A Strategic Approach to Rebranding Your Business
Rebranding Your Business
With increasing competition and marketing activities, brands are doing all they can to stay relevant and attractive to customers. This article shows the core aspects of rebranding your business that can help you build a strong relationship with your customers.
Rebrand for the Right Reasons
Rebranding should not be an opportunity solely for increasing the revenues of your company. With a single-purpose objective, the entire rebranding exercise can become easily transformed into a number crunching exercise. Rebranding your business should benefit not just the bottom line but also the efficiency of your operations, the quality of customer service and the overall customer experience.
Strengthen the Customer-Brand Relationship
A rebranding opportunity is the best time to deepen the relationship between the customer and the brand. If the primary appeal of your business has been your customer service, you might consider incorporating greater product variety in the rebranded business. In this way, you can develop customer loyalty through multiple channels.
Avoid Overanalyzing the Need for Rebranding
Due to the availability of sophisticated analytical tools, brand managers can fall into the trap of overestimating the need for a rebranding exercise. Rebranding your business does not have to mean imposing your vision on customers who are not ready for it. If your customer fails to make a connection between the rebranding campaign and his or her needs, all the investment of money and time can go in vain.
Build Your Brand Equity
Brand equity is what makes your customers feel invested with the brand and makes it hard for them to switch over to competitors. Brand equity is built by everything that your brand does or says, through product quality, advertising, sales support, etc. When rebranding your business, make sure that you do not reduce your brand equity by delivering messages that contradict what your business or brand has achieved so far or the expectations of your customers.
Make the Rebranding Consistent
Consumers today are bombarded with a plethora of brands every hour of the day. Having cc of your business can become confusing for them. You can make it easier for customers to recall your brand by rebranding your business in a consistent way. Use the rebranding opportunity to consolidate all your existing brands into a single overarching brand.
Develop a Brand Story
If there is one buzzword in the field of branding today, it is the brand story. Every major branding campaign has been making use of stories involving ordinary people’s interactions with the brand to create high-impact, memorable narratives. If you are working on rebranding your business, you need to come up with a story that illustrates the value of your brand in the life of your consumer. Build a compelling rebranding campaign around that story and you have a powerful message for your customers.
Reach Out to a Wider Audience
While rebranding your business can help your existing customers view your business in a new light, it can also help you reach out to new customers and increase the size of your market. Find out how the market for your product category has grown in recent years and what the new customer segments look like. Design your rebranding campaign to make your product relevant and appealing to these new segments. You should try exhibition displays to get your business noticed by customers.
Make the Rebranding Comprehensive
Rebranding your business requires a recalibration of every aspect of the product. With so much branding and rebranding taking place, businesses who want to join the bandwagon without making a sincere effort end up changing the brand name alone. A change of brand name has to resonate with other aspects of the product, service or organization. If the other aspects remain unchanged, the customers can feel deceived by the company.
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