Struggling for traction with your core audience? Perhaps a competitor has gained headway and you need to reposition your business. It could be that you want to refocus your company on a particular aspect of your existing industry. Whatever the case, it sounds like a rebrand is in the offing. Before you take any action, you need to consider some key questions and concerns.
A Name Change Won’t Solve Your Problems
Sure, your company name might be an issue. However, understand that changing your company name and logo design won’t make all your other problems magically go away. If you believe that your name and logo are the only challenges to building market share, you should dig deeper into company performance, audience expectations, and even your core offering’s relevance to make sure that you’re not just whitewashing things.
A Brand Is More Than a Name and a Logo
Connected to what we just discussed, you need to realise that your brand is more than just your name and logo. Really, your company’s brand is how your customers perceive you. Think of Apple or Nike. Those two companies are so much more. In your rebrand, you need to determine what you want your customers’ perception of your company to be, and then figure out how you’re going to achieve that. Do you want to be seen as a young, tech-savvy firm? A down-to-earth B2B service provider? A leader in innovation?
Who’s Your Audience?
Are you trying to reposition your company to be more appealing to your core audience, or to attract a new audience entirely? You’ll need to consider a broad range of factors. For instance, if you want to go international, does your business’s name make sense in those overseas markets? Do you want to reposition your company so that you’re seen as supporting your audience? Consider how Walmart did that back in 2007 – the company’s slogan changed from Always Low Prices, which was focused solely on cost savings, to Save Money. Live Better, which is focused on improving their customers’ lives by helping them save money. Determine how you want to benefit your audience, as well as what your audience expects and even who they are.
Telling the Story
Ultimately, branding is about telling a story. What is your brand’s story? How are you conveying that to your audience? Can you do it in better, more innovative, or concise ways? Is the story being lost in your marketing materials, or drowned out by other problems? Find ways to ensure that your story comes through loud and clear in all your actions, from PPC ads to the charities that you support.
In the end, rebranding can lead to significant improvements, help you build brand awareness, and improve your market share. However, there is much more to it than just choosing a new name and having a new logo designed. Your brand is at the heart of the business, and it’s vital that it connects with your audience if you want to see success.
Get in touch with us at Galactus before beginning your rebrand.
Sources:
https://www.entrepreneur.com/article/312270
https://blog.hubspot.com/marketing/questions-brand-redesign-project
https://www.entrepreneur.com/article/295561
https://imagebox.com/industry/9-things-consider-rebrand/
