A brand is an identity. A brand logo, image, phrase or even jingle that sets a product or business apart from the rest. It is what differentiates a business from other such ones in the market. The identity helps a business set itself apart and makes itself distinctive from other such products in the consumers eyes. In today’s highly competitive world with cutthroat competition brand’s are important key strategies that help businesses survive.
A brand no matter how strong it may be can eventually saturate. Over time the brand may become weak and lose its meaning. The brand is in crisis. It is important to handle the crisis properly for the integrity of your brand and business.
You will need to hire specific marketing specialists that are known as re branding specialists. In rebranding you give a new meaning, look or feel to your brand. You adjust your brand according to the changing environment your business operates in.
The following are the steps for rebranding your product
The first step to rebranding is research. The rebranding specialists will look at market data to find answers. They will look at your target customers, changing market trends, changing consumer tastes, future trends and competitor offerings. They will find out what the current marketing conditions you are operating in, what the customers want and what your key competitors are doing. Research is crucial as blindly jumping into the market without understanding the environment is foolish.
New brand positioning
A brand positioning refers to the distinctive place the product has occupied in the consumers mind. For example when you think of Rolls Royce you think of luxury. This is Rolls Royce brand positioning which is luxury and premium quality.
Since the market conditions have changed you will need to reposition your brand. For e.g Old Spice for decades has the macho and alpha male appeal. It’s positioning was based on manliness. The brand became stagnant as it lost appeal so Old Spice rebranded itself as a youthful, funny and sexy product. Rebranding specialists will help you find and develop a new positioning.
Be on the same page
A rebranding is a huge marketing effort. It will change the entire identity of your product and what your product stands for. The product also reflects what the business stands for and its values. The entire management should be on the same page and it should be clear what strategy the business will follow. Confusion and friction among the management during such big change in business strategy will no doubt result in disaster.
Your new brand might require test marketing such due to new innovation or features. You can launch a product in a small market to know customer reactions and feedback. It will give you an idea of how successful your rebranding was and what sales figures to expect.
You need a marketing plan. This includes developing strategies in marketing activities such as advertising, social media marketing, PR and conferences.
As your product is launched you can now evaluate how successful the rebranding effort was and how you can further improve it.