Things to Think About When Re- Branding your Business
Companies spend significant amounts of time and money into developing and carefully nurturing their brand. Why? The image of your brand can be the make or break factor of your business. No matter how efficient you are at what you do, you will go out of business if you are not able to constantly attract new business.
The brand of a business is much more than what simply seems pretty as a logo or slogan. Extensive research into a target market is needed to establish what your market is most likely to respond to and how they are likely to react to the changes of you brand. This is why maintaining healthy brand in line with your companies strategies are key.
Re-branding is a little different to the initial branding. As the business grows and the needs change, so must the branding, in order to sustain the interest of the current clients as well as attract new customers and different markets.
Advantages of Re-branding:
· Can open your business up to new market potential
· Can keep existing customers interested
· Can help you brand seem up-to-date and not out-dated and irrelevant
· Can help a company keep up with the changes needs and interests of their markets
Risks of Rebranding:
Re-branding is not something to be done willy-nilly. It can drastically improve or destroy your nosiness depending on how it is done.
· Can lose credibility in the identity established
· May no longer be recognized
· Can easily be misinterpreted
· Can be damaging in the long run if the intention is to cash in on a short term opportunity
WHY and WHEN a business should decide to rebrand
· The image has become out-dated
· There are problems with the brand which need addressing
· There is a potential to reach new markets and re-branding will help appeal to new markets
· The target market profile has changes
· The needs of the target market profile has changed
How to achieve Rebranding Your Business?
Changing the graphics:
This is one of the major aspects of re-branding. It sends a message to the world that there is some kind of a makeover within the company on the horizon
Changing the marketing avenues:
With new branding, comes new markets and with new markets, come new marketing avenues. The way you reached a previous generation may have no impact on the new one
Change, not just the image but the services and credibility
Innovative Long-term market ideas a brand and strategies.
It is not enough just to attract as many new clients as possible to make a quick buck. One really has to think about the long-term strategies of the business and consider if the brand is contributing or detracting from this.
For a long term business that will sustain itself of generations, it has to have a comprehensive long term plan, executed to the finest detail, while still keeping up with the times.
It is important to evaluate the long term plans of the company and assess whether the new brand, with the subsequent new market will be in line. Is it really worth discarding the dreams and goals of generations before for a quick buck?
Successful Rebranding that elevated some of the World’s Biggest Companies
Harley-Davidson is considered a case study in re-branding. With the company in terrible debt and almost declaring bankrupt, the company followed a social engagement with a new generation of American lifestyle, in addition to providing superior quality.
Wink Bingo is one the most successful brands that generated a new brand name, built a new look and targeted a wider audience. The rebranding process included a strategy that would tackle the competition providing elements and gaming experiences other sites didn’t.
Walmart is said by many to be the perfect rebranding example. It was considered by many as a cheap solution for consumer essentials. Traditionally, Wal-Mart was the go-to place for cheap stock-up visits. With a massive investment and with a strategy including over 250 new small and large stores, it is now thought to be the first choice of the American population.
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