The Power of a Brand Refresh Might Surprise You

Today’s brand evolution begins with an important growth catalyst: purpose. Don’t underestimate the power of purpose in your brand evolution.

Your brand is your identity. It’s the lens under which consumers experience everything you do. With each customer touch point, brand strength is either built or eroded. Its value should not be underestimated.

The intangible assets of a brand matter. The chief financial officers of consumer brands Kraft Heinz and Molson Coors both valued their brands at over half of firm asset value.

People wear brands like badges of honor and advocate passionately for the brands they embrace and endorse. A brand refresh provides an invaluable opportunity to strengthen connections with consumers, to grow your business and position it for long-term success.

What is a brand refresh?

A brand refresh is more than updating a logo or website design. It’s a deeper process that delves into a brand’s foundation, principles, and deliverables. A brand refresh affords companies the opportunity to redefine and clearly communicate brand purpose and how that aligns with the beliefs, values and goals of its target audience.

An effective brand purpose resonates in a way that extends beyond a product’s functionality. It forges an emotional bond; it enables consumers to envision a better version of themselves, their communities, and their world. Ultimately, a strong brand purpose provides consumers a more intimate reason to buy.

A recent study shows 65% of people with an emotional connection to a brand say it’s because “they care about people like me;” 64% say shared values are the main reason they have a trusted relationship with a brand.

What makes investing in a brand refresh worth it?

A brand refresh provides an opportunity to:

1. Stay current and on-trend – a breath of contemporary creativity and life for your business
2. Stand out from competition – shake things up and change the conversation
3. Attract new customers – an opportunity to reintroduce and redefine yourself
4. Strengthen existing customer relationships – they see you’re changing with the times
5. Invigorate employees – inspire confidence through market-leading behaviors
6. Attract top talent – prospective employees want to work with a company that knows the value it brings beyond a product or service
7. Consistent messaging – get everyone back on the same page
8. Evoke a deeper emotional connection – create authentic connections based on shared values

MorganMyers shepherds CPG brands through the exciting process of rebranding their organizations. Our disciplined and efficient approach removes much of the stress from what can seem like a daunting task. We work with you to understand and better define your company, its culture and its values, and we use that to develop the RIGHT brand evolution.

If you think your brand is due for a refresh, fill out this form or contact me directly at Mhamrin@morganmyers.com.

Brand value contributes significant market capitalization for sectors like food and staples retailing, according to Type 2 Consulting’s analysis of the brand league tables published by Brand Finance, Eurobrand, Interbrand and Millward Brown. Source.