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28 Jun 2015

POSTED BY David Jackson IN General | Jun 28th, 2015 | no responses

How To: Re-brand Your Existing Brand

“Change is the only constant.” It may seem scary, and more often than not, it is not a choice but a necessity. Markets are as elusive as quicksilver and successful brands of today lose out to the emerging brands of tomorrow. Re-branding helps businesses to change with the changing times. It also helps them to survive in volatile market conditions, make their products appealing to new audiences and stay competitive.

 

Re-branding can mean anything – changing the existing visual identity through a new logo, adopting a new name, refining brand message or reiterating the tagline. Most importantly, it means that your brand is open to embracing newer ways of doing business. The need for re-branding may also be felt due to a change in ownership or organisational structure, reinforcing brand architecture or simply to bury bad reputation!

 

If you are looking to re-brand your existing brand, here are a few tips that will help you make the right moves and avoid dodgy pitfalls:

 

Be Prepared for the Change: Re-branding an existing brand may require you to think differently, let go of things that were perfect, gear up for upcoming changes and adopt them immediately. Your existing brand might be very well set, but is it equipped for the future? Will the mentality of your target audience actually remain the same a few years down the line? Will they be able to relate to your brand then? You must consider all these factors in order to prepare yourself for the change.

 

Define your Mission: Look beyond the mug shot and consider your brand’s overall picture. Take stock of its strengths and weaknesses and before attempting to change its logo, name or product offerings, ask yourself whether the change will solve the problems that your brand is facing.

 

Generate Opinion: before attempting a full-throttle re-branding, talk to your customers, employees, business partners and subject matter experts and ask them what they think about your existing brand. What do they like? What they don’t like? What they want changed? Are they happy with your market positioning? Are they satisfied by your price value? How would they rate your brand in terms of quality, differentiation and satisfaction? All these questions will help you find an answer to the most important questions – Does your brand need re-branding? And if it does, then do you need to make only minor adjustments or carry out a massive overhaul!

 

Measure Your Market: Before re-branding an existing brand, you must take a total measure of your market, and not just a fraction of it. This will help you find out how much the market for your industry has changed, whether your products are still relevant in the new market and whether your brand is at par with competitors.

 

Study Competition: What are your competitor brands doing that you aren’t? How are they positioning their brand in the market? How popular are they as compared to you? What do customers like about them? How does their brand identity affect customer buying decisions? These questions will help you identify areas that need rethinking and rework and help you chart out a plan of action to re-brand your existing brand.

 

Think About Your Customers: You might consider re-branding your brand in order to expand your brand beyond niche markets or to introduce new products and make them available to your existing customer base. Whatever the reason may be, you need to think about your customers first – because re-branding will have a direct impact on them. If customers do not like your ‘new brand’, they are less likely to maintain their brand loyalty.

 

All these tips will help you find realistic answers and know your brand better. They will also help you find relevant solutions and make informed decisions about re-branding your existing brand.

 

Do remember – no matter what you wish to change as part of your re-branding strategy, make sure your brand continues to deliver the best value and experience to your customers.

 

If you wish to give your existing brand a makeover and are looking for a re-branding expert, visit www.s2m.com.au

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