Five good reasons to rebrand
There is probably only one really good reason to rebrand and that is for a powerful strategic motive. If the values of the business, product or service are no longer aligned with its visual representation, then it’s time to rebrand.
Here are five opportunities to refresh your logo and visual branding and steel a march on your competitors:
The competition is moving in on your markets
Competition really focuses the minds of business owners and marketing professionals. And it happened recently to a new client who had a monopoly with his food product. A competitor launched a similar product. Until that point he’d invested little in branding and packaging, but suddenly he needed to knock out the competition quickly and restore his confidence. Within six months of rebranding the company and product packaging, he’d achieved these objectives and planned to invest in a new factory to cope with increased demand and maintain product quality.
You are launching a new product
You’ve got a great new story to tell, and you need to raise awareness and keep ahead of the competition. A powerful brand identity will make the product or service stand out from the competition and begin the process of building reputation.
Out-of-date look that doesn’t reflect customers’ aspirations
The world seems to move faster and faster with new products being launched all the time. You’ve only got to look at the automobile market to see the huge advances in engineering and manufacturing that have happened over the last 20 to 30 years . Design and branding now sets one manufacturer apart from the other.
If your visual image looks tired and out of date, then that’s how your customers will see you and they’ll move to the competitor that seems more in tune with their aspirations. Because ultimately we all need to belong and we express that sense of belonging in the brands we buy.
Positioning the business ready for sale or franchising
It’s an obvious statement but ‘brands have value’ to a business. A well-known brand is worth more than one that nobody’s seen. Successful brands tend to make more sales and are more profitable. A business with a great brand can charge more for an identical product or service, because it has a higher reputation.
For business owners planning for the future, building a brand makes good financial sense. They will be able to sell the business for more when they want to retire or capitalize on their investment. Building a brand is really what franchising is all about, a proven business with a strong visual presence, a reputation and guaranteed promise for the customer.
Getting ready for growth
Be ready for the upturn, however distant it may seem. There’s a great marketing story about Sanderson who continued to advertise their wallpapers during the Second World War, even though it was impossible to buy them. But when the war finished and houses were built and homes needed decorating, Sanderson was the brand people bought because they were familiar with it. This foresight led to them becoming market leaders for a number of decades.
And one other great reason to invest in branding and marketing in the downturn – it’s cheaper!
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