This is a question most business owners think about and most often pops into our minds when we experience these three things:
1. My business sales are not taking off, but new brands are entering the market.
2. My business is doing well, and we’re now launching a new line.
3. My business is failing to attract and sustain customers.
Business sales have skyrocketed!
Let’s discuss point number one, business sales is a good sign that your business exists for a reason. However, this wouldn’t stop any future competitors from entering the same market. Imagine this, your new competitor is working on ways to convert your current customers into buying into their new product by seeing how they can differentiate through ingredients, sustainability, and their branding.
“Okaaay, should I feel worried?”, When there's a new kid on the block we notice them, right? What’s to stop your customers from noticing your new competition?
Brands should evolve and should constantly innovate over time, you should continuously aim to engage your current customers and potential new customers into buying into your brand.
Preparing for a new product liftoff..
Launching a new line? Point number two is based on a change in the business model. Changes to a business model give you an excellent opportunity for a rebrand. In your specific industry, you will begin to notice new market opportunities allowing your strategic objectives to begin shifting.
Completing a rebrand will give you the fresh and cohesive identity you need, whilst simultaneously celebrating a new product launch.
“My product has the capability of doing very well, but we’ve hit a stumbling block..”
Now point number three, several factors may be the cause of this, but let’s assume your brand is picking up engagement here and there, and sales are coming in, but your sales revenue is fluctuating month-to-month. Fluctuating sales revenue is a good indicator that there is a lack of “consistent” investment going into the business, this could be through social media ads, OOH marketing, etc. or your brand isn’t capitulating enough to sustain loyal customers, and is failing to attract the right buyers.
Is your brand messaging as clear as you thought? If a customer can’t resonate with your brand you’ve got a big problem on your hands.
..Let’s talk ROI
Besides the aesthetic creative direction, behind every rebrand should be a brand purpose and a goal, but more importantly, investing in a rebrand should be a response to a problem. Now, let’s look at rebranding as a tool and not a “delivery” outcome, how would you measure a tool’s performance? We would measure the outcome.
Measurement and metrics are crucial to successful rebranding. Closely monitoring a rebrand will allow you to assess the strength of your brand. A rebrand completion will allow you to measure how well it played out through; brand perception, brand awareness, brand loyalty, conversion, sales revenue, and more.
Still, sitting in the middle of whether to rebrand or not? Get in touch with Jennifer here.
