Having a brand that people recognize and respect is hugely important. Depending on the phase that your business or service is in, you may be wondering if “re-branding” is for you. What’s the point? Will it solve all of your marketing issues? How long does it take and what’s involved? Let’s answer some of these questions.
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Rebranding is a strategy that uses a new name, slogan, logo, design, or a combination of these for the purpose of differentiating, developing or recreating a business’s identity in the eyes of consumers, clients, competitors or investors. Instead of building a brand from scratch, rebranding is about improving an existing brand and providing new energy and direction to your marketing and business.
It is certainly no small task.
Many businesses discover the need for a change in image or advertising strategy in response to lacklustre sales, declining market share, a lack of awareness or through a realization that they are not connecting with the right audience. Additionally, some businesses rebrand as the result of an acquisition or to reflect a change in strategic direction or an entry into a new product or service category.
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For some companies (Yahoo! For example), a change in leadership may come with a new logo, outlook or ad campaign. With a bit of market research and a clear understanding of your audience and their needs, rebranding can work miracles, and we’re not talking about the holy kind.
Here are a few key things to consider.
How well do you know your target market? Many campaigns miss the advertising mark because they aren’t getting the message to the right people or in the right way. Do a few surveys or perhaps a few focus groups with your intended demographic to get a sense of how they see you presently and what they hope to achieve from engaging your business.
If you haven’t already, it’s time to “embrace the digital.” What age group is your audience? What kind of lifestyle do they have? Are they best reached via the Internet, e-blasts or other mediums? A lot of great ad campaigns fail, not because of uninteresting or incorrect content but because of their inability to reach the people who have a need or desire for the product they offer. A real estate company, for example, may want to know the age group of potential homeowners and lessors in their area, their lifestyle, interests and gender before formulating a strategy to reach and connect with them. The Internet is not a fad and it’s not going away. To stay competitive and connected to contemporary audiences, you must embrace digital marketing.
Choosing a logo is also often a large part of a rebranding campaign, as it should be. A logo can speak volumes about your business so getting it right is important. 52 Pick-up recently dedicated a blog post to discussing logo design and why it matters. To summarize, what your business does and the individuals you aim to serve should play a part in choosing the colour and design of your logo. And remember as well, simple is often better.
A good rule of thumb is to set aside an online/offline advertising and PR budget to re-launch your brand in the marketplace.
There are lots of questions that need to be answered before going the rebranding route but if optioned and done well, it can make a significant difference for your business. Remember however, that it is an intricate process with multiple stakeholders and a bevy of important considerations.