Losing your market voice? Here's why you should consider rebrandingMunira Rangwala
Change is a constant and something that no entity can escape, let alone a corporate empire. With markets changing at a rapid pace, there will always come a time when your corporate identity will no longer be succinct to the audience. On an average, companies revise and reinvent their corporate identities once in every seven to 10 years. Sometimes, the revamp can be as drastic as an overhaul, be it the changing of their moniker, logos or names itself. But if your image makeover escapes the attention of the audience, it is a catastrophe equivalent to having one foot in the corporate grave.
No matter however small the change may be, rebranding is a serious declaration of intent. It is a mark of your company's commitment to evolution and upward growth.
Here are five indicators that your company needs to rebrand itself.
To put it simply, repositioning refers to changing the image of your brand or product line. A successful repositioning looks to provide a renewed and fresh sense of perspective to your target market. If you want to change the perception of your brand or alter how your product or service is viewed, rebranding is a must. For example, Tata repositioned Nano as a 'smart city car' when it failed to sell as the 'world's cheapest car' because Indians were reluctant to buy something that was titled 'cheap'.
Tapping into a new demographic
Your business will get stagnated sooner or later if you don't tap into a new audience that might be interested in your product. However, reaching out to a new target audience doesn't happen overnight. You need to do your research and understand the things that will appeal to your new audience. Once you've figured that out, you need to rebrand your company to attract the new demographic of customers.
If you want to be competitive enough to sustain in an evolving and ever-changing market ecosystem, you need to be willing to rebrand yourself. If your services are top-notch but your brand isn't associated with cutting edge, you can easily get left behind. A careful change in branding can help customers view your products and services in a whole new light.
Launch of a new product
Selling two completely different products under a single umbrella can confuse your customers and muddle your brand image. You should therefore consider assigning a unique brand image to each product. While launching a new product, your focus should be centered on that respective brand and the mission at hand. Therefore, bifurcating the two brands and setting up different management entities goes a long way to building their individual identities, which will furthermore reflect with the customer base as well.
If your brand has gained a negative reputation, it will affect your revenue system and market placement. No worries, rebranding is the messiah that, if done right, can ensure that negative associations with your brand's image are dispelled. For rebranding to be effective, it is important to not only focus on external changes, but to implement changes in all other aspects of the organization as well.
If your corporate identity is no longer up to scratch, rebranding is in order. Use the above mentioned five techniques to ensure that your brand doesn't grow outdated and continues to evolve with the company.