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The Importance of Rebranding: Keeping Your Company in Shape
Companies that don’t employ rebranding strategies at the right time often find themselves slipping away from competition. The importance of maintaining a strong brand image means always catering to consumer needs. This is why successful companies are continuously working to improve brand image by adapting to consumers and delivering effective messages.
A successful rebranding effort is built on the concept that a brand has to occupy a place in a consumer’s mind so that when a need arises, a consumer automatically associates a problem with a specific solution, or a brand.
The best branding strategies are enduring – they are built on a specific idea or concept that will never change. Think of your unique selling proposition (USP) or your competitive positioning statement; these elements will always incorporate a mission statement so that whatever opportunity or challenge a company may face, goals will always be aligned to end results.
The following is a list of problems companies without good branding strategies face:
1. Reputation loss
Without an articulated brand strategy, a company will not have a uniform message to preserve throughout the company. From marketing to sales, from HR to development, each department will be operating under their own set of ideas of what their company is and what it should be.
2. Money loss
Without a clear branding strategy marketing doesn’t have the power to create effective campaigns as a result of inconsistent messaging. Messages that are not in line with a brand hinder marketing from running successful campaigns.
3. Time loss
Without a consistent branding message all your internal efforts will take longer to complete. Without a set in stone brand image, marketers, designers, sales people and other teams will be continuously recreating a branding strategy only to come back to square one.
4. Opportunity loss
The most important component for marketing is to get contacts to inquire within and then follow-through with them to the closing stages of the sales cycle. Without a clear understanding of the value your product or brand brings you won’t be able to translate the value to consumers. Furthermore, without a successful branding strategy, companies cannot pinpoint consumer needs.
5. Lack of benchmarks
The importance of measuring campaign results and tracking all pieces of data in the sales funnel is crucial to achieving marketing ROI as well as crucial to improving performance by eliminating campaigns that don’t work and improving ones that do. Without clear objectives in marketing effort, marketing cannot improve their campaigns or align goals.
Rebranding is a good way to kick-start your entire image engine. Stick to your specific value but listen to your customers to adjust your brand to fit consumer needs. If your company is thinking of rebranding, get in touch with New Media we work with a variety of companies and organisations in helping them with their brand strategy and marketing.