Your business’ brand is more than simply a memorable name or a powerful logo design. In fact, these are just prerequisites to kickstart the brand-building process. Building a brand involves communicating your business’ story through an engaging narrative, solidifying reputation, and to strengthen its position in the marketplace. In simple terms, anything that distinguishes you from other companies is part of your brand.
Every good brand has some form of market power. Branding transcends your business’ product or service, symbolising something more to your customers. To think about rebranding, the first question to ask is- Is your brand achieving your company’s vision? If the market landscape is changing rapidly, it could be the case that your existing brand does not resonate with customers anymore. In fact, more likely than not, this is true; hence, rebranding is healthy for your business to grow along with its consumers.
Managing a company rebrand, however, comes with its own set of challenges. To navigate this brand-building process, Team Luxeveda outlines some key steps to aid you. At its core, rebranding means to take your business in a new direction. It is about identifying what you stand for, consolidating your aims and vision, and then modifying your image to reflect these changes.
Before engaging in a rebranding strategy, it is important to ask yourself why your business needs to rebrand itself. Broadly, there are some common reasons for rebranding. In many cases, a change in business structure– such as mergers, splits or leadership changes– will motivate businesses to rebrand themselves. Another structural reason for rebranding is expansion. For example, when introducing a brand internationally, research and brand improvement is vital.
Furthermore, there are non-structural reasons to seriously consider engaging in the brand-building process. For example, repositioning- many businesses rebrand to appeal to a different audience or to further promote a particular product or service. Rebranding also helps improve your business’ reputation, especially after being hit with a wave of negativity. Lastly, one of the most important reasons for rebranding is to stay relevant or simplifying. When there is a shift in market dynamics, rebranding is essential to assure your customers that you can keep up. Simplifying is important to improve accessibility and allow more potential customers to feel comfortable with your brand.
Key Elements of the Brand-Building Process
Once your business understands why exactly you are looking to rebrand, the brand-building process itself has multiple stages:
1. Vision and Planning:
As Stephen Covey said, “Begin with the end in mind.” It is likely that you may not have the complete picture of your brand-building process. Yet, having a clear vision of the rebrand will help you make consistent decisions along the way. This means that whenever you are stuck, your overarching vision will help you gain focus and find solutions. It is important to create an umbrella vision, under which you can ask yourself if the next step will bring you closer to or further away from that vision.
2. Understand Your Stakeholders:
For any successful branding initiative, it is important to know your key stakeholders at the outset. These are the people who will be affected by the rebrand, including future potential customers. This includes internal– leadership team, board members, investors and external–key clients, potential clients, the general public– stakeholders. Clearly defining each stakeholder group can help you articulate your value proposition better.
3. Build a Communications Strategy:
Communication is the foundation of any good brand-building process. To reach out to the right target audience and get customers to engage with your business, the right communication is essential. Having a consistent tone along with sending out the right message, will determine the success of your rebrand. Creating the right communication strategy- from content, to keywords, to targeting, to marketing– will be key in promoting brand awareness and longevity.
While the brand-building process can be a huge undertaking, the rewards speak for themselves. Rebranding marks a fresh phase in the life of your business, giving you room to innovate. New ideas and communications can excite and re-engage your customers, and leave you in a strong position to attract a new audience. Clearly, your business should seriously consider rebranding in our current changing market environment.
Is your business ready to start its rebranding journey? Contact us and we can ensure that you do it right.