After building and maintaining your company, some thought has to go into how you approach the marketplace with your brand. Every business owner wants to find optimum ways to position their brand, so it could (a) have a quantifiable impact on their target audience or (b) showcase its unique value on the market.
But how does a business go about achieving that? Well, there are several known steps. Define your target, your brand’s value proposition, external communication, brand attributes, and the product.
After that, consider your product’s price, place, and promotion to make the brand’s position in the marketplace more defendable and credible. This is where using product packaging for your branding becomes doubly important. This will allow customers to immediately recognize the brand and recall what products they ordered when custom poly mailers are delivered to their doorstep.
Remember, you don’t have to position your brand to include everyone. Your company’s brand has to communicate what differentiates you from the pack and thus will organically lead to the curious being more interested in the brand. You shouldn’t have to explain why people should buy or invest in your product.
As brand positioning is not a sales pitch, per se, it is a handle to set your product apart. Another huge part of brand positioning is understanding your competitors and what they achieve in the marketplace. This is where advanced market research should come in. Searching using market keywords and finding where companies are listed or asking your customers about the brands they considered before arriving at your brand is critical in gathering the knowledge you will need to become a market leader.
Ultimately, consumers have so many options to choose from, whether it be service subscriptions, hiring contractors, or online shopping. Knowing how to position your brand favorably will make all the difference in this increasingly competitive world.
There will be times, however, when a company needs to freshen up its message and branding. There might be several reasons for said change, there could be a change in perspective or leadership that might precipitate the need for a company to explore getting new branding. But sometimes, the indicators for change might not be voluntarily coming from within a company’s boardroom and from the customers themselves. The following are some specially selected signs that every company owner or person in charge of managing and maintaining a brand should look for to change course on the branding iconography employed.
What Are The Signs That A Company Needs To Invest In New Branding?
- Not Differentiating From The Competition – If a company’s brand looks like everything else on the market, then it would be a good time to look at options. Sales and business growth can be highly challenging without clearly articulated differentiators. A rebrand can help companies identify and redefine their key differentiators and define the brand against all others.
- Want to Attract a New Demographic – This is an excellent reason to switch up the look of a company’s brand. Especially if a different demographic is showing interest in a company’s products or services, it is time to refresh its written and visual brand representations to align with the new demographics.
- Need To Simplify The Company’s Message – Trying to keep a brand focused over time is challenging, especially for large companies with many stakeholders with competing interests. The more complex a company’s brand, the harder it is for customers, or consumers, to understand. If a company’s brand is too complex and makes its audience’s eyes wander, it’s probably time to take a step back to simplify and focus on getting a more straightforward message out to the public.
- Brand Just Not Connecting – Thinking about changing a company’s name can be an emotional process, as likely there was a vast amount of time and effort spent in building up the company to what it is today.
However, although a lot went into the name chosen and why it was chosen, if there has yet to be any traction gained, then a change – to a company’s name, logo, and branding – is undoubtedly warranted.
- Current Trends Leaving A Company Behind – There is always a chance of a company’s branding becoming stale over time. This has the knock-on effect of customers believing that the company has stagnated. So a company needs to stay innovative in messaging and appearance.
- Brand Currently Preventing Scaling – This is another good sign as companies sometimes outgrow the branding they started with. Who knows why? Maybe the company’s offering has matured, and there needs to shift upmarket or the old branding style might be holding the company back from scaling now. Whatever the reason or reasons, it is normal for a company to rebrand to a more mature, focused version of itself after graduating from where it started.
There are many reasons a company might need to consider rebranding. The most important takeaway is to stay ahead of the curve and keep an eye on how the market and your competition are changing. Constantly review and improve your brand so that it can remain relevant and continue to attract new customers.
How do I know if my company needs a rebrand?
The best way to know if your company needs a rebrand is by conducting market research. This can be done through surveys, interviews, focus groups, and other methods. By understanding how customers and prospects feel about your brand, you’ll be in a better position to make an informed decision about whether or not a rebrand is necessary.
What are the benefits of rebranding?
Rebranding can help companies increase sales, attract new customers, improve customer loyalty, and boost employee morale.
What are the risks of rebranding?
Rebranding can be expensive and time-consuming, and there’s always the risk that customers will not receive the new brand well. Rebranding can create confusion and chaos within a company if not properly planned and executed.
How do I rebrand my company?
Many steps are involved in successfully rebranding a company. Still, some of the most important include developing a new brand strategy, designing a new logo and visual identity, and creating new marketing materials. Additionally, it’s important to train employees on the new brand and ensure that all customer-facing touchpoints reflect the new look and feel.