Ultimate Re-Branding Strategy for Business Growth
Re-branding! Sounds quite exciting, isn’t it? Before you get into restructuring your existing business, you need to have a clear idea about the Re-Branding Strategy for Business Growth. Make sure, if your company really need a re-branding to emphasis on business expansion. Some times your new identity can harm your existing customer base and business together in the long run.
So, think several times but act just once!
What is meant by Branding?
Before stepping into re-branding, let’s know about what is branding? Branding in simple terms is defined as creating a distinctive name for the people to identify and relate themselves easily. In other terms, branding is just a symbolic or textual or the verbal representation for a particular product or a company by means of an icon or a logo Design with a tag line.
Branding helps keep one product/company to out-stand the other products/company of the same kind. It will give a unique face value for a company to compete with the contestant in the competitive market.
What does “Branding” represent in Marketing?
The greater the brand awareness, more audience will be familiar with your company logo, message, product or service.
Good Branding strategy helps a company or a product to get easily identified by the consumers. “Branding” in Marketing terminology gives your business “a character and persona”. With the repeated projection of brand in Audio, Visual & Print Media will make your brand a public personality that every consumer can get associated with the product as a member of the family.
Why is Brand Awareness Important?
If you are a start-up and are capable of delivering amazing service and quality products, then you deserve recognition. Therefore people who are in need of your services or products will recognize you with your Brand. Thus building up a brand image is quite essential for your business growth.
Moreover, brand awareness in the targeted demography helps the audience in the region to recall your brand when they see your product at the store. At that time, your Brand will become a top and reliable brand in the mind of the consumer while they decide to make a purchase
How to build a successful brand?
1. Create a tag line that mirrors the service or the goods produced and sold.
2. Be distinctive in constructing the brand image and remember to Stay out from the crowd.
3. Cultivate a unique company culture. In the book “The Ten Million Dollar Employee” it says, it just takes one customer’s bad experience with one bad employee enough to crash a million-dollar investment company.
4. Study the mindset of your Brand Consumers – understand their needs and requirements.
5. Be patient in the Brand establishment – take one calculative initiative at a time with care. Rushing with the outreach activities are not advised as the human brain takes some consistent time to memorise, recognise things(brands) and react.
How Online Marketing establish brand awareness?
In today’s world, many people spend most of their time on Online Platforms through various digital platforms. Digital Marketing Agencies help you take your brand image and values in front of the viewers, repeatedly to create brand awareness.
Methods of increase brand awareness campaigns on the digital portal:
1. Use native advertising: eg, e-News Papers people are already ready and e-radio/tv Channel where they get engaged.
2. Run Fb & Instagram Ads :
a)Reach new people who might be intreated in your product and brand.
b)Analyse the specific behaviour pattern and preference of your existing users and go for “targeted audience”
c)”Create lookalike audience” to target your Competitors audience based on their interest.
d) Reach to the audience within the demography based on the Audience Intrest, age, gender, location etc.
3. Twitter ads
4. Partner with Youtube Influencer to review your Brand
5. Create a Social Media Contest and offer free give away
Top 5 reasons to go for Re-Branding?
1: If there is a significant change in your business organisation, such as service expansion, acquisition, merger or division, then you should go for re-branding.
2: Major changes in the products produced or the service offered then again re-branding need to come into the picture.
3: Transform your business traditional age-old design and the functional process with the modern business trends then you should obviously go for re-branding.
4: When you are expanding your service territory and if there is a company pre-exist with the same brand name as your, then re-branding works for you to keep your business distinct.
5: Re-branding strategy for business growth, helps your business to get out of your bad reputation and start afresh!
Ultimate Re-Branding Strategy for Business Growth:
Re-branding is nothing but Setting your company identically apart from others
- Give your company a unique look and feel.
- Effective integration of re-branding in a company’s overall operations, from the wording in email signatures, email marketing and promotional materials.
- Establish a foothold in the marketplace by reaching out to business competitors and long term business associates, vendors etc through an Email or by sending physical greeting gifts with new re-branded logo.
- Make your internal staff and business partner your brand ambassadors. They can effortless increase the brand credibility.
- Look to forge an emotional connection with the online audience through social media posts, contest and engagement activities.
- Express your brand voice to the targeted audience over authentic press release and blog posts, etc.
Be cautious before Re-Branding:
If your company takes up with rebranding and if it fails! then the financial risks could be really huge. Thus Re-Branding can be a challenging task. So, be cautious before taking upon an expensive decision.
Thinking about re-branding?
First, you should list down the objectives for rebranding. Then, If you really think that this is the appropriate time for rebranding then carefully set a strategy with a defined timeline to carry on the re-branding process.
*Pros of Re-branding:
1. Attracts new clients when you set for business expansion.
2. Achieve new goals- such as new product launch. or build new trust in your brand products and service.
3. Increase engagement and global reach – explain the positive part about rebranding.. better service delivery,.. with the energetic team.. new spirit etc
* Cons of Re-branding :
1. Might build Confusion and chaos among the existing customers. (Sending emails & newsletters will then the existing customers be aware of the new change in brand adopted)
2. You might not also be knowing what will be the end result of rebranding
3. You may also lose few unstable customers- ( loyalty programs, value additions, discounted price and giveaways will help them to retain)
4. Off course is prepared to take up the additional expenses involved in the rebranding.
Thinking about Re-Branding?
At Lia Infraservices, the Digital Marketing team can be a tone of voice on all of your social media platforms. Our ultimate Re-Branding Strategy for business growth helps customers “recognize your brand over noisy competitors”.