Stuck in dark ages: Why it’s important to stay up to date - 6 reasons to Rebrand
Often considering a rebrand could be seen as a cost rather than a benefit to your business. Here’s a couple reasons you may not have thought of where rebranding can give you a tangible ROI.
1. Business has gone stagnant: Does your business feel like it’s just chugging along? Or does it feel like your customer base if slowly shrinking? These can be good indicators that your brand is no longer connecting with your customers. You’ll never know the customer that never called you. They’re not going to send you a message to let you know that you’re branding didn’t connect or convey they values you believe you stand for and this is why they didn’t call. Branding is the face of your business and just as you are judged on your appearance, you will be judge to whether your branding reflects what you stand for.
2. Not getting the right type of customer: A customer will typically interact with 12-18 touch points before contacting you. If you are not getting the right fit customer, typically it is because this is the positioning you have communicated through your brand. If you want to attract a high-end market, they will expect a high-end offering. You can see this in the customer response in regards to Toyota Vs. Mercedes-Benz. Toyota will year in year score a high customer customer appreciation score, but we must also remember the expectation is much higher (read more). This goes for how you position your brand if you want to reach the right customers, you must match their expectations. This instantly builds trust and a connection with your customers. You need to ask yourself - Is my brand putting its best foot forward?
3. Drowned by your competition: The brands that do it the most consistently will always win. It’s not your opinion of your brand, but your customers that is most important and not the customers that have already worked with you (Though a bad review is never good) but the ones still trying to make a decision. If your competition is one step ahead of you it’s not just the logo but how the experience continues throughout the buying process. They’ve identified your customers problems and provided a solution. The way the present, communicate and brand each and every touch point reflects and reinforces this.It is time to get out there, review what your competitors are doing and work with your team or agency to set yourself apart from competition. Create your own unique approach and offering that is consistent with customer expectations.
4. Getting ready for sale: Just like having a stylist to ensure the qualities of your property are highlighted at their best. Rebranding before sale can help attract a whole new market and re-engage your current customers growing your tangible business value.Apple shares were trading below $1 when Steve Jobs rejoined the company in 1997. Through significant changes to the brand positioning, this has become the cornerstone to their go to market strategy. Simple and sophisticated, focused on being a part of their customers lifestyle.Today its brand value is $184 billion, according to Interbrand. The company's value is around $867 billion, according to a recent quarterly report (read more). This makes the brand value around 21% of the overall value. Imagine you could gain an extra 21% on your sale just by making rebranding part of your 5 exit strategy?
5. Purchasing a business: Just as above, if done correctly, rebranding can be an opportunity to re-engage your database and instill trust in your leadership of a new company.Take advantage of that database that most likely hasn’t been fully communicated to in some time, by introducing the new brand. Not to sell anything but to introduce how you’ll be offering something bigger and better for them.
6. Consolidating your acquisitions: Something we have been experiencing frequently lately is many businesses creating aggressive growth through acquisition.
If you’re looking to also grow the businesses value for future sale or IPO (Publicly listing) this is a good time to consolidate these brands. Create one strong focused brand with easily identifiable industry verticals. This not only gives you a chance to re-engage your current and acquired customers, but to also to create a formattable player across a broad market and building a strong, recognisable, reputable brand in your industry. We can help identify opportunities within you business through a complimentary phone conversation after completing our Brand Tool. We’ll be able to get a clear picture of what you seek to achieve and we discuss opportunities to help you get there.