How do you know if your business needs a rebrand?
Knowing how to rebrand your business is all about asking the right questions. You can offer the most impressive products or services but your business simply won’t reach its full potential if it doesn’t re-brand when necessary.
At the same time, re-branding when it’s not needed has proven to be detrimental to many businesses. Below are some important questions that will help you determine whether your company is ready for a re-brand.
- Is your company targeting new markets?
When expanding into new markets or offering new products or services, companies will face a lack of brand awareness in those new target markets. If you’re not generating the user awareness and sales that you were hoping for, this doesn’t mean you have to re-brand. Rather, your company needs to step up its advertising, or develop a social media campaign to get its messages out to new audiences. However, if a re-brand is needed, it might be worth spending a bit of time researching what needs are specific to the new markets you find your business in.
- Can consumers differentiate your product from the competition?
Regardless of how you want your target market to perceive your brand, distinguishing your brand from the rest is key to business success. As Derrick Daye from Branding Strategy Insider says, a brand’s main priority is “differentiation”. A re-brand will help your company achieve that. This will enable your business to generate more brand awareness and develop a base of loyal brand followers.
- Is your brand changing strategies?
A re-brand will ensure your company has a clear direction if it’s considering a major shift in who its target audience is, its key ideas or the price it will charge for products or services. When a company adopts a new core idea, the company must ensure it can communicate its new direction to interested clients clearly. There is always room to start fresh and update your brand identity.
- Not engaging consumers with your brand’s current identity?
A brand needs to reflect the products or services that it offers and effectively communicate the the brand identity. Weak performance can occur due to a company’s inability to accurately portray this. When marketing messages are inconsistent and your target market doesn’t perceive the brand the way you had hoped, your brand’s value weakens and can lead to a drop in sales. A re-brand may be necessary to ensure consistency, longevity and that the current identity appeals to the brand’s intended target market.
- Are your brand’s sales slowing?
If your company’s sales are slowing, at a standstill or even in decline while your competitors are experiencing growth then this could be a sign your company needs a re-brand. A slump in sales could indicate the company needs a change of image through a re-brand, or it could just be a matter of stepping up advertising and social media campaigns to generate more brand awareness. Either way, Charles Elena’s company branding can help.
The 5 Steps to Rebranding Success
Whether you are expanding your product offering, trying to stay ahead in a changing marketplace or just trying to freshen up your brand image, a rebrand might be what you need. Rebranding doesn’t just change a companies public image it can also improve organisational culture.
A successful change in brand strategy took Old Spice from the irrelevant cologne your grandpa used to have to one of the best selling deodorants in the market. If you want to rebrand your business but don’t know where to start, this article has got you covered. Here are the 5 steps involved in a good rebrand.
- Know why you are rebranding.
There are a number of reasons to rebrand your business but you need to understand what you are trying to achieve. A rebrand to reach a new target market is different to one that is trying to completely change markets. Once you know why you are rebranding you’ll need to do the research. What is your current brand position? How do you want that to change? What does your new market want from a brand.
- Develop your new brand promise.
Once you know where you want to be it’s time to decide how you’re going to get there. What is the promise of your new brand? What is your brand’s personality? Your new brand promise will inform almost all of your rebranding positions. Everything from visual design to distribution needs to align with your new brand promise.
- Commit fully to your rebrand
A rebrand isn’t a simple visual redesign. Make sure all of the elements of your brand align to your new position. Get your employees on board, your product offerings and your visual branding. Make sure that every time someone interacts with your company they experience your new brand. Leaving behind traces of the old brand leaves consumers with mixed messages.
- Roll it out with a bang.
A lot of time and effort goes into rebranding. It’s a big deal; so celebrate your new brand position. Introduce your new brand to its consumers. Get your marketing and advertising teams fully committed to exposing your brand to your ideal market. Get excited!