Critical Factors for Rebranding Your Business
3 must-haves for a successful rebranding campaign
Thinking about re-branding your business? Change happens in a business that is constantly evolving, whether you take action or not. A conscious re-branding effort helps put the direction back in your control. It’s impossible to remain stagnant, so start asking yourself whether you will only need make a few small adjustments or to embark on a massive overhaul. Every business can benefit from some changes according to a consultant for The Boston Consulting Group (BCG) Michael Silverstein: “Even awkward first steps toward improvement are highly regarded by consumers.”
Before any re-branding can begin, you need to be fully ready for change. This means emotionally, mentally and financially. Your business is your baby, and growing pangs are a very real thing. You might have to change how you think about your business and how you see it. Depending on unbiased third parties and research is a great way to expand your perspective. Just like in a self-improvement campaign, if you’re not ready to change, it’s not going to happen.
Find your focus
You wrote a mission statement when you started your business, and you need to do the same to determine your mission for re-branding. What are the strengths and weaknesses of the company, and what’s the “big picture”? You need to pinpoint problems that need solving and make the entire undertaking a mission-based project. Otherwise, you’re just diving into a murky sea with no direction and no idea what you’re after.
Reach out to as many people possible including partners, customers, industry leaders and employees to get their take on the brand, business, services and products. Find out what they like, what they don’t like and what it is about your company that interests them. Be equally open to what’s positive and negative. The best way to do this is via a market research company which can provide quantitative and qualitative analyses, plus they’re experts in gaining perspectives and it can help take the personal factor out of it.
Know your market
According to Silverstein, “Many companies measure a narrow representation of what their market is,” so they’re missing out on a huge sliver of information. You need to consider your entire market and think beyond any niches you may have pigeonholed yourself into. For example, if you specialize in selling kombucha, you’re in the beverage market (not the kombucha market alone). This helps to determine if your product and marketing tactics are relevant and can help direct you towards new branding opportunities.
You also need to closely look at your competition and determine any allies you may be overlooking. Relevance directs branding and having the right relationships can help tremendously. Understanding what your consumers want and what your competition is doing can influence everything from a new logo (such as the emotions it’s meant to evoke) to the type of new advertising you’ll undertake.
Don’t assume you know your customers, because a revamp might reveal that you’ve been overlooking a huge population. Certain brands appeal to certain customers and re-branding is your time to branch out and open your arms to more consumers. Your customer base is your bread and butter.
Before embarking on a re-branding mission, make sure you have a concrete action plan in place. This needs to be in writing and detail everything from problems to potential solutions, including data analysis and diagnostics. Make sure you track what doesn’t work, what works, and adjust your plan accordingly.
Article Submitted by Larry Alton
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