There are many different factors that impact on a business and its relationship with its audience, but branding is certainly a major aspect. A company’s brand is more than just its logo, the colors it uses or its language; a brand is what you think of when you hear or see the company’s name. If you have a positive perception of a brand, then you will be far more likely to do business with that company, which means that a company’s brand can have a massive impact on its business.
A 2015 Nielsen study suggests that 59% of consumers prefer new products from a brand that they are already familiar with, while 21% of respondents said that they bought a new product because they liked or trusted the brand that created it.
Signs that indicate that a brand isn’t working
Falling sales is a sign that something isn’t right, but this isn’t necessarily a branding issue, which means that there is a need to look deeper. Other warning signs that may indicate that something is going wrong include the market growing while your sales are not rising in step or your marketing expenditure increasing while you haven’t received any additional sales.
These signs may show that people are not buying into your brand or how you try to promote yourself. If there is a disconnection between your intended brand and how a customer perceives your brand, then it is likely that your company will lose sales and reputation. Obtaining customer feedback is also of benefit in reviewing where you are going right or wrong. If your customer base is confused by what you offer or doesn’t have a clear idea of what you do, then your brand has gotten lost along the way.
Some companies expand, develop and grow in many ways, which offers opportunities but may also lead a company away from what it was first known for. Many companies have lost their brand perceptions because their product range became too diverse for customers to reconcile them as a single entity.
Rebranding as an alternative option to consider
Rebranding is an option, but it should only be undertaken when other attempts to improve or salvage your brand have failed. Rebranding should only come about if there has been a sizable change in the marketplace, if your company has significantly changed direction, products or services since your initial brand was developed or if irreparable damage has occurred. Rebranding is also an option for legal reasons, but it is most commonly undertaken when a company has suffered significant falls in sales or recognition.
When looking to successfully rebrand a business, the following steps are important:
- Look at the big picture in determining what your new brand should be.
- Be as specific as possible.
- Obtain advice and guidance from experienced branding professionals.
- Always have your core audience in mind during the rebranding process.
- Ensure that all employees are fully informed of brand changes.
- Have a strategy in place for the rebranding roll-out.
Following these steps can assist you in successfully rebranding your business, and there are many examples of successful rebranding to inspire you.
One company that has transformed its brand is New Easy, which was very well-known for its As Seen On TV brand. The company developed a reputation for fantastic gadgets and time-saving devices, the majority of which were featured in infomercials. These items were showcased in a manner that detailed how easy they were to use while also providing notable benefits.
The company has expanded beyond the range of As Seen On TV products, and its rebranding has allowed it to offer a greater variety of services while still being recognized as a reliable business for gadgets and labor-saving devices.
Another company that managed a successful rebrand is Harley Davidson. It is hard to think that in the mid-1980s, the company was close to going bankrupt and was considered to have poor-quality bikes. Realizing that the standard of its products didn’t match up to the legacy of the company, CEO Richard F. Teerlink initiated the change that has led to Harley Davidson being synonymous with motorcycles all around the world.
The company focused on creating a high-quality motorcycle and then promoted it as such, ensuring that the marketplace viewed Harley Davidson as a brand that had changed and could now be relied upon to provide a stellar product.
If your company has lost its way in the marketplace and doesn’t appeal to your audience in the way that it used to, then rebranding is an option that could revitalize your business.