HOW TO REBRAND YOUR PRODUCT OR SERVICE
Rebranding is an inevitable element of a business’s growth. As your company expands, so do your beliefs, priorities, preferences, and outlooks, all of which must be represented in your brand. Maybe your target market has shifted, your primary product offering has changed, or your firm has simply grown past its original brand identity. Rebranding may be a thrilling experience. It allows you to update your image, reinforce your market position, expand your reach, etc. If you are having trouble being seen or gaining sales, you should review your marketing or brand strategy to make sure it actually corresponds with the values and requirements of your target audience.
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Even if your current brand strategy and marketing materials are excellent, if your efforts do not significantly align with your target demographic, you will not see concrete results. If your objective is to compress a wider problem, or if you’re simply bored and want to change things up, you should avoid rebranding. It is normal to want something different after seeing the same colours, logo, messaging, and representation since the beginning. However, because brand recognition is such an important part of your brand’s health, changing it up might result in a reduction in brand awareness and, as a result, a decrease in market share. The reasons for rebranding must be tied to the vision, market, or values of your organization. A change may be necessary if your brand no longer reflects these principles. Here is how you can rebrand your product or service:
● Conduct a brand assessment and evaluate the reasons for the rebranding
It is important to understand what the motivations are for your rebranding, whether you are preparing to launch a new product or service, looking to enter a new market, changing your company’s vision or mission, concentrating on standing out and earning a competitive advantage, etc. Your brand positioning, brand creativity, and brand visual identity will all be influenced by the reasons for your rebranding. Conduct a brand audit to determine how your present brand is perceived and to estimate the amount of work necessary for your rebranding effort.
● Carry out audience research
To create a successful rebrand, you must first ensure that what you’re doing connects with your customers and fits within the market as a whole. To begin, you must re-establish your target consumer market. Consider your consumers’ age range, gender, residence, occupation, their socioeconomic standing, their interests and hobbies, their educational level, and their personal and professional ties. You can get responses from your site and social analytics, your CRM, surveys, and focus groups. What you want to know is whether or not your target demographic has changed.
● Market research
These days, an increasing number of businesses are paying greater attention to their online communities. Some people are emphasising their social awareness. Since not every trend will last, do your research with this in mind. Examine what’s working for them and their rivals to discover if there are any parallels that might impact your branding. Even if you take influence from other organisations, make sure your branding design, idea, and language are distinctive and stand out from the crowd. Rebranding becomes less of a risk when you are aware of exactly what works and who to target.
● Assess the risks/ROI
Before you begin your project, be sure to do a marketing ROI study to assess if you have. the necessary funds and resources. Make sure to calculate all of the expenses related to your rebranding and what kind of profit you believe it will generate.
● Name, if you are looking for a new name for your business
If you are modifying your company’s name, don’t begin by deciding on a name. Begin by developing a brand strategy to determine what your name should stand for. Then finish the brand name selection procedure. Having a clearly defined brand strategy may assist you in picking a strong brand name by providing clarity.
● Define your brand’s new positioning
If your brand’s positioning is shifting, map your competitors’ positions to see where you want to go in the future. This can help you avoid established competition and provide a clear roadmap for your team to own the mindshare you want for your brand.
● Write your creative brief after summarising your brand strategy
Now, compile everything into a summary report and include your brand inspiration, distinction, and personality attributes. Create a captivating brand story and sketch out your visual identity concepts. All of the important parts of your brand strategy should be included in this document. It will serve as a guide for your creative team, and you can use it to assess the efficacy of their work.
● Evaluate and analyze
Evaluating creative and brand messaging is best accomplished by a team that gathers real-time market input. Continue to get input throughout the process. Protect your identity by registering for federal trademark or service mark protection, balancing market input with your reasons for rebranding and the plan your team develops.
● Make a launch strategy
Create your launch strategy three to six months before your brand is ready to go live. Come up with a strategy to introduce your brand to the market. Consider the launch of your website, digital and social media promotion, live and online events, customer alerts, and media/press/bloggers/social influencers. Build anticipation by informing your audience that something fresh and interesting is on the way.
● Go live and start executing
Your launch is the result of all of your rebranding project’s hard work. It’s all about the details when it comes to execution, so carefully organise your tasks on the calendar, give your team clear instructions, track all feedback and KPIs, and tweak and improve as needed. Keep in mind that not everything will go as planned, so be flexible and change as required.