Some years ago a large Australian Retailer underwent a major re-brand. After 50 years, the leadership recognised the need to demonstrably update and refresh. The outcome was outrageously successful – receiving universal praise (how rare is that?). Acknowledged by the customers, embraced by the vast workforce and recognised by shareholders (who appreciated the lift in share price that followed). Congratulations to all involved.
A year or two later the General Manager of Marketing was invited to speak at an industry event about the process and rollout. He was robust and frank and talked about the challenges in developing the new branding and of the logistics with the implementation.
During the Q&A someone asked the question – how much did it cost? And this is what he said: “Practically nothing. We’re in a continual process of updating store fit-outs, and our fleet (of trucks) – which are our big capital investments, so there was no new cost. We’re also always updating our marketing materials, so there was no new costs there either. In the overall scheme of what we need to do, the additional costs (for the re-brand) are purely incremental.”
And therein lies the insight of the day. In the big picture, the costs of getting the strategy and brand right are often incremental. Yet the results can be remarkable.
With so much to gain, why would you wait?
Find out more about the AMBA Branding Strategy system here.