If you’re thinking it may be time to rebrand your business, then chances are, you’re probably right. But there are also certain indicators that will help you identify whether rebranding could help your company increase its growth potential as well as avoid costly consequences in this ever-changing competitive landscape.
1. When Your Brand is Doing More Harm than Good
It’s a no brainer that branding should bring you more sales and a competitive advantage. But if it attracts negative attention and gives your consumers cold feet, then there’s obviously something wrong. Things to consider would be your brand positioning or perhaps a brand promise that you’re failing to keep. In some cases, it can be due to negative brand association. Ask yourself, how do your consumers see your brand? Is your look contemporary and meaningful to your audience? Or, do they associate your products to negative traits?
Take McDonald’s, for example. Most people find their menu to be artificial and unhealthy well, who doesn’t? The excessive fats and salts in their foods are insane! Plus, they are continuously subjected to issues related to animal cruelty, unhealthy environments and low wages. So how did they offer better value to their consumers? Well, they listened to their critics. Have you noticed their new hip store interiors? How about their new product offerings, like salads? Now, they are no longer the unhygienic restaurant that serves junk food, simply because they know how to solve their issues.
Imagine your brand being banned in a public place? What a nightmare, right? Well, for Burberry, that situation became a call for a major brand overhaul. There was a time when Burberry was associated with hooligans and gangs in the dark streets of England and was even banned from some pubs. Fortunately, their new management saved the brand. Style revision and endorsement from Kate Moss and Emma Watson brought a new spark of luxury to the famous clothing line.
2. When You Want to Appeal to a New Market
Sooner or later, you will have to expand your business by finding new markets. And when that time comes, you should have a brand that appeals to new demographics to increase your sales, similar to what the board game, Monopoly did. They continued to evolve and created new variations of the game such as the “Ultimate Banking” edition to make for a more fast paced and dynamic experience introducing credit cards, appealing to the millennials and the next generation of families. Along with it came a more modern packaging design.
3. When You Want to Make Your Brand More Relevant
Consumers love brands that care about their lifestyle and health. They will pay more for brands that make the world a better place. If your values are not relevant, chances are, you’ll lose sales or they’ll punish your brand. Old branding strategies don’t cut it. It’s not enough that you say what your product and services are.
Are you engaging your audience with your marketing? If not, then you clearly need to rebrand. Start by finding out more about your customers. How can your product make their lives easier? What are the causes that they support? Learn from Wal-Mart and CVS. Wal-Mart successfully rebranded their brand by changing their value proposition. From the simple Always Low Prices phrase, they changed it to Save Money. Live Better. Like Wal-Mart, your rebranding idea should focus on how you can help your customer get the lifestyle that they want. On the other hand, CVS effectively stirred up support from people by choosing to not sell tobacco products (Effects of Not Selling Tobacco Products). The two companies rebranding strategies lead consumers to trust them more as a brand.
4. When Your Brand is Too Old to Get Noticed
Your company might have flourished five or ten years ago but due to the new competitors on the block, you might feel that your brand is getting obsolete to your market. Sure you can change your logo and your website design, but it shouldn’t end there. For you to successfully rebrand your business, you will need to change your consumers’ impression and experience with your company, especially with your products.
If you’ve decided that redesigning your branding is the right step for your company, do keep in mind that you may be able to evolve your old brand rather than completely starting a fresh. You may have built up a level of trust and loyalty with your customers, so it would be a real shame to throw all of that hard work away. On the other hand, maybe it is time to toss out the old brand and refresh for success.
Put Your Brand, In the Right Hands
A brand is a living, breathing thing (unless you’re letting it die!). In addition to being placed in the right environments, it needs the right caretakers to make it shine.