For many years, branding was all about the visual identity of a particular company. All that mattered was the name, logo design, packaging, etc. This general approach to branding is backed by the Cambridge definition of branding, which is, “branding is the act of giving a company a particular design or symbol in order to advertise its products and services.”
Over time, branding has evolved. However, we still see even the most qualified professionals get the concept of branding wrong because of the ambiguity that surrounds it. A more complete definition of branding refers to the never-ending process of identifying, creating, and managing the services and products that shape the reputation of a brand in consumers’ minds.
A good brand understands its customers, has a clear mission and vision, knows their competition, has a USP (unique selling point), and finally, has an identity that reflects its offerings and goals as a business. Ultimately, branding plays a pivotal role in the success of a business. That is exactly why almost all businesses are investing their resources, time, and energy to build a reputable brand. Some reasons why branding is essential are:
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- Branding helps you build an emotional connection with your customers.
- Branding gives you a purpose and direction on where you want to head as a business.
- If done the right way, branding increases business value.
- Branding helps bring in new customers.
- Branding builds trust and establishes your business as an authority in the market.
Despite a business’s brand-building efforts, things can still go south. If that happens, rebranding is the only way out. There are several reasons why a business might want to rebrand:
- Conflict with stakeholders
- New CEO
- Stepping into new markets
- Changing product lines
- Bad image in the minds of the customers
Know Your Reasons Behind Rebranding
More often than not, businesses rebrand because they see their competitors doing so and don’t want to fall behind. And at other times, they rebrand just for the sake of trying something new. But that’s not how it’s supposed to be. Sit down, have long and detailed meetings with your team to find loopholes that need improvements. For example, perhaps when you started your company you had to buy a long-string generic domain like XYZ-Company.com. Now you can focus on buying a premium domain like XYZ.com, which is more memorable to potential customers.
Identify the areas where you’re lacking and then determine if rebranding will solve those issues. If not done the right way, rebranding can do more harm than good. Be mindful of the fact that if your product or service is not up to the industry standards, a rebrand is very unlikely to help you. Therefore, it’s essential that you know the exact reason behind rebranding your business so you can tackle the problems better. This will also help you prepare for the future a lot better.
Know When It’s Time to Rebrand
This is one of the most essential tips for rebranding. You might have a great rebranding strategy, but if the timing is wrong, it might not do much good to your purpose. The best time to rebrand depends on a few factors. If you are changing the services or products your business offers, it might be the perfect time to rebrand with a USP.
Oftentimes, businesses need to keep up with the rapidly changing ecosystem. Technological advancements are happening at a very fast pace. Hence, rebranding might be needed to keep up with your industry and stay ahead of your competitors. If you know the reasons behind your rebranding, all you need is a good enough strategy and decent timing to make it all work for you.
Keep Your Customers Updated
When your customers know what you are up to and what they can expect in the future, they are more prepared to support you. Your customers came to you because of your previous branding. And when you change that, some customers might not perceive you as the same company they have been buying services and products from.
Make sure your customer support is excellent when you are rebranding. It will help a lot in keeping the trust of your customers. Moreover, it is essential that your product(s) and service(s) quality is not compromised because that’s what’s going to help you keep your customers.
Don’t Miss Out on Publicity
Once you have your plan and execution in place, it’s time to spread the word. Don’t miss out on opportunities to let the world know. If the media wants answers to questions, answer them humbly. In fact, there are plenty of blogs out there that would be willing to write about your branding shift. Reach out to them and help spread the word.
Moreover, if your existing customers are happy with your offerings even after you rebrand, they will talk about you in their circles. These strategies will increase your following, ultimately bringing new customers to you.