A brand is more than your logo, strapline and colour palette. Your brand is the promise you make to your customers about your values, it’s what your customers experience every time they interact with you.
Branding is the art of creating and maintaining a brand successfully. Branding embraces your company’s commitment to consumers; that your product carries unique qualities and features that separate you from your competitors.
Why then are we seeing (Nov 2012) so many big brands rebranding, what does it gain and can’t it really damage your business?
When considering the value of a rebrand, factors that must be considered include; any current brand equity, differentiation, current and future audiences, brand awareness, relevance and any emotional connectivity, however of most value is communicating clearly to existing brand ambassadors the full details and reasons for the change.
Below we have identified two important reasons why a rebrand might be good for your business;
Through rebranding we can achieve a consistent message and reduce the mixed, disjointed messages that have gone before. We can regain customer impact and promote growth as well as attract new customers hungry for change and keep them coming back to see what’s new.
Build a competitive advantage
As your business and the market it operates in evolve, customer needs, perceptions and expectations evolve too – in fact customers often drive the change in the first place. Staying in touch is important to compete, staying ahead will achieve competitive advantage and help to position the business as thought leaders within the market. Thought leadership allows businesses to gain traction through trust, loyalty and of course leadership.
A rebrand could be considered to combat a loss in consumer confidence, demonstrate new values, a new attitude or new business direction, which in turn shows your customers that you are listening and learning.
We’ll talk more about this another time, in the meantime if you don’t know which way to turn, or need help with a new brand or a rebrand, we all ears.