Frequently Asked Questions

Many small businesses and new companies start without a true understanding of the difference between a brand and a logo. In the same breath, 60% of businesses in Australia fail within the first 3 years of operation. Scary stats. There could be some correlation between the two.

With that said, a brand strategy is what defines a brand and is essential. We have written an article on just this topic, but here is a birds eye view of why you need a brand strategy:

• Defines Brand Identity
• Guides Decision-Making
• Builds Brand Awareness
• Prioritises Customer Loyalty
• Differentiates from Competitors
• Drives Growth and Profitability
• Adapts to Changing Market Conditions

At Soto Group a strong brand strategy is the foundation of all our brand and rebrand projects. We pride ourselves on launching and relaunching businesses and organisations for long term success.

We are known as professional services branding experts and we have worked with hundreds of professional services companies servicing both B2B and B2C markets.

Our claim of ‘professional services branding experts’ comes from our founders’ backgrounds in the professional services industry as strategic advisors and corporate consultants. With over 10 years of experience working with consultants, legal firms, insurance agencies, procurement advisors and almost every professional services sector we understand the unique challenges faced when competing in what we call ‘shark infested waters’.

Professional services companies thrive when they can be clearly differentiated from others, without vilifying potential customers outside of your preferred niche. After all, that is how professional services companies expand their service offering, territories served and size of market available.

Our expertise extends to working with professionals who provide knowledge-based services, acting as trusted advisors in their respective fields. We understand the unique challenges and opportunities that professionals in these industries face, and we’re here to help them navigate and thrive in today’s competitive landscape.

Whether you’re in accounting, consulting, engineering, finance, healthcare, law, or real estate, we have the tools and tailored services to help you stand out from the crowd and build an effective brand, strategy, website and digital presence.

A brand refresh and a rebrand are both strategic initiatives undertaken by companies to enhance their brand identity, but they involve different degrees of change:

Brand Refresh

A brand refresh typically involves making minor updates or adjustments to an existing brand identity.

• It focuses on modernising and revitalising elements of the brand without completely overhauling its core identity.
• Changes may include updates to the logo, typography, colour palette, imagery, messaging, or other visual and verbal elements.
• The goal of a brand refresh is often to keep the brand current, align it with evolving market trends, and maintain relevance with the target audience.A brand refresh typically means things like domains can be retained but that a new visual can bring new life to the brand.

Rebrand

A rebrand involves a more significant and comprehensive overhaul of the brand identity.

• It often includes changes to the brand’s name, logo, visual identity, messaging, positioning, and even its core values or business strategy.
• The purpose of a rebrand may be to redefine the brand’s identity, differentiate it from competitors, target new markets, address negative perceptions, or signal a strategic shift in the company’s direction.
• Rebrands are more transformative and usually require extensive market research, stakeholder input, and communication strategies to ensure a successful transition.

While both a brand refresh and a rebrand our goal is to strengthen your brand’s identity and perception, a refresh involves incremental updates to the existing brand, whereas a rebrand involves a more comprehensive and transformative change.

As rebrand experts we will assess exactly what is right for your business. Rebranding can be a disruptive process to a business, so we will listen to your needs, challenges and goals and together map out which option is best for your business.

The cost of developing a new brand varies greatly depending on the project’s scale, required deliverables, and specific needs. Factors we consider are things like:

• Do you have a preferred brand name, or will we need to undertake a brand naming process including a brand name workshop
• Will we need to conduct market research? How much market research have you already performed that we can utilise? The more you understand your market, the easier it is to ideate your new brand
• Who are your competitors – if we are building a brand to take on Coca Cola, significant time and design hours go into reaching the optimal visual design as well as brand positioning. However, if you are a startup business and are not looking to take out the biggest player in your industry, the costs can scale down.
• The number of brand assets or sub brands we need to consider.
• And many other factors

A new brand development with Soto Group on average ranges from $7,500 – $60,000.

When you have your discovery call with one of our team members we will talk about your budget, and your goals, and work out what can be achieved.

If you are looking to create a new brand but your budget does not fit into the range above, you should definitely still get in touch. We have relationships with a number of design partners and freelancers who may be able to support your budget.

Soto Group are brand equity specialists. Our Cofounder Matthew Crouch is an industry leading speaker and one of his most demanded topics is about how to create and maintain brand equity.

But we know that many individuals and companies don’t really understand brand equity or what it means when you do or don’t have it.

In simplistic terms – brand equity refers to the intangible value that a brand name holds in the minds of consumers. It represents the influence and power that a brand has over consumer choices and their willingness to pay more for products or services associated with that brand. Brand equity is built over time through various factors, including:

• Brand Awareness
• Brand Perception
• Brand Loyalty
• Brand Associations
• Brand Image
• Brand Positioning

Brand equity reflects the value and influence that a brand has in the marketplace, driving customer preference, loyalty, and financial performance. It is a valuable asset for companies and requires strategic management and investment to nurture and maintain over time.

Brand equity is the difference between a $1,000,000 business exit and a $15,000,000 business exit. Strong brand equity allows you to launch new products or services with immediate uptake from your existing audience or customer base.

One of the most desired yet undervalued brand considerations is brand equity. To understand you brand equity or to improve your brand equity get in touch and ask to speak to our Creative Director and Brand Equity Expert Matthew Crouch.

Soto Group offers brand audit and brand analysis services to evaluate the health and effectiveness of your brand.

Our team will conduct a thorough analysis of your brand assets, messaging, positioning, and overall brand presence to identify strengths, weaknesses, and areas for improvement. We will also look at your sub brands, sister brands and potential future brand additions.

Brand audits are conducted at the beginning of every rebrand project, and for new brand development we conduct a brand goals survey and workshop to ensure we fully extract your vision for your new brand.

Our team at Soto Group excel in crafting corporate branding solutions that leave a lasting impression. With our expertise in branding and design, we can help your business stand out in today’s competitive marketplace.

From corporate logo design to full corporate brand identity development, we offer comprehensive corporate branding services tailored to your unique needs and vision.

That is the big hairy audacious goal we all aim to achieve. Being the best in a sea of competitors.

If you want your brand to outperform your competitors, you’ll need a strategic approach that requires ongoing effort and investment.

Here are several key strategies to consider:

Differentiation
What sets your brand apart from competitors. You need to clearly communicate this in all your brand messaging. This could be unique product features, superior quality, exceptional customer service, approach to problems, or innovative solutions. Highlighting your brand’s distinctiveness is the foundation of a compelling value proposition that attracts customers.

Know Your Audience
You need to intimately understand your target audience’s needs, preferences, and pain points better than your competitors. Know where they shop, what they eat, how they consume media and most importantly – you need to know their personal values. With that knowledge you can tailor your products, messaging, and marketing strategies to resonate with your audience and address their specific challenges effectively.

Build Brand Equity
Invest in building strong brand equity by consistently delivering on your brand promise and providing exceptional customer experiences. You can improve brand loyalty by obsessing over meaningful interactions, personalised communication, and implementing loyalty programs.

Innovate Continuously
The world is changing and technology is rapidly changing business operations and business communications. Stay ahead of the curve by investing in research and development to innovate and improve your products or services continuously. Anticipate market trends, consumer demands, and emerging technologies to offer innovative solutions that outshine competitors.

Provide Exceptional Customer Experience
Delivering an exceptional customer experience at every touchpoint, from initial engagement to post-purchase support. Seamless interactions, timely responses, and personalised experiences can differentiate your brand and foster customer loyalty. You customers shouldn’t just be ‘happy’ with their experience with your company, they should walk away saying ‘WOW’.

Stalk Your Competitors
Know everything there is to know about your competitors. What products/services do they offer (or not offer)? What is their pricing methodology and why? How do you stack up on pricing? What marketing strategies do they use, and does it work? What do their customers say about them? When you know this information you can identify gaps, weaknesses, or opportunities where your brand can excel or differentiate itself.

Invest in Marketing and Branding
We know this one seems loaded. But honestly, a small percent of businesses that are wildly successful did so without investing into their brand significantly. Whilst you may want to be the exception to the rule, investing in your brand and marketing will achieve results.

You need to have realistic goals and know what is normal in your industry. If the largest competitor in your industry is spending $100,000 a month on paid ads, and you want to spend $1,000 a month, expect 1% of the revenue they are generating.

While you don’t need a million dollar brand to take over your industry (well in most cases you don’t) you do need to be prepared to invest in your success.

Track Performance and be Ready to Adapt
Continuously monitor key performance indicators (KPIs), such as market share, customer satisfaction, brand sentiment, and sales metrics. Use the digital tools available to analyse data and insights to identify areas for improvement and adapt your strategies accordingly. Your audience is always changing, how are you changing with them? Or if you really want to be a front runner, how are you setting the trends they didn’t know they needed?

Assessing the performance of your brand involves evaluating various key indicators. One crucial aspect to consider is brand awareness, which measures the level of recognition and recall your brand has among your target audience. Monitoring metrics such as aided and unaided brand awareness, social media mentions, and website traffic can provide insights into how well your brand is recognised and remembered.

Another important factor is brand perception, which involves evaluating how consumers perceive your brand in terms of attributes like quality, reliability, trustworthiness, and relevance. Surveys, focus groups, and social media listening can help you understand consumer perceptions and identify areas for improvement.

Brand loyalty is also essential for determining brand performance. Assess the level of customer loyalty and repeat business your brand generates by monitoring metrics such as customer retention rates, repeat purchase behaviour, and Net Promoter Score (NPS). High levels of brand loyalty indicate that your brand is successfully engaging and retaining customers.

Market share analysis is another useful way to gauge brand performance. Evaluate your brand’s market share relative to competitors in your industry and track changes over time to assess your brand’s competitive position. Additionally, measuring brand equity, or the intangible value and influence your brand holds in the marketplace, can provide insights into your brand’s overall performance.

Monitoring customer satisfaction levels is crucial for assessing brand performance. Collect feedback through surveys, reviews, and customer support interactions to gauge customer satisfaction and identify areas for improvement. Finally, evaluating the financial impact of your brand on overall business performance is essential. Assess metrics such as revenue growth, profit margins, return on investment (ROI), and customer lifetime value (CLV) attributable to your brand to understand its contribution to your business’s success.

There are a number of digital tools that can help you monitor your brands performance such as Qualtrics, BrandWatch, SEMRush, AHREFS, Hootsuite and many more.

When we work with brands we can build out brand monitoring systems suitable for your size and goals.

Understanding Brand IP is a really important factor that can often be overlooked. We are known as rebranding specialists, and many companies that come to us looking to be rebranded, are forced to rebrand due to Trademark and Intellectual Property breaches, or potential risks.

So we always recommend factoring in IP searches as part of a new brand process. Determining if your brand can be trademarked involves several factors:

Brand Name and Logo Distinctiveness
Your brand must be distinctive, meaning it should stand out from other brands in the marketplace. It should not be generic or too descriptive of the products or services you offer.

Brand Name Availability
Before committing to a brand name, you should conduct a search to ensure that there are no existing brand names that are identical or similar to yours in the same category of goods or services. This helps to avoid potential conflicts. You should also conduct a domain search to see if an ideal domain is available without paying too much for it.

Non-Infringement
Your brand name, logo and icons should not infringe on existing trademarks. This means it should not be confusingly similar to trademarks that are already registered or in use by other companies.

Legal Requirements
Your brand should meet the legal requirements for trademark registration in the jurisdiction where you intend to register it. This typically includes being capable of being represented graphically and being used in commerce.

Whilst we do conduct preliminary high level desk top research when developing a brand name, We highly recommend you seek the advice of a trademark attorney or professional who can guide you through the process and help ensure that your brand meets all the necessary requirements for trademark registration.

At Soto Group we can assist you with considering these factors and conducting thorough research, so you can determine if your brand is eligible for trademark protection.

Tracking your brand’s value involves evaluating both its tangible financial worth and intangible assets. One method is through brand valuation, there are different ways of valuing a brand such as cost-based, market-based, and income-based methods. These techniques help quantify the financial value of your brand by considering factors such as the cost of creating or replacing the brand, comparable transactions, and future earnings projections.

Financial performance indicators, including revenue growth, profit margins, and return on investment (ROI), offer insights into the actual financial value your brand contributes to overall business performance. By analysing these metrics, you can better understand how your brand impacts profitability and return on investment.

Assessing customer lifetime value (CLV) provides insights into the long-term value of your brand. CLV estimates the total revenue generated by a customer throughout their relationship with your brand, accounting for factors such as repeat purchases and brand loyalty. This metric helps you assess the impact of brand loyalty and customer retention on overall brand value.

When we work with brands we often conduct brand equity surveys and brand health tracking studies to offer insights into consumer perceptions, attitudes, and preferences toward your brand. These studies measure brand awareness, associations, loyalty, and overall brand strength, providing valuable insights into the intangible aspects of brand value.

Staying informed about market trends, competitor activities, and consumer preferences through ongoing market research is crucial for tracking your brand’s value. Understanding market dynamics and consumer behaviour helps you adapt your brand strategy to maintain its relevance and value in the marketplace.

We are often retained to track and monitor brand value as part of the ongoing creative services and marketing retainers we offer. If you are looking to increase your brand value as part of an exit strategy get in touch and we can discuss the best options for your current stage of business.