Urban dictionary defines brand as “Unique design, sign, symbol, words, or a combination of these, employed in creating an image that identifies a product and differentiates it from its competitors.”
Brand is much more than logo, name and packaging . It’s a promise of quality, credibility and satisfaction that customers will get if choosing your product or service. The customers are the ones that build brands. The only thing important is how they perceive it. The dream of every business owner is to build recognizable and trustworthy brand, that will increase revenue and profits. Take as example Coca Cola and Pepsi. You know exactly what will you get from you purchase, without reading labels.
But what if your brand is failing to deliver it’s promise to customers. What happens when sales are drastically down, and your loyal customers are turning to competition? Then it may be time to consider REBRANDING. Defined by Economic Times, rebranding represents “the process of changing the corporate image of an organisation. It is a market strategy of giving a new name, symbol, or change in design for an already-established brand. The idea behind rebranding is to create a different identity for a brand, from its competitors, in the market.”
Rebranding isn’t an easy process. It’s not just changing logo or name. You are changing company goals, vision and mission. You are changing story that you are telling customers, in order to gain their trust all over again.
You need to make a new approach. Do a market research. Find what are your target customers, and what are they looking for, what are their needs. It always comes down to a market research when attempting to establish a successful business. One of the best examples of rebranding is Old Spice and it’s advertising campaign “Smell like a man, man”. The credit goes to Wieden+Kennedy advertising agency, that changed “the smell” of the Old Spice. Old Spice doesn’t smell more like our grandfathers. It got a new look without changing the logo or brand name. With a new approach brand is now “on the horse.”
Remember to never rebrand just because you are bored of the same picture. Simply wanting a change isn’t a good enough reason. You don’t want to change elements of your brand that are working and that customers can easily relate to. Otherwise, rebranding process can go disaster. Just remember Gap logo change, that lasted for 6 days resulting estimated lost of $100 million.
Rebranding can be one of the most rewarding decisions and moves that established business can make. But it always needs to be done from good reasons, such as: fundamental change of business course, to get rid of negative image from the past, expansion to new markets, people not knowing who you are, etc…
What do you think? Is it time for your business to rebrand?
Accounting and Finance Job Board http://www.WFNjobs.com
Accounting and Finance Related Blogs http://www.WFNBlogs.com
Staffing and Recruiting http://www.WFNStaffing.com