Rebranding is one of the single most important decisions a company can make. It can provide the boost needed to grab a larger market share. There is a lot that goes into a brand makeover; it all starts with a strong strategy. When formulating your strategy remember the song "Make New Friends, But Keep the Old. One is Silver and the Other Gold." Never stray too far from your roots and remember the product that brought you your original success.
While your loyal base of customers will recognize and appreciate that you are listening and acting on their needs and remain loyal as you rebrand, a steady stream of new customers will also follow. A great example is McDonalds; can you imagine the Big Mac not being on the menu? McDonalds respected the loyalty of the existing customer but added better coffee, healthier menu options, free WiFi and newly redesigned modern restaurants to attract a new stream of customers.
If you are considering rebranding, pay attention to consumer trends. It is crucial to understand consumer needs and trends and be willing to make changes. You've got to stay ahead of the trends by remaining proactive and thoroughly researching the existing customer base as well as new audiences. This is where the "silver and gold " song comes into play...knowing what to change and what to keep the same.
Often the relationships built with consumers during times of crisis are stronger and last longer than those built during times of economic prosperity. A great example is Starbucks Via. They were smart to not stray from the original product that brought them success. However they listened to the customers need to have or want coffee they can make in their offices and homes and at their convenience.
Brand Evolution is Inevitable
Rebranding can drive growth in an up market or protect the company's value in a down market. Consumers can highlight brand triumphs and also expose and amplify brand weaknesses. In today's economy, consumers have become more price-conscious and less forgiving, they disregard brands that fail to provide relevant value. Consumers want to know that your business understands this, and they want to see the brand do something about it.
Conveyance Marketing Group can assist you in developing a clear brand strategy. We can help maintain the core of your business, but change enough for consumers to take notice. A rebrand is about updating and keeping current with consumer trends. Generally speaking, the product or service is probably not the issue - it's the perception of the product or service. Freshen up, make the appropriate changes and the consumer demand will follow.
Conveyance Marketing Group is a team of bright, innovative and talented veteran marketers dedicated to big ideas, fresh insights and measurable results. We pride ourselves on taking challenging marketing issues and turning them into opportunities for our clients, on pointing brands in the right direction, and on getting our customers noticed both online and off. From branding to websites to digital marketing, and public relations, we handle all your marketing communication needs! Web Design and Development | Brand Strategy | Inbound Marketing | Social Media | SEO | PR