Tuesday, July 31, 2012

A time to change?

When your brand’s identity seems to pall, it’s time for an objective look at whether it needs an overhaul.

Every start-up has a familiar path of progress. An entrepreneur starts a business because he believes in an idea that consumes him. The focus of the start-up is on breaking even. Revenue generation is key and controlling costs as critical. The last thought in his mind is the brand. His priority is business, so he names it after his wife or daughter. (Without the benefit of research, I can tell you that my intuition suggests that men might have affairs but demonstrate their devotion (!) to their spouse by at least naming the company after her.)

The logo is quickly designed with the limited resources available and without much thought about the future as the entrepreneur just wants to get started. Then business grows, even a few export orders come in and then suddenly he realises branding has become an issue. Lakshmi Enterprises, the name he chose so enthusiastically, suddenly sounds like a ‘mom-and-pop’ store which works against the firm’s best interests when it wishes to attract talent.