“Your brand is perhaps your… firm’s most valuable asset… [ergo] developing a strong… brand is your most important task.” – Lee Frederiksen, Ph. D.
There are many reasons why rebranding your current company, products, or services is a good idea. Some of these reasons are proactive, while others are reactive. Examples of reactive rebranding are when your existing brand has lost market share, or perhaps your company has been bought out in a hostile takeover, or a merger has taken place between your company and another company. In my opinion, part of the reason for reactive rebranding is to try and rescue your current brand from obscurity.
Proactive rebranding, on the other hand, is implemented when you need to seize an opportunity or stave off a potential threat to your current brand. Possibly the commonest example of proactive rebranding is when you preparing for the next round of growth. In other words, you intend to drive your sales figures to the next level.
Brands and rebranding strategies
Before we look at how to develop and implement a successful rebranding strategy, let’s make sure that we understand what a brand and rebranding strategy are.
In a nutshell, a brand is your product’s or services’ unique identifier. It is your promise to your loyal customers that they are purchasing quality, customer service, and integrity. The success of your brand is also determined by how visible your brand is in the market place. A brand consists of the following elements: logo, unique name, and message to your audience.
As mentioned above, it is inevitable that your brand will need to be revamped at some stage in its lifecycle. This process is known as rebranding. A rebranding strategy, on the other hand, is a plan detailing the whole rebranding process, including new ways to market your rebranded products.
Because rebranding is such a complex process, and how vital it is to the continued existence and growth of your company, I believe it is a good idea to partner with a rebranding expert in Sydney like Brand Quest in order to rebrand your products.
Implementing a rebranding strategy
Once you have decided that your current brand needs to be revamped, it’s time to call in the experts. They specialise in putting together a successful rebranding strategy. They are highly skilled, trained, and knowledgeable. It is their job to keep up with the latest marketing and branding trends; thus, putting them in the position where they are able to give valuable advice on how to rebrand your products.
Because they are external consultants, they are not emotionally attached to your brand in any way; therefore, they are able to give you solid advice that will be beneficial to the continued growth of your brand. A professional brand strategy consulting firms such as Brand Quest will help you determine the extent and the scope of your rebranding project. Finally, a brand strategist will guide you along the journey of ensuring that your brand is fresh, modern, and relevant to your company’s core values.
It is a well-known fact that if you ensure that your brand continues to reflect both your company’s ethos and mission statement, you will go a long way to retaining as well as increasing your loyal followers.