The key to a successful business doesn’t just lie in having a great product or service. The key is in knowing when to adapt and adjust the business to keep up with the times. Modern technology and social media mean that trends can change overnight, so it is super important for businesses to react accordingly. With the right rebranding campaign to help your business pivot, you can dramatically improve revenue, brand awareness, and sales. So, how do you create a successful rebranding strategy?
Identify the Sore Points
Before diving deep into an entire rebrand it’s important to identify the reasons why you think your business could do with a refresh. There isn’t much point in spending lots of money and effort in rebranding if there isn’t anything wrong with the current format. Consider whether any of these reasons apply:
- Your current brand is outdated
- The business has had some negative press
- There are competitors with similar branding
- You are launching a new set of products or services
Consult the Experts
Your marketing ideas may have got the company this far, but when it comes to a rebrand one of the best ways to manage it is to get an objective opinion. Although outsourcing a rebrand can involve a hefty financial investment, an expertly constructed rebrand will pay for itself. Rebranding experts are also much more likely to help you develop a rebrand that will be futureproofed so that you won’t have to keep rebranding every decade or so. But remember, rebrands are more than just fancy new logos and clever marketing. There is plenty of admin to do behind the scenes as well, such as website domains, business plans, bank accounts, trademarks, and licenses.
Evaluate the Competition
It’s a good idea to regularly take stock of what your competitors are up to anyway, but this is especially true when it comes to a rebrand. Analyse what is working for them as well as what is falling short and identify where your brand can differentiate from what they are offering. If your competitors are dominating a particular area of the market, seek out ways that you can maximise your own position so that it is truly unique to your business and offers something that your competitors can’t.
Use Fresh Ideas
The chances are that the business needs a rebrand because your old ideas aren’t working as well as they used to, so your new strategy needs to incorporate fresh thinking and a new approach. If you simply focused all of your efforts on appealing to one type of customer, perhaps it’s time to broaden your approach and target a wider audience. A great example of this in action is the recent PokerStars brand refresh which involved the launch of a series of online and TV adverts. The I’M IN campaign took its cues from the world of entertainment and produced a highly cinematic format with slick black and white imagery and a thrilling music score to appeal to a wider audience. This campaign was a great way to use new methods of advertising in a way that was fresh for the brand. Similarly, Instagram’s rebrand in 2018 is a good example of how the company responded to trends and adjusted their social media icons accordingly.
Know your Audience
You probably have a good handle on the demographic of your audience by now, but it is always worth checking in with this on a very regular basis to ensure that you are up to date with who you are marketing to. Use your social media insights to pinpoint trends in your audience and send out surveys to your email list to identify any problems you can help them to solve.
Whether you’re looking to rebrand your business to stay with the times or to launch a new product or service, there are plenty of ways that you can ensure that your rebrand is a success. By following these steps, you will set your business up for success!