Remember the ID cards we pinned to our uniforms as kids? These tiny laminated cards carry our basic information. Similarly, branding involves creating a unique identity and position of their products or services in the market. It helps you build a bond with the target audience. Right from the name, logo, colour palette to developing vision, mission or core values of the company is a vital aspect of branding. This also helps investors & other stakeholders gain an essence of the company.
Why should we rebrand?
A strong brand presence is earned with immense hard-work, dedication and strategies. With changing times, brands may look forward to rebranding. So why to rebrand?
- If your company finds new avenues of innovation & growth and wants to tap into new customers or businesses.
- The evolving demographics and changing times across the globe may require rebranding
- Your brand name fails to reflects its vision and mission
- In case of any merger or acquisitions
- There are loopholes in your business model leading to a downfall in sales for your products and services
This can certainly be a daunting task but could be a boon for the brand.
Let us look at some tips for successful rebranding
1. A thorough research
You can start by checking the sales and marketing data. The ups and downs in the sales should allow you to navigate through your brand’s strengths and weaknesses. A thorough analysis of campaign performances over a period of time – the reach, engagement, impressions, lead generations and more for thoughtful rebranding. So, brands can leverage and keep working on their forte and revisit the parts that do not work out.
In terms of changes, there could also be some aspects to modify like, altering the visual appeal or switching to well-written copy. It could also be mean that the brand needs to adopt new ways of marketing and advertising. In this fast world, what’s avant garde today could be outdated the next moment.
For rebranding it is essential to analyse your competitors well. This way, the grass shall remain green on your side as well. The process of re-strategizing must include insights and inspirations from other brands, yet manage to establish a unique position.
2. Get more from customers
They say “customer is the king”, which seems about right. It is important to ‘Know Your Customer’. If a brand showcases an ad selling fairness creams in today’s time where dialogues on colorism are on the rise, then the company will be called out for their inherent discrimination.
The ever changing demographics along with all the happenings globally on political, social, economic and technological fronts have to be taken into consideration while revamping the brand.
Companies can conduct thorough surveys or other market research to understand the characteristics and preferences of the audience. This way there will be clarity on what needs to change and the existing methods that require further improvisation.
In today’s time many brands have millennials and Gen-Z in mind; two groups of people with vast differences. Hence, the positioning needs to appeal to these groups of people who have the disposable income and adequate resources to buy the products and services.
3 Minimal revamp
Brand recall value is of utmost importance to the audience. All brand elements shape their unique identity in the market. There should not be drastic changes made to the product or service after rebranding. This will lead to confusion in the market and loss of loyal customer base. Your brand may have good intentions to change a particular aspect but the execution may leave people perplexed. A sense of familiarity and relatability should stay intact even after rebranding. The logo, colour scheme, taglines or even target audience may change but the essence of the brand should remain intact.
At 3 Dots Design, we help brands find their voice and help them create a unique position in the market. We aim to build long term strategies for creating continuous communication. To know more head to https://www.3dotsdesign.in/