Thinking About Re-Branding? Read This First…
30 Oct 2014
Does your current brand seem to have lost its impact, relevance or “wow” factor? Or have you expanded your product/service lines and your current brand doesn't reflect your growth? Well, it might just be time for a revamp. Whatever the case, it's always good to check your "brand pulse" and see if it's still in sync with your vision.
Deciding to update or redefine your brand can be one of the toughest decisions you will make as a leader in your business or organization. Since branding is the public’s perception of your product or service, you’ll need to consider how your re-brand will impact your consumers or clients.
But first, what are the building blocks of a great brand? Read on and think about how to incorporate these five fundamentals into your own positioning:
- Promise – Deliver what you say you are going to deliver.
- Personality – How does your brand speak to consumers or end users? Is the tone formal, playful, serious, or warm and friendly?
- Purpose – What do you want your brand to say about your company or organization?
- Position – What makes your company and your product/service stand out above the competition?
- Vision – Where do you see your company/organization in the next 5-10 years? Will your brand still represent your company as it grows into the next phase?
Just as important when re-imagining your brand is thinking about the marketing strategy behind the brand. Most people know the the four P’s of marketing as: product, price, place and promotion. But I've observed that these four P’s are just as important—especially now when consumers have more of a say in how your brand is perceived:
- People – Brand ambassadors are essential to getting the word out about your brand. Your customers, clients, employees, and other representatives are one of the best forms of marketing there is.
- Persistence – Consistency is key in building brand recognition. Remember, on average, it takes a minimum of seven exposures for a potential customer or client to take action and interact with your product or service.
- Passion – When you have passion for what you do, it shows. Passion is the fuel that feeds imagination, innovation and inspiration. And those are the elements that often make a brand most memorable.
- Partners — Who are your vendors, strategic partners, contractors, or consultants? The company you keep can either help or hinder your brand.
There are so many things to take into account when considering an image overhaul. Don’t leave things to chance. Make sure you do a thorough assessment before you invest time and resources on a re-brand that could either boost or devalue your reputation—and ultimately, your bottom line.
What has been the greatest challenge you've faced in branding your business?