Two out of three B2B companies say generating leads is their biggest challenge. But, 38% of salespeople say it’s getting more difficult to get a response from prospects. So what does that tell you? It’s time to start putting your brand to work. Actually, it’s already working.
Your brand is a living thing.
It’s not your logo or your website, though they’re important parts of it. Your brand is how others perceive you and how they feel about you, and that’s always changing and evolving. Not convinced? Research proves it: buyers who emotionally connect with your brand are 60% more likely to consider purchasing from you.
Typically when you hire an agency for a rebrand or new brand the first step will be to perform a brand analysis.
What is a brand analysis?
A brand analysis is a document that gives a deeper understanding of your company.
It’s not visual.
We won’t be presenting a new logo or doing any design yet. The analysis is the foundation for all of that. Typically, designers will use it to understand your goals and craft custom solutions for you during the design phase of your project. The research in a brand analysis will guide your brand, and allow us to understand your unique needs.
It’s not set in stone.
Your Brand Analysis document isn’t just about who you are and what you should do. It’s a discussion document that also needs your input. An agency will work together with you during the analysis process to get it just right.
What’s in a brand analysis document?
A brand analysis covers each of these areas:
• Your background
• Your goals
• Measured result milestones
• Target markets
• Customer personas
• Your brand voice (the written style of language and tone you use)
• Competitor analysis
How does a brand analysis help me?
There are tangible business and financial benefits to a brand analysis.
It provides outside perspective.
You’ve heard the old saying, “Two heads are better than one.” When someone outside your company evaluates your brand and competition, it sheds light on problem areas you didn’t even know existed. Being at arm’s length also allows an agency to remain objective and pitch you great new ideas.
It improves your sales and marketing efforts.
Having everyone on your team aligned with your brand promise is critical. Did you know a study by McKinsey found that B2B decision makers consider your brand a key element of a supplier’s value proposition? Brand alone accounted for 18% of the purchasing decision, with only 17% being for the supplier’s sales team. After the research process, you can share the finalized brand analysis document as a sales and marketing tool for your whole company to use.
It sets measurable goals.
A brand analysis sets goals for your company’s future. Things like revenue projections, market share, lead generation quotas and other items that actually grow your business. Once an agency knows these measurable, they can help you achieve those goals with your strategic branding project, whether it’s a single item, like a new website, or a larger campaign.
If you would like to calculate the ROI of a new brand, try out this Brand Calculator to find out how much revenue a good brand can generate for your company. The average company sees a 9% increase in revenue from a strategic rebranding. And you’re much better than average, right?
Ready for a new brand?
If you are looking to rebrand your company, we have extensive experience in brand development and creating brand analysis documents. Send us an email at email@example.com to find out if Studiothink would be a good fit for your company.