Nowadays brands tend to have a major influence on people’s lives. According to 2018 Edelman Earned Brand Global Report 53% of respondents believe that brands can do more to solve social ills than the government.
Just as the world is constantly changing so must the branding vector. For that reason, it’s important to understand when it’s the actual time to face major changes and rebrand your business. Below you will find six reasons why you should consider it in the first place.
Reputation is the most precious thing in the world. In some cases, you can get off easy and regain your customers trust by making an in-time refund or an apology. However, if you got multiple complaints and tons of bad reviews spread all over the Internet, you cannot escape rebranding a company.
Note: Even one unsatisfied client may throw shade on your brand’s reputation. Always work on delivering the best customer service and learn how to resolve conflict situations.
There are plenty of reasons why you should consider redesign in the first place including low page speed, puzzled website navigation, poor graphics and many more. Moreover, according to a recent HubSpot statistics, 84% of customers won’t buy from you if they don’t consider your website as secure.
The thing is, if you’re selling online than your website is your brand. Thus, if it looks old-fashioned and doesn’t have features of sales driven website it’s time to redesign it.
Note: Don’t think of a website redesign as of separate element that needs a refreshment. Remember, successful rebrands are always consistent, otherwise your prospects might get confused.
If you’re planning to raise prices on your product or service you must come up with something your customers would want to pay for. At this point, one of the ways to ask for more charge is successful rebranding. It will help you form a new value proposition and change the way your customers perceive you on the market.
Note: Here, it’s important to take it slow and not scare away your current customers. Keep their previous rates at least for a while to retain their loyalty, and apply higher rates to your new prospects instead. Successful rebrand takes time
Aiming for new markets is natural for a growing brand. However, sometimes this process requires making drastic changes to the marketing strategy. For example, if you were producing goods trademarked in French you need to change your brand’s name if you’re heading up to the US market. Local consumers just won’t be comfortable with pronouncing it.
Note: Even though companies often try to come up with international brand names to avoid rebranding, it does not always work for their benefit at the local niche markets.
Unfortunately, startupers often make the same old mistake called “one-size-fits-all”. Trying to sell to as many people as possible usually ends up with the loss of time, money and motivation. If determination wins, a business owner goes back to the stage where he had to identify the Ideal Customer Profile (ICP) and in this case, rebranding campaign is just an inevitable result of an unthoughtful rush.
Note: Always ask yourself: “Who is my customer?”, “Who do I sell to?”. These simple questions will help you clear up your mind and come up with most re branding strategies. Simple yet effective.
Nowadays new companies are mushrooming here and there all the time. Thus, small and mid-sized businesses are constantly put at risk of losing their market shares. To prevent yourself from a sudden drop in prospects consider rebranding as a way to get ahead of the competition. It’s a great chance for your brand to conquer new markets and charge more if you come up with a new value proposition.
Note: Unfortunately, your customers are constantly being attacked by various ads that promise them more for less. Knowing that you must constantly work on your customer service and deliver smoothly-running buying experience to make it your ultimate competitive advantage so that you won’t need to rebrand every time there’s a new player on the field.
Rebrand or not to rebrand? Sooner or later every business owner faces this question for numerous reasons. In this article we have listed 6 most crucial ones that can make you consider going for a fresh start, these are:
- Bad reputation
- Slow-performing and outdated website
- Price increase
- A new geographic
- The wrong audience
- The loss of competitive advantage
Rebranding a business is challenging, however, if you want to stay relevant you must treat it as an inevitable part of your business evolution. Remember, the world is changing so as your brand.
Going through a branding process or don’t know how to rebrand?
Whether you need to redesign your logo or build the right rebranding strategy for your business, drop us a few lines and we’ll help you get it done!