If you feel that your company is losing out to your competitors, it might be time to reassess your brand and make it stand out from the crowd. Rebranding is not for the faint-hearted, as it usually involves a complete realignment of your brand within the marketplace.
This is achieved by redefining your message to the community and creating a sense of trust and authenticity in your rebranded image. So if you are thinking of rebranding your company, here are 5 steps that will help you negotiate the process:
- Re-position your brand: What is your unique value proposition? This is what your brand is, at its most fundamental level. Identify your point of difference and determine the benefits of your brand to the consumer. What separates your brand from your competitors?
- Identify your target base: Who is your audience? To fully position your brand you must know your target audience. Your brand must fulfil a need that is not met by your competitors, so understanding your target base and their motivations will help you reposition your brand within the marketplace.
- Craft your message: What is your core message? The perception of your brand by your target audience is essential to a successful rebranding process. So determine your strengths and weakness and play to your strengths - rewrite your mission statement and focus on the needs of your target audience.
- Build the brand: This may involve renaming the company, redesigning your logo, slogan and website. Reassess your marketing collateral and develop a set of brand style guidelines that will ensure consistency across all forms of marketing and advertising.
- Create a marketing plan: Coordinate your marketing strategy to include a mix of both traditional advertising and social media networking. Write briefs for press releases, organise promotional events and initiate your media campaign.
- Launch your new brand: Roll out your new brand internally so that your employees can be brought up to speed on your rebranding. Provide training and education to your employees and ensure that your employees have a full understanding of the new brand. Then launch your new brand to the public.
- Monitor the impact: It is important that you evaluate the effectiveness of your rebranding post-launch. So conduct ongoing research to measure customer satisfaction and check your sales figures to determine if you are positioned for a positive return on your investment. Companies that have successful rebranded, continue to monitor the positioning of their brand against their competition and make modifications as necessary.
Based on these steps, rebranding involves a clear understanding of your brand’s position within the marketplace. This is followed by identifying and acknowledging your target audience and redefining your core message.
Once your brand has been rebuilt, you need an effective marketing strategy to promote and strengthen your brand, ensuring that it is focussed on both social media and traditional marketing. Fully train your employees so that they are knowledgeable about your new brand and then commit to a launch date. Post-launch, maintain a regular monitoring program focussed on the consumer’s perception of your brand and your sales targets.
If you want help with branding or rebranding for your business, feel free to contact us at our Northern Beaches studio in Sydney.