Rebranding is an exercise aimedat revitalisinglagging brands, rocketing them right back into the spotlight.
Are you the marketing manager of a global corporation? Perhaps your sales figures are dropping. If so, how are you going to turn these numbers around? Do you need to consider rebranding your company’s products and services as part of a revitalized sales strategy?
It is important to remember that the only reason why any global corporation is in business today is to make money. Consequently, it is worth investing a significant number of hours, money, and human resources into developing a strong brand that resonates with your customer base. In a nutshell, when a brand is loved it delivers stronger sales figures and financial results to the company. On the other hand, a brand that has lost market focus no longer delivers the robust sales figures that are expected from this brand.
A a result and in my opinion, it’s is better to choose a rebranding expert like Brand Quest rather than attempting to revamp your brand in-house. The simple reason is that an external consultant will ask the hard questions that in-house staff will not necessarily ask.
Rebrand or not?
https://www.brandingstrategyinsider.com/rebrandingBefore we have a look at why you should consider rebranding your products, let’s have a look at what the definitions of branding and rebranding are:
In a nutshell, branding is the creation of a unique name, symbol or design that identifies and differentiates your product from other products in its niche. The addition of a corporate branding strategy by Brand Quest to your brand development exercise is vital. After all, how are your customers going to know what your company’s value proposition is?
Rebranding on the other hand, is the updating of the existing characteristics of a brand to create a new look for the brand.
“Deciding whether or not to rebrand is a critical moment for any company usually stemming from a serious business challenge such as a change in company vision, needing to attract the right audience or having negative brand perception”. – Mario Mejia
As Mario Mejia opines, there are many reasons why you should consider rebranding your products or services. Some of the most important reasons are as follows:
- Company vision and brand perception
Your brand should always reflect your company’s core values, vision, and ethos. A disconnect between your brand’s messages and your company’s vision will cause a drop in sales. People do not like confusion and mixed messages. Consequently, they will look to your competition in order to purchase the products you sell.
- Mergers, acquisitions, and dissolutions
Global corporations merge, acquire other companies, and unbundle the results of previous mergers and acquisitions. Consequently, brands need to change every time there is a change to the structure of a large corporation. The best way to reflect these changes is to rebrand all of the products owned and controlled by the new conglomerate.
- Negative brand perception
It is almost inevitable that the marketplace’s perception of a brand changes; ergo, sales figures will drop. It is important to consider rebranding the products link to this brand in order to arrest the brand’s negative sales figures.
When your brand’s popularity starts to wane, it inevitably leads to a drop in sales figures. This in turn, results in a profit and loss statement that shows a decrease in your company’s profit and an increase in your company’s loss.