Stagnant Revenue Growth? It May be Time to Rebrand.
The brand of your business is more important than simply looking good; it is about keeping your revenues and bottom line on pace with the top performers in the AEC marketplace. If you have not taken time to update your website, marketing collateral or brand messaging, chances are you could be leaving valuable business opportunities on the table.
AEC clients are intelligent, innovative and forward thinking. They like to research companies online, replacing the initial steps of the sales process with internet research and referral queries before they ever pick up the phone. Many organizations with weak brands fail to get invited to the selection process due to a dated website filled with generalized information, boring marketing materials and weak calls to action.
How can you capture those lost steps in the sales cycle and become the organization that prospects call during the initial research phases?
Through a strong brand that entices, attracts and educates their clients. Companies with strong brands are seen as industry leaders, experts in their field, and these are the companies that receive more inbound leads than their counterparts with weaker branding strategies. They experience accelerated revenue growth and solid reputations in the marketplace.
Where technology dominates the initial steps of the sales cycle, a strong brand is more important than ever.
4 Ways to Know it is Time to Rebrand
> Services Have Expanded
Change is the one constant in today’s successful companies. Organizations expand the types of services they offer as well as the markets they serve. For architectural firms, this could be the introduction of an engineering service, and for construction companies, a new preconstruction service. Many times this growth happens quickly and the company fails to communicate the new service to the marketplace.
The best ways to communicate these new changes are through press releases, updates to your website, blog posts and other types of content. This way, when a prospect enters relevant keywords into a search engine (Google), your company will rank higher. If there is nothing about your expanded services for Google to crawl, then chances are you will not be found during a prospects initial research.
> Gap in Brand Perception
Do your clients perceive your services differently than you do? Could you see yourself as the industry’s best problem-solver, but your clients keep calling because of price point?
It may be time to get everyone on the same page and rebrand your business so that your company marketing message is clear and concise. Through effective market analysis you can have an outside firm determine exactly what you do best and help you communicate that to your target market. If you view your company one way but the market sees your firm differently, it will be important to close that gap by reshaping your brand.
> Dated Marketing Collateral
If your company’s online presence and marketing materials are over 2 years old, that information is definitely outdated. In fact, it may be that other branding within the company such as logos, brochures and presentations are outdated as well. In the fast-paced, dynamic environment of the A/E/C industry you can swiftly be pushed to the bottom of the list when compared with competitors with stronger brands and attractive materials.
Taking time to update your website, or refresh your marketing materials could polish your market appearance and attract interest from prospects that otherwise would have moved on to a competitor.
> Stagnant Revenue
The most telling sign that it is time to rebrand is if you have seen a plateau in your revenue growth. If you are not winning the project you used to win or are not being invited to the process, then updating your brand is essential. Yes, relationships are essential in the A/E/C industry, but they no longer can carry the entire load in the new business development world. Innovation, value, excellent service and strong reputations embodied in a strong brand are essential in a client’s selection process.
> Proven Strategies to Gain Business Through Effective Rebranding
The key with rebranding is to excite your target market, find new ways to stay front and center, and carve your foothold in an extremely competitive industry. New branding can also build a solid foundation for growth, generate more inbound leads and position your organization as the leading expert in the markets you serve.
Learn how brand guidelines can improve your business;
– Save time and money
– Educate your employees
– Inspire your team to be brand champions
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