In the current competitive market and digital age, a company’s brand is important through its promise to deliver an experience to its customers and doing exactly that. A strong brand creates a distinction, emotional experience and builds relationships.
Companies rebrand themselves to stand out, stay current in their designs, create market awareness and have a competitive advantage over others.
Asking the important questions in the process of rebranding is crucial as it creates a compass for the company to take that is different from the one it has been on.
These questions as VISTAPRINT highlights should revolve around the company’s business, products or services and the customers:
Business
Asking crucial questions about the company’s mode of operation and why it does what it does, what is the company’s vision, the business idea of the company and elements the company intends to keep or change in its way of operation is necessary when rebranding.
This helps the company introspect and identify its goals and fulfilling them to its customers.
Products or Services
Any brand needs to analyze the products or services they are selling to the masses. Questions of the uniqueness, the price of the products and quality is important.
A company’s services or products delivery advances or slows its reputation in the market. Aligning these to fit the marketplace standards is a necessity and thus calls for a rebrand.
Customers
A company ought to beware of its customers as well as potential customers. Customer satisfaction is very important and ensuring their needs are met. This determines what their core values are and the percentage of frequent customers. Rebranding would seek to address these needs and prioritize the customer and their fulfilment.
Questions to Ask Before Rebranding.
Rebranding is a big step for any company as it involves serious decision making to use impactful strategies and gain market in the sphere of operation.
A company that is rebranding seeks or should seek to solve problems in terms of increasing the value of its products, increase its competition, expand its potential growth and change its customer profile. This piece highlights but is not limited to five key questions that a company should consider in its rebranding journey.
Why Rebrand?
This is the most crucial question in the rebranding process. A company or brand should be clear of the main reason for its rebranding decision. The rationale behind rebranding should focus on creating a dynamic experience for the customers.
Most companies rebrand when they feel a disconnect between the brand experience they are creating for their customers and the actual experience the customers are getting.
A company should ensure what they are creating and delivering feeds the expectations of the customers.
In a fast-changing and growing world, changing the core product and service to be unique and align them to the customers need is very important. This ensures the company is updated with the current designs and structures, overcome negativity in the market and ensures its growth. Identify the reason for rebranding.
What would a rebrand cost?
Whilst most people concentrate on the monetary cost of rebranding in terms of hiring designers and developers to help in the rebranding strategy, money is not and should not be the primary concern when talking about cost.
A company is built and strengthened through the communication of its brand identity to its customers. This communication creates equity with the existing clients and fortifying the connection between the two.
A rebrand means a change in the identity leading to a possible disconnected attachment between the two. A rebrand most likely will lead to losing the positive value that has been accrued by your brand over time through its customers. A company should therefore ask and weigh the cost that it’s willing to incur in process of rebranding.
What Story are you telling?
Every company or brand has a story to tell in a unique way. The story is conveyed through its brand identity. A company seeking to rebrand should decide on who they are and how they want to talk about themselves.
A great brand story not only informs the customers about the company and its journey but, also establishes a connection between the two and establish trust.
A company must carefully craft their story around their value and what they want to tell. A story creates an emotional connection and as such, sharing a story that will build this connection is crucial. Consider how rebranding will make the company’s story unique and further the mission and values.
Who are your clients?
Knowing the target clients is important in branding since the brand or company wants to create a connection with them. In the process of rebranding, this question is twofold; the current customers and ideal or prospective customers. Having already established a connection with your existing clients, it is important to ask whether a rebrand will lose or maintain the connection with them. A company should not lose a significant number of clients at the expense of rebranding.
On the other hand, a rebrand aims to attract new clients, establish a connection and sell products or services to them.
The brand marketing strategy before rebranding should seek to amplify in detail the brand identity and communication to establish this connection with both existing and new customers.
Can you support the brand?
Rebranding is as important as sustaining it. A company should ask whether it can sustain the new look it will be giving to the world. Identifying structures that support the rebrand strategy and efforts is crucial.
Further, assessing how the rebrand’s promise of meeting the client’s experience matches its delivery and sustenance. Assess how to make and sustain your online presence through your website and other social media platforms.
Conclusion
The need to rebrand my result from a company’s strategic goals or other environmental factors. In both cases, when it’s time to rebrand, considering the above questions is important in determining the steps to make in the rebranding process.
