The makeover business is booming–and not only on TV. In the current image-conscious society, everything is judged first by how it looks. Rebranding is among the most "cure du jour" for from sluggish sales to increased competition and outdated products. Just how well do these makeovers work?
It depends. Periodically rebranding is essential, and occasions when it’s nothing short of perilous. Remember, branding ought to be a reflection of your company, not really a projection of what you would like it to be. You need to ensure that the client experience equals the expectation , or no amount of image revamping will work–at least over time. Before you rebrand, there does indeed need to be different things about your business, product or service–unless, of course, your image never accurately reflected your company in the first place.
It’s also advisable to understand that the more dramatically you change your brand, the much more likely you’ll lose your present customers. This can be a distressing fact, but it’s an unavoidable one. For instance, in the event that you attract price-sensitive consumers and you change your brand to appeal to upscale trendsetters, your price-sensitive customers are likely to run for the hills. Do you care? No, you do not care when you can keep your brand promise to your brand-new, more upscale customers. But if you cannot keep this promise, you mustn’t have tried to cast a wider customer net by rebranding. You just can’t be everything to all or any people.
That is why established companies with market share should consider adapting their brand prior to starting from scratch. There’s value in your name and image, even if you are sick and tired of it personally. Is your lifestyle outdated? Consider updating it by keeping key design elements that still work, while shedding the ones that don’t. Keep your name or alter it only slightly. The main element is to bring your lifestyle current without losing its original appeal, and therefore customers.
Perhaps a far more common problem may be the small company whose image never really reflected its brand to begin with. A poor-quality logo or clunky website does harm to any company, no matter size. Does your image as projected by your sales materials reflect your product, your mission, as well as your values? They should. Branding is approximately using "mind share" to influence "market share"–but if your promise doesn’t match your product , it will likely be all for naught.
Another valid time to look at a brand makeover is if your company is headed in a fresh direction–either because of new technology, new industry trends, new markets, or a fresh product launch. In the event that you choose a ground-floor makeover, work from a sound strategy predicated on facts related to profits, not fatigue linked to marketing consistency.
Rebranding should be conducted carefully and comprehensively. Ideally, you should change everything simultaneously. Redo your logo (and name if necessary) and brand standards, then apply them to all sales tools –from your business cards and website to your signage and brochures. Of course, this is often expensive, and requires some cost-risk analysis. When you can only afford to improve one thing at the same time, concentrate on your customer’s typical first point of contact. For instance, a retail business might consider its signage and/or ad in the telephone book, while a B2B firm might focus on its website.
In the event that you change the name of your business, understand that it’s rarely smart to substitute the name of 1 of your products for your company, even though your product established fact within your industry. Doing this can be self-limiting, rendering it difficult so that you can keep pace with future industry changes.
Branding isn’t a choice today–your business will be perceived in a particular matter either by default or design. You select. Reinventing your business again and again isn’t a good notion, but adapting to changing consumer needs and industry direction is essential. Seize control with strategic, relevant branding that differentiates you from your competition.