This new service will offer cost-effective and comprehensive reporting and timely payroll administration.
Challenge: Differentiating the Brand While Relating It To the Mother Brand.
Payroll services is a competitive industry, and that’s challenging for a new business. According to a 2014 study from IHS Market, from 2013-2018 there will be a $7 billion growth in the global payroll market. That’s great news and bad news. It means there is growth, but there will also be a lot of competition.
The FiG team needed to come up with a brand name that was distinctive, communicated reliability, and that also related back to Lodestar, the original brand name. It wouldn’t make sense to have the new company branded under a name that had no connection to Lodestar.
Challenge: Relating to the Mother Brand
The definition of a lodestar is a “star that leads or guides.” This nautical, maritime concept of the Northstar and navigation had to transfer to the name of the new payroll company.
FiG chose the name Pharos to answer these challenges. Pharos is the Greek origin of the word lighthouse. It means a beacon light that is created to help sailors navigate inland waterways. Pharos was also known as the Lighthouse of Alexandria on a peninsula off of northern Egypt. Thus, Pharos Payroll Services connotes a business that sheds light on the payroll process and helps businesses navigate the complexities of payroll.
FiG is now working on a logo for Pharos that will continue the story and compliment the mother brand.
Branding a business requires skill and experience. FiG has successfully branded dozens of companies. Contact one of the best Denver Branding agencies to get your business on the right track.