“Rebranding is the creation of a new look and feel for an established product or company.” – Margaret Rouse.
Creating a strong brand is an important part of every business. It’s your company’s pride and joy, it sends messages to your loyal customer base about your product, and it reflects your company’s values and ethos. Unfortunately, brands get damaged; thus, losing their value. This, in turn, drives your loyal customers away from your brand into the arms of your competitors.
Consequently, your sales figures will drop, and you will need to implement drastic measures to drive them upwards again. How do you do this? One of the options is to embark on a rebranding exercise. This is a cost, time-consuming venture which ideally requires the help of a rebranding expert in Sydney, you can visit BrandQuest.
The aim of rebranding the rebranding exercise is to change your customer’s perception about your products or services. It also aims to revitalize your brand in order to make it seem more relevant to your customer’s requirements.
It may be tempting to rebrand your products utilizing your in-house staff; however, it is better to contract the services of an external brand marketing specialist. In-house staff are sometimes too close to the brand so they might not be able to make unbiased decisions with respect to the rebranding process.
Rebranding your products/services
There are many reasons why you should consider rebranding your products or services. Here are 5 of these reasons:
Your brand is outdated
This is probably the most important reason to embark on a rebranding exercise. We live in a post-modern, ever-changing world where people’s tastes change very often. What is good today is often out of fashion tomorrow; therefore, if your brand is not able to adapt to this continual change, you will lose out to your competition.
Your brand has lost its market appeal
If your products/services’ sales start to drop, then it’s time to consider rebranding your products or services. After all, the reason why you are in business is to generate sales and increase your company’s bottom line.
Your brand is too similar to its competitors
It’s important to ensure that your brand’s unique characteristics are highlighted at all times. In other words, why and how do your products differ from your competition’s products? Your brand needs to be iconic, bold, and able to communicate your company’s core values. It might have started out this way; however, your competitors might have copied your brand. What do you do to remedy this? Rebrand!
You are launching new products or services
Are you adding new products to your existing brands? If so, it is a good idea to consider rebranding all of your products at the same time. In this way, you will ensure that your brand is always modern and relevant to your loyal customer base.
Your company has merged with another company
This is an ideal time to rebrand your products/services. Once the two companies have merged, there will be two sets of conflicting messages that the customers will receive. There is nothing worse than confusion. People tend to steer away from conflict and befuddlement; thus, lowering your sales figures.
Final words
As discussed above, there are many reasons why you should consider rebranding your business, call some brand strategy companies such as BrandQuest; however, the essence of the matter is as follows: Are your sales figures dropping, and, if so, how are you going to remedy it?