finding out what is and isn’t working within your company. Insight into the company’s performance is crucial for business success and can be achieved by speaking to employees, customers and gathering testimonials from clients. Reinventing your brand does not mean disregarding your existing customer base or abandoning brand loyalty. It is about keeping all the great things that built up your business and bringing them along to the next phase.
- Figure out your mission
Now, how are you are going to reinvent your business to align with your new purpose? Collating the information gathered from customers and workers, you can now figure out the next steps and how to improve as a company through implementing these changes.
- Know the values that connect your businesses
This is about connecting the “What” and “How” (Steps 1 and 4) aspects of reinventing your brand. You have a clear vision, and you know what changes need to be made. Moving forward, your business can now progress with one cohesive message towards reinvention.
The Taurus brand recently reinvented, changing our logo from blue to gold to represent the prosperity, prestige, beauty, worth and incredible value the company is. It’s not just about the aesthetics of the logo, it’s about what it represents and the message it conveys. Does your logo convey your brand journey and the value-add you deliver to customers?
If your business requires brand reinvention and reinvigoration, Taurus Marketing can help with 26 years of experience and hundreds of client testimonials to back up our wonderful work. We deliver strategic Marketing, Public Relations, Creative and Social Media Solutions to help drive business growth and success. Reach out to us at [email protected] to ask questions or inquire about Taurus services.