We are starting 2020 and one of the most important challenges that companies must face is the positioning of their brand, which is achieved through the perception that the consumer has about our brand.
Many companies, after a considerable period of use of their brand, decide to refresh their identity through a REBRANDING strategy, which, if managed well and based on an initial audit of the brand, can ensure a lasting success and better positioning of the brand among consumers.
Rebranding, brand change or identity redesign is a marketing strategy marketing in which a new name, term, symbol, design, or combination thereof is created for an established brand with the intent of developing a new, distinct identity in the minds of consumers, investors, competitors, and other interested parties[1]; so we can conclude that its objective is to change what does not work or to improve it.
(The “fun facts” below will be scattered throughout the infographic in the form of speech bubbles or highlighted boxes depending on the layout.)
· Did you know? A brand needs 5 to 7 impressions for the consumer to begin to form an image of it.
· According to CrowdSpring, the online sales platform, found that a person needs only 10 seconds to form a visual perception of a brand – DESIGN AND CHOICE OF COLORS IS IMPORTANT.
· According to the FUNDERA Marketplace, 89% of consumers are loyal to those brands with which they share the same values.
A brand is a resource acquired by a company that generates future economic benefits..[2]
How do you know if you should do a refresh of your brand? It's time if:
1. Differentiation from the competition. One of the basic objectives of a brand is to ensure that the product or services they identify are fully identified and differentiated from other equal or similar ones, therefore differentiating themselves from competitors is important to attract more customers, especially in saturated markets.
2. Eliminate a negative image of the brand. In this case, it is associated with the bad image or negative criticism that the company as such acquired over time, under rebranding they establish that they have left that image behind; It generally happens after a financial crisis or sanctions imposed for non-compliance with health regulations.
3. Faced with a loss of market share. In this case, it is taken into consideration that the other competitors through their brands have decreased sales of their own brand, thus reducing the market share, so it becomes imperative to reconnect with consumers and one way to do it is by renaming the brand. and with this, expand the line of products and/or services to be offered, an example of the above, when the name of Apple Computer was changed to Apple so that the company would have permission from the client to sell other products, such as the iPod and iPhone.
4. A change that is related to the evolution of the brand itself. Companies can also choose to rebrand to remain relevant to their (new) customers and stakeholders. This could occur when a company's businesses have changed, for example its strategic direction and industry focus, or its brand no longer fits its (new) customer base. Entering new markets for reasons of culture, language or pronunciation. a critical step for a company to be seriously considered when expanding into more aggressive markets and taking on competitors with more established brand images
5. An unexpected cause. Such as a market crisis, corporate restructuring or bankruptcy, company merger, etc.
Tips to take into account in a Rebranding
· It must be based on an initial audit: What elements do you want to highlight? What characteristics do you want your brand to communicate? For this you must have previously studied the offer of your company and the characteristics of your target audience.
· It's not just a design change: let's remember that the brand is a set of perceptions, some of them are generated by aesthetic elements, however, a rebranding strategy also incorporates elements such as the brand's philosophy, main messages, values, organizational culture, etc.
· Take into account related expenses. It must be taken into account that the change is made throughout the company from the web to the decoration and training on the new philosophy of the company with the employees.
And of course:
· Registration of your brand. Do not forget to protect your new brand in the Intellectual Property Office of your country, since the fact that it is similar to the previous one does not mean that it should not be protected, the treatment is the same as that given to any desired brand protect for the first time.
So now what?
If you successfully achieved the redesign of your new brand and registered it, now you must build confidence about your new image. If one of your objectives was to change the perception of your brand, you must make marketing efforts, through advertising, customer service, media presence, etc. to generate this new perception. REMEMBER: Everyone must be on board – directors, bosses and each of the employees, since they are the main protagonists of your brand.
[1] Muzellec, L. and Lambkin, MC, 2006. Corporate Rebranding: the art of destroying, transferring and recreating brand equity?. European Journal Of Marketing, 40, 7/8, pp803-824
[2] "ZIBS.com: Forum: Roger Sinclair on Brand Valuation". Archived from the original on August 12, 2017. Accessed on February 10, 2017.