Branding is not just a logo design or a company motto; it is the image that has been associated with it by your customers.
According to recent stats, consistent branding across all platforms can boost sales up to 25% per year. Brand development is a crucial process because it defines the first moments of a consumer’s interaction with a brand.
Branding is an art which elicits strong emotion from customers. The day when it fails to do so, you will need to rebrand your company.
No matter how good the shoes are, they will eventually wear out; similarly, no matter how excellent your brand strategy may be, there will be a time when you need to go through a rebrand.
However, rebranding is an expensive process and should only be carried out when there are alarm bells warning you to do so. Rebranding is the process of altering your brand message in a way that will better represent your company values.
In this article, we will be discussing the signs that indicate a rebrand is needed for your business.
Low Brand Recall
Acing the company branding at the first attempt is as rare as sighting a snow leopard in the wild. Startups and even multinationals at times fail to understand the thought process of their target market; hence, they come up with a branding strategy that is nowhere near the interest of the consumers.
Brand development is based on strong consumer insights. Strategies that lack consumer interest end up generating low brand recall. If the brand message isn’t relatable, how would a consumer be able to remember it? The relatability of a consumer in the brand message increases the recall value of the marketing campaign.
No Emotional Connection
A brilliant branding strategy is one that evokes feelings from a consumer. To make that happen, your brand message needs to connect with the audience on a personal level. People buy from brands with which they can bond with; brand loyalty is always earned through emotional appeal.
There are companies that offer so much in terms of services: feature-rich products, great customer service, durable products, and much more, but lack when it comes to building an emotional connection with the consumer. A person may buy your product, but he is not buying your brand because you never sold it to him.
Damaged Brand Credibility
It is possible that in the past, your brand was associated with something – a person, organization, or any ideology – that has damaged your brand reputation. There is a chance you might not need a rebrand, but if issues are big, then you probably have no choice.
Other possibilities are that your brand is unable to deliver on its promise and has been inconsistent with the quality of products or services; then, it is necessary to address this issue by adding a message that builds trust among people.
Therefore, a brand development strategy should always include a message that reinforces trust and credibility.
Introduction of New Services
New services introduced by a famous brand often get crushed and overshadowed by existing products. There is a possibility that you don’t need to revamp the entire brand, but just that particular product or service.
Align the strategy of that product with that of the entire brand, and you are good to go.
Lack of Innovation
Mediocrity is the death of innovation. Companies that lack innovation never stand out of the crowd; instead, they become a part of it.
It is impossible to attain perfection, but if you aim for it, you might end up catching excellence. There is always room for innovation in a company, and the only way of ensuring a strong brand identity.
Your Target Audience Has Changed
There are brands that once were considered as the market leaders but now are nowhere to be seen. This is because they failed in figuring out that their target audience had changed.
After every couple of years, a survey must be conducted to get the hang of the attributes of your target audience. Chances are that the new generation does not align well with your existing brand message.
Therefore, the key to a brand’s success is to always reposition itself according to the interests of its current consumer market.
Your Product Has Outgrown Your Brand
Shortsighted entrepreneurs often have to face an issue where the product outgrows the brand.
Their initial brand development is only restricted to the current region they are catering to, and when they need to expand their business to other regions, their product is ready, but their brand isn’t.
Traditional businessmen ignore the importance of the look and feel of their branding, which leads to low brand worth. In these modern times, the design aesthetics are directly proportional to a brand’s credibility.
You can’t ignore one and expect the other to grow.
Market Dynamics Have Changed
While the presence of unlimited options is a dream come true for a consumer; it is nothing less than a horrifying nightmare for brands.
Newer brands are giving older ones a run for their money. In fact, some of the old players are finding it hard to compete in the new competitive environment.
Your Brand Needs to Be Digitalised
Traditional brands have always ignored the importance of a digital presence. They have failed to understand the true potential of the digital media; it is the place where people are at.
Brands that are already there have outperformed the ones who have a little to no digital presence. The world is in a transforming phase, and once it has transformed completely, digital will be the new traditional.
Wrapping It Up
At times, rebranding is not an option; instead, it is essential. You need to rebrand at any cost if your audience is not connecting with the existing brand message. Never let your brand plummet to save some dollars, or else, you will end up losing a lot more.
Keep one thing in mind: brand development should always aim for an evergreen strategy, so you don’t have to worry about rebranding for quite some time.