If your business would benefit from diversification, maybe to enter a new market, introduce a new service or product, you need to consider the impact of this on your brand.
Your brand is a valuable asset and diversification carries a risk that your brand is devalued in some way. When sub brands are created, a common mistake is to create a quick replication of existing graphics and logos in an attempt to deliver something new. The end result is a dilution and/or confusion in brand perception.
A common mistake that we see many times is to create a direct copy of your company logo and changing the text to identify a new service. The result is a reduction in the perceived value of your brand and the impression that you may have changed your business completely.
People would easily interpret the above as having changed to a training company.
In contrast, the above ensures we have created a sub brand and could just as easily be a new service line but, crucially, without losing any of the brand value that sits above the training activities.
Treating your brand with the upmost care and respect at all times is only going to provide you with a powerful asset that has real longevity and adds significant value to your business.
You can choose whether you’d like to be a branded house or a house of brands, read about this here, but what is vital is having a strategy that is future proof enough and taking the time to think about what you need now and in the future will protect your brand value and help boost communication performance.
It also saves you time and money when you get your strategy right first time and can diversify as needed – quickly and effectively! As always, please get in touch with any questions.