Is your market saturated? Re-brand!
If your business is suffering from a saturated market, then now might be a good time to re-brand. By re-branding, your business will have the opportunity to differentiate itself from the competition by changing the messaging. Identify the types of customer you want, change your brand to be more appealing/focused toward this group and play to the strengths of your new brand position.
Remember, a re-brand is not just a new logo… but here is one anyway.
Read on for other benefits of re-branding (much more than just a new logo!).
What benefits will a re-brand bring?
It allows your business to:
- Remain at the forefront of the market place before appearing dated
- Shed a negative image e.g. ensure that customers don’t still think that the business works out of a garage alongside your house!
- Enter new markets
- Differentiate – the brand becomes the differentiator
- Take your business to the next level
What does re-branding entail?
Remember, it is not about the logo…
- Research where you want to be, the competition, the opportunity
- Develop the brand positioning statement, your differentiators and messaging
- Build the brand (okay – time for the logo) and put styles in place
- Roll out the brand
Maintaining brand continuity
You may be worrying about confusing your existing customers or losing the brand awareness and loyalty you have worked so hard to gain. It is not normally a problem. If it is a large change, e.g. Norwich Union to Aviva, then an awareness campaign needs to be employed. If it is a smaller change, then only limited action is required.
Is it really worth the trouble?
If you are still unsure about investing in a re-branding effort, consider this: people make real purchasing decisions based on perceptions – and perception is brand.
Most businesses we work with witness three immediate benefits following a re-brand:
- Improved focus – Management and staff really understand – often for the first time – what the business stands for and where its priorities lie.
- Competitive advantage – The business appears more relevant to prospects because it is better able to fulfil customer needs.
- Confidence – Employees feel more confident in the business with an elevated sense of pride.
If you have questions about your business brand or need some help, please contact me and I will try to help.
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