The top 4 reasons to rebrand
The top 4 reasons to rebrand – or why you’re losing
If we’re being bluntly honest, most companies have many reasons to rebrand. That’s because most brands simply don’t take advantage of the opportunities staring right at them.
Most brands are meaningless. Often dependent on cliches of the category or simply presenting benefits that really have no impact on target audiences.
A quick example: Driving Saturday and listening to college basketball on the radio, one of our Stealing Share strategists heard two separate bank radio spots. They could not have been more identical if they tried.
Both said: “We care about the community.” Both said: “We’re here to help.” And, of course, both said: “We care.”
How are target audiences expected to choose based on that? Those don’t. If those banks really looked hard at themselves and the competitive landscape, they’d see all kinds of reasons to rebrand.
How do you know it’s time to rebrand? Or at least consider it?
If the following 4 reasons to rebrand fit you, then let’s talk.
Reasons to rebrand – #1 – You’re being ignored
It’s simple. Your bottom line isn’t what it should be. You believe your products or services are the best. You have everything in order. But sales are below expectations.
Basically, you’re being ignored.
That usually means there’s something wrong with your brand. And you need to change your thinking about it.
Another of the reasons to rebrand is because your brand lacks emotion. Target audiences see thousands of messages each day. Yet, they instinctively filter them out if they don’t directly pertain to them. Just like you do.
How do brands get noticed? By appealing to audiences emotionally, not rationally.
Which leads us to the #2 reason.
Reasons to rebrand – #2 – You’re no different
Take that bank example. Both banks would say they are appealing to emotion. You know, with messages about community, caring and “being there for you.”
First, none of those are particularly emotional. They say nothing about what the customer believes or aspires to be.
Most importantly, however, they are not different from the competition. They just go into the cocktail of similar messaging that does nothing to take market share. You just get lost in all the noise.
You need reasons to rebrand? Take an honest look at your brand messaging and ask yourself, “Are we saying the same things as our competition?”
“There’s your reasons to rebrand. To win. To steal market share. And become a market leader.”
Reasons to rebrand – #3 – Sacred cows remain
Most rebranding efforts fail to consider everything. Many companies hold onto sacred cows like children. Things get taken off the table, such a brand name or color or something else brands refuse to consider.
If you think about it. Holding on to those sacred cows is an emotional decision. The logical decision would be to consider everything. Let the market, through quantitative research, tell you whether they are important or not.
They may be important. But they also might be just what’s holding you back.
Reasons to rebrand – #4 – You’re changing
You are moving into a different sector. That may be because of an acquisition or a new product (or service) line. You’re not just about your core offerings anymore.
This is where great opportunity lies. Growth is always the aim with any rebranding effort. Hell, it’s the aim for any business effort.
If you’re not growing, you’re falling behind.
It’s easy to say what you’re doing now is good enough in such a circumstance. But really, it’s failing to take advantage of being a leader in a new market.
How to think about rebranding
Rebranding is no easy task. Few do it well. Most efforts simply copy what everybody else is doing without prompting any true change.
Just for a moment, think about all the money you spend on marketing. How effective is it really? Do you get the necessary long-term uptick in sales to justify that expense?
If not, that means your brand isn’t working hard enough for you. Brand is the most cost-effective way to steal market share.
There’s your reasons to rebrand. To win. To steal market share. And become a market leader.
Learn more about our unique, scientific process here.