Every successful entrepreneur understands the sheer importance of having a brand that logically represents their company philosophy and goals. Although a brand is not necessarily something that can be clutched in the palm of your hand (unless, of course, you get your company brand/logo printed onto a keyring – a great marketing tip), branding is critical for the success of any business.
The purpose of a brand is to gain a competitive edge in whatever market your business falls into. A requirement in today’s competitive industry, branding done right can translate to loyalty, emotional connections, and long-standing consumer relationships.
But what do you do when your brand is no longer creating a positive impact?
Whether it is a design, logo, symbol or perhaps the name of your organization, there may come a time when you have to reinvent your brand. Unless you take it upon yourself to establish a consistent and relevant brand that can be remembered by your target market, there is a big chance that you will be forgotten and replaced by a company that has accomplished B2B branding.
Signs You Need To Reinvent Your Brand
- Are you struggling to differentiate from the competition?
- Are you reluctant to bestow a branded business card upon others?
- Do you feel as though your brand no longer represents your personality/values?
- Maybe you feel as though your brand is slightly too complex for the products and/or services on offer?
- Is your company moving up in the rankings?
- Do you want to take on new challenges and branch out into a new area of business?
If you answered “yes” to any of these questions, you may need to disassociate your brand from whatever image it is currently tied to and start targeting untapped audiences. When you rebrand your business, not only will you have an opportunity to maintain your company’s position at the top of the industry totem pole, but you also get the chance to enhance workplace creativity.
Think about it – the clearer the message you convey with branding, the easier it will be for your team to understand the job role and everything that comes with it. With so many things to focus on at the time of rebranding, this is the perfect chance to reconnect with your team and focus on certain strategies that might otherwise be overlooked
Examples Of Impressive Rebranding
Even the most well-known brands on the market had to start somewhere. After all, they didn’t attract a passionate customer base without hard work! Despite the following company’s successes, it seems that they too recognized the potential of giving their brand a new creative angle:
- IBM – After losing $8 billion in sales at their lowest point, IBM reinvented themselves as a company that provides computing services to global enterprises. By 2013, it became the world’s top supplier of enterprise server solutions.
- McDonald’s – McDonald’s has long-claimed the title as one of the most profitable and well-known fast food enterprises on the planet. To remain relevant in a health-focused world, McDonald’s has expanded its menu to accommodate new customers. Nowadays, the company satisfies the appetite of burger lovers and devoted salad connoisseurs.
- Old Spice – Old Spice underwent a major brand transformation in 2010 in an effort to attract a younger customer base. Isaiha Mustafa became the famous face for the company’s campaign, sloganed, ‘Smell like a man, man’. Combined with print advertising and an online campaign called com, Old Spice sales quadrupled.
Strategies For Rebranding Your Business
Rather than awaiting a business plateau caused by dead branding, revive your brand and bolster revenue with the following effective rebranding strategies:
- Research and Compare – What are similar companies doing to promote their brand? Take inspiration from like-minded entrepreneurs, but never copy them. Compare their brand with yours to determine a rebranding solution that is more relevant and enticing than the competitor.
- Gather Customer Data – Whether you use questionnaires or surveys to collect data, you cannot underestimate the value of customer data. This information will teach you about buying behaviors and what customers do/don’t like. When you are aware of these things, reinventing a brand to suit your audience will seem like a much simpler task.
- Tell a Story – Everybody is a natural born storyteller, believe it or not. Furthermore, everybody has a natural ability to listen, empathize and relate when a story is being told. If you can promote your brand through the art of storytelling, there is a good chance your campaign will be heard and shared.
- Streamline the Brand – Rather than confusing your target market by presenting them with myriad products/services, bundle everything under one brand name! A prime example of a company that accomplished this rebranding move is FedEx.
How Can Systematic Innovation Technology Help With Rebranding?
In more ways than one, actually. Systematic Inventive Thinking, or SIT as it is commonly known, is an emerging business process and technological system that can be used to overcome challenges in the workplace, accomplish innovation and maintain critical infrastructure. New ideas can be generated with systematic innovation, which guarantees a full return for firms in terms of problem-solving, creativity and situation analysis.
If you are interested in even more branding-related articles and information from us here at Bit Rebels then we have a lot to choose from.