Together, We'll Make it Balance
Rogers and Co, a small provincial accountancy firm were looking for a route through which they could clearly differentiate themselves in the marketplace and one that would bring a renewed energy to the whole business.
The original founder, Mr Rogers, was no longer in the business having exited many years earlier. In 2009, the effects of the recession started to bite with an increase in bad debts due to clients going out of business, fees being reduced and redundancies being made. The inherited name didn’t reflect the identity of the current team, who felt they were hiding their potential behind a traditional image that lowered morale.
With no clear belief in the products or services they were selling, no plan to target specific opportunities and no proposition to market the business on, management was ready for a change. The company had a strong desire to redefine who it was and whom it should be working with. With a real belief that an internal culture change was needed just as much as an external one, Balance turned to design to tackle its growth, profitability and internal communications, with a view to developing a brand with real value in the marketplace and beyond.
During The Engine Room’s insight process, the designers met with every member of staff to help them understand what ‘brand’ is and what it means to a business. We unravelled the different areas of the business, its trading styles and the off-shoots that previously caused confusion with both customers and staff. The name change was a unanimous decision apart from the owner of the business, who took a little more convincing of the need for a complete wholesale change.
‘Balance’ fitted perfectly, and the new yellow colour scheme sat proudly above the sea of corporate reflex blue in the market. Another paramount measure of the rebrand was the re-packaging of the existing services into ‘Start-up’, ‘Boardview’ and ‘Virtual FD’ to give clear product definition. The brand architecture now places their consultative approach at the heart of the business strategy, which helps establish a place to start. The rebrand sold ‘Boardview’ to all existing customers as the same service, but as a better-structured product at a higher price.
- Net profit grew by 500% in 2010/11 and continued to grow by 25% in 2011/12, with fee charges remaining unchanged.
- 2010/11 turnover fell to £525,000 from £625,000 in 2009/10 due to the management’s decision to decline certain business, in order to ultimately work with more profitable clients. Profitability was still up by 500% even with this fall in turnover.
- In 2011, in less than 12 months after the launch of the new brand, £71,000 was generated from new clients - a 390% increase on the previous year.
- 100% of existing clients have purchased more products and/or services than what they were doing before. Originally on a quarterly management account, these clients bought extra services after they were re-packaged during rebrand, this meant on average clients were doubling their spend for the year.
- In the first three months post-rebrand, inbound enquiries increased by 30% via telephone and email, the majority of which was driven by the new website.
- Traffic saw a steady rise with 477 hits during the first month immediately after the site went live, with 53% comprising of new visitors. Balance also received a lot of positive feedback from clients about the new website.
“Not only did the rebrand communicate perfectly to the outside world, it also brought about our sense of worth which is priceless. We have had such a positive response from the website, not only from existing clients but from prospective ones as well. We are extremely proud to direct people to it.”Ashley Barrowclough, Director