Evaluating your brand

A brand can often be what a business is completely built on. Even if this isn’t the case, your brand is extremely important to your business. And as your business does, your brand too will expand and evolve over time. Keeping track of your brand can be difficult for a business owner or a CEO, especially when you find your business rapidly expanding, and therefore the day to day running of the business becomes more complex and therefore more time consuming than before.

Your brand is a way of communicating to your customers, it shows them what you want to deliver in your product or service while showing what it is exactly that differentiates you from other competitors. If you feel that your brand is not doing this, then it may be a sign that you are not spending enough time to nurture your brand to where it should be.

If you are an expanding business it can often be hard to know when is the right time to outsource parts of your business and which key functions of the business should remain in-house. When it comes to your brand though, something like a brand tracker can be a worthwhile area of outsourcing. Brand tracking shows you where your brand is compared to the market, key competitors and your customers. It can allow you to gain insights you didn’t have before and identify weaknesses early on. It can also help give context into why something has worked or not worked within the business, such as a new product launch, or a new version of the website etc.

This is worth delegating to a third party, as they will be much better placed to give you independent information. It’s possible to be ‘too close’ to a problem to a see it clearly, and given that branding is a subjective issue, getting outsiders in who aren’t personally invested can help you get a more accurate overview.

When evaluating your brand, don’t forget what it represents: the business itself, its public image to the world. If you find that your brand isn’t at the level you want it, do not overreact. Rebranding is not always the answer, a brand can take decades to build and it relies on this growth to give it strength. Rebranding may be an option but it shouldn’t be your first. Using something such as a brand tracker should help you make smaller tweaks and changes to your brand, rather than a complete upheaval which can be costly in both time and money.