A Dive into Re-branding
Rebranding is not merely re-structuring the marketing plan or designing a new promotional strategy. It is a complete process, which nullifies the previous brand image. This means that you are creating a completely new brand image for an entirely newer positioning in the minds of the customers. For the successful rebranding, the process has to be taken step-by-step, considering a number of factors and developing a thorough plan.
Why need Re-branding?
Here, the question arises, why need rebranding. Well, this is simple and straight. To survive in the market, you cannot be stagnant. One needs to have a continuous touch with the changing desires of the customers. If you can successfully identify the swings and shifts in their demands, you’ll know how to respond accordingly. Historical records are full of the examples where companies and brands failed just because they couldn't keep pace with the changing mentalities and requirements through their branding strategies.
So, for a better understanding of the rebranding process, let us consider we have got to do the rebranding of a company which is a Graphic Design one.
Understanding the target audience:
The first and foremost step in the branding or rebranding process is identification of the audience. You cannot know how to talk to until you do not find out whom you are talking to. For this example, we know our most of the dealings would be solely B2B. For that we need to be competent, clear and targeted. The entrepreneurs would obviously look for the professionals to get their work done, and with our branding strategies, we have to show them that we would be the only best choice for them.
Creating a budget:
Finances are vital when you need fruitful results, since there’s nothing like a free lunch. Yeah you might come up with an argument that ideas, creativity and innovation are free. Yes, being a graphic design company, these attributes do hold significance, but at the end of the day, we need “Cash” to implement or utilize them.
By positioning, we mean how you want your product/service to be perceived, or how do you want to be seen or taken by the target customers. While re-branding a company, a target has to be set first that what we are actually trying to achieve with this whole process and that can only be done successfully if we have identified the audience and their wants.
Core Competence, Competitive Advantage, Differentiation Advantage:
No marketing strategy is complete without properly defining these three aspects; know what your core competence is, state your competitive advantage to the potential customer and let them know how you are different and better than your competitors. It might be your print, your designs, prices, quality, professionalism, timeliness or anything. Just know what the customer wants from all these and focus!
Logo design is a first impression on the target consumers. Design it carefully. A slogan is used to grab the attention and make him stop. Both of them have to enclose the whole concept of you, have to convey your message in a single glance and make sure that the goals are achieved.