One of the greatest differentiators for a family business is the decades of experience and personal relationships that come with the founding family. Your brand is meant to reflect that, but has your brand made you appear dated to newer customers? Are you presenting as someone with wise counsel or more like your great Uncle Al clinging to his slide rule and pocket protector? You want to make sure your brand identity is still accurately reflecting who you are as a company. A strong legacy builds trust, but if your brand hasn’t evolved, new customers may see tradition as stagnation.
Your Brand Is More Than a Logo
Although your logo is important it is not the only thing that comprises a company’s brand. A “brand” is a combination of marketing collateral (website, logo, company colors) combined with corporate values, culture, your customer service style and the story behind your family business. The very history of your company is all part of your corporate identity.
Signs Your Brand May Need Updating
Do you have a process, a piece of equipment, or just some old thinking that may not be serving your family business anymore? Somebody in your family has probably suggested that it is time to make a change. How do you know if your brand identity has reached the same point when it seems fine to you? Here are some gut-checks you can do:
- Is your website outdated or difficult to navigate? The rule of thumb is that a website should be updated approximately every five years.
- Are you attracting younger customers? New customers? What can feel solid or “traditional” to you can feel outdated and old to somebody else.
- When was the last time you updated your marketing materials? Like the website, if it has been more than five years since your marketing collateral has had a refresh it is probably time.
- How do you look compared to your competitors? Do your competitors seem to be leading your market or industry? Do you seem old-fashioned?
- Has your company evolved but your messaging hasn’t? Perhaps your company has changed and evolved but your brand identity no longer reflects that change.
What To Keep
There are some things that should never change, the family values that you built your business upon. Deep customer relationships are important to cherish and promote. Your reputation for reliability and legacy within your industry are all part of what makes a family business unique. The goal of a brand refresh is not to erase your past but to make sure new customers experience the security of your legacy and the strength of the future.
Next Steps
A thoughtful brand refresh allows family businesses to honor their history while preparing for the next generation of customers. REGENERATION can help you position your business for the future, whether that is refreshing your brand position, setting up a succession plan, or putting in place a governance structure that is built to last.
