Know Your Equity

Note: Today’s post is from guest author Rhonda Page of Know Your Difference. If you’re a business owner trying to figure out to differentiate your brand and how to tell your story, check out Rhonda’s new workbook.

Someone I know said that his partner wanted to change the name of their restaurant chain. They’ve spent the last five years building a brand that has become quite well recognized in my city. This person decided he didn’t like the name. When I heard this I was shocked. Most business that are reasonably successful have built up equity and good will associated with their name, logo etc. It’s a major business decision that should not be taken lightly.

Last year GAP launched a new logo. A week later there was a flurry of news about how consumers hated it and how GAP decided to stick with the old logo.

I’m kind of curious about what transpired at GAP. Why did they think they needed to change their logo in the first place? Did they check with their customers? Did they show the new logo to their customers to get their reactions? How did they show it to them?

I know that companies like GAP spend lots of money on market research. So where did they go wrong? How does this kind of blunder happen? How many signs did they already change? It’s not just what they spent to have the new logo designed, it’s all their signage and print materials and bags etc. I’m guessing that was all in the works and they pulled the plug. How many millions of dollars were spent and how many wasted?

Equity is important whether you’re a large business or small one. Before you make a big change, know your equity…and don’t guess, ask!

Rhonda Page For 20 years, Rhonda Page has been helping global brands differentiate for companies like Kraft and Coca Cola. In 2009 she launched know your difference™, recognizing the need for ‘brand clarity’ in small and medium size business. She has created a branding program that brings her years of “big agency” experience to the small and medium sized business. Rhonda is about to launch her first published book know your difference™ a workbook that takes its user through her insightful and inspiring process.

For more information contact: rhonda [at] knowyourdifference.com 1-888-644-2679 www.knowyourdifference.com