Are your expenses far greater than your revenue? Is it obvious that you are steadily losing clients? Perhaps your company’s issues are further aggravated with unmotivated staff. The descriptions above depict a grim scenario that all entrepreneurs strive hard to avoid. A dying enterprise is a tough situation to be in but a business that wants to survive can still find ways to turn this harsh reality around. One way to do this is through rebranding.
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.
In many ways, the goal to gain trust and establish credibility may seem overwhelming for small startup businesses. A 2013 study by Nielsen, a market research company, reveals that sixty percent of consumers are likely to purchase products from brands they are familiar with. Nevertheless, start-up ventures should not feel powerless to compete with big corporations and reputable companies that have been around for years.
With a well-thought-out brand strategy, a startup company can match and even beat the marketing efforts of their larger counterparts. Moreover, with the growing importance of digital marketing on businesses, brand marketing tactics no longer have to be costly and complicated. Simple yet impactful branding strategies that are committed to creativity, innovation, and excellence will go a long way.
Identify Your Target Market
It is impossible to create a powerful marketing strategy without knowing the people to whom it will be directed to. So before launching your product, allow some time to gain a clear understanding of the exact demographics you are targeting. Who will use your products? Where are they? What are their concerns? How can you reach out to them? Every vital piece of information you can put together about your target customers is an opportunity to tailor-fit and enhance your services. Thorough knowledge about your target market is also essential in defining the goals and purpose of your business.
Strive for a Clear Identity
You want to break into the market and establish your presence in the industry, so a dull company name and a bland logo will get you nowhere. The brand name and logo is the first step of introducing your company to the world and will likely represent your business for years to come. So take time to craft a smart and catchy name and design a unique and visually-appealing logo that clearly defines your brand.
Offer a Unique Service
Most likely, your product is just one of the many that are already available in the market. For your branding strategies to succeed, you need a foolproof plan that will make your product stand out from the rest. You can differentiate yourself from others by offering something that cannot be found elsewhere. Furthermore, by identifying and highlighting what is unique in your product, your brand has a greater chance of sticking to the minds of consumers.
Give Out Samples
To try an unfamiliar brand is a risky undertaking that not so many people are willing to take. To lessen the risk of trying out a new product, startups and small companies can give complimentary services or free samples. This tactic will allow the public to familiarize themselves with your brand and, at the same time test, its quality. The best outcome of this strategy is gaining new customers and positive reviews.
Have an Active Online Presence
With an annual survey from Hootsuite saying that 4 billion people around the world are now using the internet, companies that have no online presence can expect fewer customers and less profit. On the other hand, a strong and active online presence is one of the fastest ways to showcase your services and reach out to your target clients. With a functional website, clients can access information about your products and can even make actual purchases. Meanwhile, an active social media presence is a great way to promote your products and answer queries from customers. The digital world offers vast opportunities that a startup can take advantage of so entrepreneurs should constantly monitor the latest trends.
Flashy advertisements and extravagant promotions of giant firms may intimidate small businesses as they build their brands from scratch. However, with consistent quality services and brilliant branding strategies, a startup can easily rival even the toughest competitors in the market.
Still, branding efforts can be costly, difficult, and risky so it is best to seek expert guidance from a team like us, Birch River Design Group. We can customize a complete branding package to fit the mission and goals of your business. Contact us today so we can discuss the most efficient branding strategies for you!