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Rebranding is a lot more than changing your logo and color palette. It means changing people’s perception of your product, service, or company as a whole. Proper rebranding encompasses everything from your visual identity, through your tagline, company name, website, and even your mission statement. Depending on how you go about it, it can be a terribly risky venture, but also tremendously rewarding. Here are five key ways that rebranding can propel your business into greater success.
Brand research is an essential step of rebranding and it enables you to re-identify your ideal customer. More than attracting many people, strive to attract the right people. Which demographic nurtures values that are best aligned with your brand’s positioning and your business purpose? How clearly are your customer personas defined?
The right customer is:
● more likely to buy what you offer,
● willing to pay more for it,
● more loyal to your brand,
● loyal for a longer time, and
● more likely to become a brand ambassador.
The rebranding process is an ideal opportunity to review and redefine your customer personas. That will enable you to construct more compelling brand messages and target customers more effectively going forward.
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Branding is all about perception. At the end of the day, the value of what you offer is defined by the minds of those you offer it to. In other words, it’s the customers themselves who decide whether the monetary tag you put on your product or service is worth it.
Your price range is the most measurable impact of your rebranding strategy. If you rebrand right, you can redefine the value that customers assign to your product or service. That means you can ask for a higher price in exchange for what you offer. If your asking price remains unchanged, or even falls, your rebranding strategy is weak.
A strong brand is recognised by an increased pricing power. This is what lets it dominate its market and protect against competitors. Pricing power drives market growth because it lets a brand expand, as well as revive underperforming assets.
Because branding is a matter of perception, it is also your primary weapon in competitive differentiation. Your first goal when building a rebranding strategy should be to figure out and articulate the key differentiation factors of your business.
The aim is to make your employees as well as your buyers understand why exactly your brand is superior to your competitors. What specific things make it stand out and how do they make you better? This is what is meant by “competitive advantage”.
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A brand’s performance heavily depends on the quality of its employees, so you want to make sure to snag the best ones in the field for yourself. The trick is deciding what “the best” means.
Rather than focusing on impressive resumes, consider the purpose, goals, and needs of your business after the rebranding is done. Remember that you will be changing the perception of your current and future employees as well as your customer base. Look for people who are well-suited to achieving those.
You want employees who share your core values. They will be committed to company culture and motivated to deliver on the brand promise. Screen for talent that shares your ideas in the interview process to get the most out of each candidate.
When your rebranding efforts are concluded, you should end up with a much better-articulated, more cohesive business identity. This allows for more efficient marketing strategies going forward.
We already mentioned brand research and targeted messaging. After a successful rebranding, those efforts become much more streamlined and precise. That translates to more relevant campaigns and better rapport with your target customers. A more cohesive brand also ensures that each marketing initiative supports another, resulting in seamless integration throughout.
More importantly, rebranding lets you dramatically differentiate all of your campaigns right at the outset. The resulting templates and guidelines mean that every new piece of marketing collateral conforms to your new brand identity and naturally points to the new business goals you defined in your rebranding efforts.
To sum up, smart rebranding helps your business attract customers, demand premium prices, outshine your competition, snag the best talent in the industry, and market your product or service at cheaper rates but to better effect. While it is a significant investment, the return long-term is well worth it. If your business isn’t growing as well as you’d like, or your bottom line is stagnating, rebranding could be just the thing you need to step over the hurdle and do better than ever before.