The COVID-19 pandemic has provided an introspection opportunity to many of us.
Are we working in the right field? Do we need to explore educational programs to upskill ourselves? Are we taking time out for ourselves?
The pandemic has had a similar impact on businesses. The changing market conditions and buyer’s journeys mean that businesses have to evolve fast. If you feel that your brand needs a new, differentiated identity, now is a good time to think about corporate rebranding.
Rebranding, in essence, is done to change the image of your company. It could be anything ranging from creating a new purpose to revisiting your brand’s color palettes and visual elements.
Rebranding can help:
- Ensure that the messaging still resonates with the customers.
- Maintain credibility.
- Differentiate your brand from the competition.
This blog explores what are the possible reasons that prompt a rebrand and how can you ascertain if you are ready to undertake this activity.
Does your brand stand-out?
The current business climate has made it very difficult for businesses to thrive. So, one important question to ask yourself is what’s unique about your business and does that show in your current branding.
Does your brand convey your beliefs and/or unique identity?
For instance, if you own a pizzeria, you can identify aspects that are unique to your business and integrate them into your branding.
Is it a family business? Do you specialize in hand-crafted pizzas? Do you have a secret sauce recipe that has been passed down through generations?
Don’t shy away from personalization. Use imagery. Experiment with colors. All this can make your brand memorable and help customers connect with it.
Has your customer base changed?
As the market changes, your customer base may change too. In this situation, a new look and feel can help you connect with your new audience.
A great example is Google’s corporate rebranding. The company rebranded to Alphabet as it was growing fast and making investments in areas of technology that were very different from its initial search engine offerings.
Now the subdivisions under Alphabet, focus on diverse areas such as life sciences, high-speed broadband, and even self-driving cars!
Is there a need to re-engage customers?
As time goes by, it is possible that your customers evolve but your brand doesn’t. Having a stale and dated look can hurt your brand. Especially when competitors are quick to adapt and cater to the customers.
Lego, for instance, has been a brand that has enjoyed brand loyalty for a very long time.
However, things weren’t great for the brand in 2003. A brand that had never posted a loss until 1998 was in deep trouble by 2003. Sales were down 30% year-on-year and it was $800m in debt.
Then, the new CEO Vig Knudstorp took over and decided to focus on what’s most important – the customer.
He encouraged the brand’s interaction with Lego’s fans and just like that things started to turn around. The fans were sharing their creations and promoting events like Brickworld (an adult Lego fan convention). He also facilitated the creation of Lego sets for different age groups and genders.
In 2015, to everyone’s surprise, the Lego Group overtook Ferrari to become the world’s most powerful brand.
Quite a success story, right?
Did you change your business offerings?
While these are challenging times, they also present an opportunity for some businesses to expand their offerings or even target a new market segment.
When adding new products or services to your offerings, you may notice that you have outgrown your current mission and messaging.
Hence, it is crucial to review your brand positioning and ensure that your current customers and prospects can both associate with your brand. Some of the key content you would need to review is:
- Your overall brand messaging
- Brand logo
- Mission statements
- Website content
- Social media channels
These pointers can help you gauge if you need corporate rebranding.
Rebranding doesn’t have to be a daunting task!
At Pulsion Marketing, we can help you review your current brand positioning and understand your customers’ sentiments. We can help you gradually rebrand across different platforms such as your website and social media channels.
Reach out to us today to speak to a marketing consultant and to learn more about our programs!