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Consumer trends can change; updating your company's image shows you can keep up with customers' preferences. A plan to rebrand your company can carry a reasonable price tag or reflect a drastic change. Adding an updated version of your values or mission statement to your promotional materials could boost sales, distinguish your products and increase your engagement with your market base.
What Is Rebranding?
Updating your branding strategy allows your company to reposition its products or services in customers' minds. It could be as rearranging the furniture in your living room. The sofa and coffee table, for example, are permanent belongings. They continue to fulfill the same function, but the angle of their new placement makes the room feel bigger and more inviting.
A revised branding strategy gives your business a subtle yet influential makeover. Your company's decision to update its image can be a meaningful adjustment while maintaining the trust and goodwill you've already achieved. Realigning your brand with current trends is an opportunity to reconnect with customers while you reach out to new ones with evolving tastes.
The publicity that can come with your rebranding can boost revenue by attracting new buyers based on your previous success. Unlike a startup, repositioning your best-selling products influences the marketplace because your brand now features your record of accomplishment. You could also include the experiences of satisfied customers in a revamped marketing campaign.
Why You Should Consider Rebranding
Your company's decision to update its brand could reflect a need to stay ahead of your competitors, especially when new ones enter the market. It's also a natural part of the business cycle to have unexpected bouts of revenue loss. Popular products could temporarily fall out of favor, or economic factors could cause consumers to reprioritize their spending.
During market slowdowns, a new company may offer products similar to yours at "unbeatable" prices to introduce them to new customers, which could come from your existing consumer base. Some businesses respond by lowering prices to meet the new competitor's requirements. Lowering your prices, however, could reduce your financial returns to the point that could harm your operation. It may be best to wait until the price wars subside and revamp your brand to bring attention back to your company.
Company branding allows you to focus your customer's attention on what sets your business apart from your competitors. When a new competitor enters the marketplace, you may need to update your branding strategy to position your product or services better. For example, your ads or promotional materials could feature well-reviewed products or improved service developments. You could also include positive feedback from customer surveys or focus groups.
Things To Take Into Consideration When Rebranding
Before creating a new website or rebranded ad campaign, it's a good idea to learn what customers are searching for. Reviewing online postings and social media can gauge the current marketplace sentiment. Comments and trends can guide you in creating text or visual aids relevant to changing trends. Consider ways you can help consumers find answers to their questions before your competitors do.
An excellent way to view a brand update is to see it as an opportunity to communicate how your products or services have improved since they were first launched. Your organization may have received an award that you could feature to promote yourself as an industry leader. Hiring a new management team, for example, can show that your company has solid plans for the future.
If you're active on social media, your customers may have provided entertaining and informative comments about using your products or services. Companies generally have the right to include social media activity in their marketing materials. Revamping your branding based on your existing customers' feedback can help you create an image that matches the preferences of your loyal customers.
Consumer trends tend to favor brands dedicated to the environment or social causes. You could use your new image to increase awareness of a cause or mission that your company stands for. Customers appreciate honesty; knowing how their purchases contribute to a better world can create a powerful statement.
How To Start the Rebranding Process
When rebranding a company without losing its previous relevance, consider starting with an appealing design change or highlighting recent improvements. New website features can also boost customers' perception of your company. Adding new functions or buttons can make it easier to navigate your website; make a note of them on your landing pages. Content that includes different cultures or ethnicities shows that you're open to diversity and can position a brand above its competitors.
A new branding campaign only requires creating a novel symbol or matching a competitor's logo. It could be a simple color change in your logo or the addition of a slogan that reflects your company's unique capabilities. Be sure to incorporate your updated logo into the background of your virtual team member meetings and customer interactions.