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Rebranding involves changing the corporate image and message of an organisation with the aim of improving their business. They redevelop the old brand to a new version that will stand out in the marketplace.
Brand is an export from your company but belongs to your audience.
You don’t have a brand without a buyer. Rebranding should aim to improve the connection between the brand and the audience. For advice from a Brand Strategy Agency, go to www.reallyhelpfulmarketing.co.uk/specialist-services/brand-strategy-agency/
How can a rebranding be successful?
A successful rebrand will position your company so that it can sell more products, at higher prices to the right audience, and with less concern from the competition. That’s it. Profitability is the measure of success.
Common reasons why it’s the right time to rethink your business strategy:
You should rebrand for many reasons. You and your leadership should be able to identify the needs of your organisation. Before investing in a new brand, you may need to do some research such as behavioural segmentation. No matter what your product, service or industry is, updating your messaging and presence based on data can give a stagnant company new life.
You’re not aligning your internal and external perceptions of the brand. It happens a lot, especially when it comes to startups and ecommerce. The company launches its product or service with no brand strategy and without knowing the audience.
Brand experience is what changes the brand over time. The brand is defined by the experience of the consumer. If you don’t carefully analyse these needs and create a brand strategy that guides expectations, you could be losing out on profits or competing on price.
You have not clearly defined your target audience, or you need to reach out to a new group of people.
How can you determine what your customers really want from your brand if your target market hasn’t been clearly defined?
Get comfortable with sacrifice. You can’t please everyone. Instead, sacrifice trying to please everyone. Success requires you to sacrifice ubiquity.
Demographics constantly change. You need to know your audience to be able to identify a change in the market.
Brand revitalisation is needed if you’re losing your relevance.
Tiffany’s is a good example. Not only did the target audience have to change, but also the brand no longer resonated as it used to. The company struggled to reach younger customers, despite being a brand with a long history and a strong cultural presence. It was a brand associated with Audrey Hepburn’s iconic blue box as well as the “Tiffany blue” that has been around for decades.
