IF YOUR COMPANY is not constantly adapting to the changing needs of your target audience and competition, there’s a very real risk that it will begin to stagnate and lose business as a result.
A complete overhaul of your products or services is not always necessary. Quite often, making small adjustments is all that you need to do. For example, you could launch a new marketing campaign to reinvigorate people’s interest in your brand.
The main reason companies engage in rebranding is because their target audience has changed, says conversion rate optimisation specialist Michaela Zanello of Conversion Fanatics.
She says 77% of consumers don’t want a relationship with your brand so once you find the 23% that do, you need to maintain their trust and interest.
Zanello, Michaela, ‘Is Rebranding For You? Here’s How To Do It Successfully’, ConversionFanatics.com, May 19, 2016
How to benefit from rebranding
To ensure your rebranding efforts are highly successful begin by asking what makes your product or service resonate with your target audience.
What value do they experience when they interact with your company and your products or services?
Any rebranding you do should be done purposefully. You want your company to evolve with the times, but you also need to keep your customers’ best interests in mind.
Don’t make assumptions
Don’t assume anything about your target audience because what you think motivates them to buy or even who is buying your product or service might be completely off the mark.
For instance, the manufacturer of men’s fragrance Old Spice assumed that it was men who were buying its body wash. The research revealed however that 60% of its purchases were made by women. The company rebranded to appeal to a female audience with a campaign ‘The Man Your Man Could Smell Like’ which resulted in a 200% lift in sales and subscribers.
Proceed with caution
If your sole reason for rebranding is to boost your bottom line, you risk alienating your customers.
Before rebranding find out if you’re reaching your target audience effectively. If you’re not, find out why. Is your target audience aware of what you’re offering? Are prospective customers just ignoring your brand?
But don’t fix what isn’t broken. Coca-Cola once made that mistake by rebranding with ‘New Coke’. The public hated it and demanded the return of old Coke. Within a few months, Coca-Cola reintroduced Classic Coke.
The benefits of rebranding
There are distinct advantages to rebranding: it helps your company (or products/ services) stand out from your competition, to reach new markets, attract leads and generate sales.
Rebranding allows you to:
- Differentiate yourself from your competitors.
- Connect with new target markets. Look for markets that your competitors have overlooked and think about how you could rebrand to attract prospects in it.
- Build a stronger connection with customers.
- Increase sales.
- Demonstrate innovation.
If you’ve just read through this and thought your business could benefit from rebranding, then get in touch with the Nettl graphic design team who are waiting to work with you.