What is rebranding?
Rebranding is repositioning the company’s previous brand strategies to bring favorable results. A successful rebranding tactic should result in an enhanced image of a firm. It should also present a product in a fresh and better perspective. You do not have to wait until a firm is on its losing end before attempting to rebrand. This is a business strategy that established companies employ to keep up with changing times and to maintain their lead in the market.
Companies that are contemplating a rebranding tactic are advised to proceed with caution. Rebranding is a laborious process as you restructure your marketing plans and goals to recreate an existing brand or a explore a new target market. It is like starting from scratch all over again. Because you cannot be totally certain about the outcome, rebranding is like a risky gamble. This process becomes more critical and stressful if you do it in an effort to save your business. Rebranding can be costly and time-consuming, so it is best to minimize your chance for failure. The following are strategies you can apply when rebranding to successfully save a failing business.
Identify problem areas.
A thorough analysis of the situation is essential before a firm can plot a fool-proof rebranding plan. Revisit past marketing tactics that failed and reexamine in detail what went wrong. You may discover that you have been targeting the wrong audience, or maybe you set a very high goal within a limited time. It’s important to know the exact reasons why your brand failed to make a lasting positive impression. Once you have identified and enumerated all the loopholes of your previous strategies, you can move forward with your rebranding process.
Do market research.
You can brainstorm the necessary steps to successfully revive a brand, but your chance for mistakes is greater when you solely based it on your own perception. It is like crossing a bridge with blindfolded eyes. Devising tactics by getting insights from market research and industry forecasts will build your confidence. To back your marketing plans, you can do extensive research on what to expect in your industry in the years to come. If you are willing to shell out money, you can hire the services of a firm who specializes in providing advice about potential opportunities and competitors in the market through studies and research.
Set clear and attainable goals.
With full knowledge about your company’s past mistakes and access to valuable information in the market, you can begin plotting out the areas that need improvement. You can also smartly set realistic goals that you want to accomplish. This part also includes enumerating the concrete steps your firm needs to take to achieve your various objectives. You may need to enhance your logo, edit your brand name or craft a new mission and vision to fit a new audience or goal. Just remember not to set vague goals without clear action plans, as it may just lead to another failure. Do not forget to set long-term goals and envision a positive future for your business.
Explain and promote.
Rebranding a product or service may come as a surprise to the people within a firm and to past clients. To avoid speculation, it is best if you announce the reasoning behind the decision to your staff. Inside an organization, making an effort to explain the move to rebrand will set a clear path for everyone to follow. For former clients and your new target market, it is also a way to re-introduce your brand. This is beneficial as you want your enhanced product or service to be well-known. You should be ready to invest time and resources to come up with creative and efficient promotional tactics.
One surefire strategy to successfully rebrand a company is to hire a team with expertise and experience. Birch River Design Group is a firm that fully understands how to reposition a brand to their target market. Guarantee the success of your marketing strategies by working with a team that is committed to tackling every task with excellence! Contact us today so we can begin discussing your marketing needs.