A business case for B2B rebranding
So you’ve recognised the need for change, that to move forward, to beat competitors and to keep the best talent, your b2b tech business needs a rebrand. But brand is often misunderstood by leadership, so how do you push through such an important investment and prove its value? You’ll need a business case to get the sceptics believing…
FIRSTLY, A BRAND IS NOT:
A BRAND IS:
6 SIGNS YOU NEED A REBRAND
THE IMPACT OF A WELL-POSITIONED BRAND
Brand value is closely tied to a company’s reputation. When you know what hits the fan, brand can mitigate against damaging effects. But a strong brand is also there for you in the good times, giving permission to expand into new product categories
A well positioned brand knows its audiences inside out – their career path, their biggest challenges, what’s important to them, and responds to create a brand experience that is personalised and ever-present, building customers into brand advocates.
The biggest driver of choice is ultimately emotion, (even in B2B) so the more you shape your brand to appeal to your audiences, the more you can compel them to connect with you. Those with that pull can command price premium.
64% of people cite shared values as the main reason they have a relationship with a brand.
The value of your brand is a marker of the value of your business. Research shows that on average, brand accounts for more than 1/3 of shareholder value, proving that brand equity is just as important as anything on the balance sheet. In fact, it’s perhaps your biggest asset.
” Companies with strong reputations generate 31% more return to shareholders than the MSCI World average.”
– McKinsey & Company
A well honed, targeted brand is a leaner brand, so you’re not wasting time and money in engaging audiences that don’t fit. And that means better conversion rates and a streamlined sales process.
When employees and potential employees believe your brand values and promise, you are more likely to attract and keep top talent, enhance employee morale and loyalty and make your company a more desirable workplace. Ultimately, we are all driven by purpose, and employees want to be able to answer the fundamental question: “why do we do what we do?”
Companies with high employee engagement outperform those with low engagement levels by 186%
HOW TO MEASURE THE ROI OF A BRAND
Brand isn’t an optional extra, it has measurable business impact. Of course, the KPIs you choose to measure out of the endless possibilities depending on the initial purpose of the investment.
Here we focus on our core 4:
If you’d like any more advice to get the board on board with a rebrand, pop an email over to Renaye@digitalradish.co.uk, we’d love to help.