Is Your Rebranding Strategy Working? Try This Step-by-Step Guide
Protecting your brand needs to be at the forefront of any business strategy. Companies with strong brands command larger market share and win when it comes to customer loyalty.
In fact, billionaire investor Warren Buffett is famous for betting on the long-term value of the biggest brands and winning. He recognizes that branding is key to the growth and health of a company.
But what happens if your company is faltering? You may have had a great product or service; you may have even enjoyed some measure of success. Now it's all gone.
In this case, a rebranding strategy can help. And while rebranding a company isn't something to do casually, it can really pay off.
Make sure you nail your rebrand with these tips:
1. What's the Reason for Rebranding?
When Wells Fargo came under fire from regulators for opening 3.5 million bank accounts without customers' knowledge, they had to invest in rebranding. In such cases, the reasons are easy to understand.
Your company needs to be just as clear on the motivation for rebranding. This isn't a cure-all. Plus, it can alienate current clients and backfire if handled improperly.
Before starting a new branding strategy it's important to assess your goals and motivation.
Your company may just need a better operating plan or an investment in talent. Asking some questions early on in the process can prevent trouble down the road.
Reasons for a Rebrand
An internal temperature check on reasons for a rebrand can help form your strategy. Ask yourself:
- Is your brand is dated?
- Has there ever been a strong branding push?
- Have your demographics changed?
- Have shifts in the marketplace occurred?
If the answer is yes to any of these concerns, you may be right. It is time to rebrand.
2. Research Your Clients
There is nothing as valuable in market research as your current clients. Knowing their behavior and buying preferences can provide you with a roadmap on where to go next.
In most cases, it's anywhere from five to 25 times more expensive to acquire a new client than to keep an existing one. But beyond that value is the data you can collect from your existing customers.
Start with accounting. Are your current clients profitable? If not, it may be okay to let them go entirely.
Then you can move to their buying preferences, behavior, and satisfaction. If you have marketing strategies that work, invest more heavily into those channels.
3. Research Your Potential Clients
Starting with clients and potential clients is a must for successfully rebranding a company. Too many companies start with where they want to go and lose customer insight along the way.
Something as simple as an SEO audit can help you understand the pool of potential clients and what they're responding to. But in every case, if you know who your existing and potential clients are, you can close the gap.
Using analytics is another great way to do market research. Where are you losing your website visitors in the sales funnel?
In other situations, your branding may be shaped by demographics or shifts in the market. You may want more local customers or a bigger share of the online shopping market.
4. Research Your Company
Now is the time to take a deep dive into your company and find out what you're doing right or wrong. This process can be so confusing for some business owners that they need a consultant to help.
Don't be afraid to invest in perspective and expertise. Unless you have a clear idea of where you are today, you cannot get to the next place successfully.
You may need a marketing and branding company to step in now and discover where the gaps are in your approach. Someone who understands small businesses and the market will help you link a marketing approach and branding to your overall business strategy.
In the digital marketplace, your company needs to have an integrated approach. The days of leading with operations and hoping for marketing to catch up are over.
5. Market and Competition
Knowing your clients and your company is only part of the battle. It's time to research what other companies are doing and where the market is headed.
You don't need to confine your research to your geographic scope or particular industry either. There is so much to learn from market leaders, branding experts, and other success stories.
But make sure you get a great vision all the way down to your company. You should know where you align with the direction of your customers and where other companies are taking the market.
6. Define Your Mission
Every one of the top brands in the worldshares something in common. They use messaging and positioning to align their brand with their core values.
Is there any question what you will get when you walk into Walmart? What about when you purchase an Apple product?
Defining your mission will allow you to create great branding around it. Rolex, for instance, uses a different approach than Verizon, but the focus is the same.
Define your mission clearly, and branding will come easy.
7. An Integrated Strategy with Continuous Measures and Improvement
If you know your mission and values, you know your brand. Now is the time to create an online strategy with integrated campaigns to represent you to current and potential clients in the best light.
But rebranding should also include continuous measures. You can get off-track by implementing a strategy with no mechanism to gauge progress.
Incorporate milestones and key performance indicators (KPIs) into your launch, and you'll be able to redirect and reinvest as required.
Get the Help You Need
If you know that it is time to rebrand your company, then there is no time to wait. But the long history of major rebranding failures means you need all the help you can get.
Navigating a rebranding strategy requires experience and skill. We can help.
Rabbit Hole Systems helps companies achieve their growth potential and generate more revenue.
Don't wait to get the help you need. Contact Rabbit Hole Systems today to get started!