Even though it requires a financial investment, rebranding plays an integral role in the future of the organization. With every societal change, there is a need for brands to transform themselves to stay relevant and impactful.
COVID-19 has permanently transformed how customers view their brands. With remote work policies and the challenges of COVID-19 creating stress and concern across the globe, most organizations decided to re-evaluate their brand to make room for newer, healthier, and more innovative business values. Organizations that were quick to take action and adopted the omnichannel approach thrived with a seamless online user experience and a culturally relevant brand identity. At the same time, brands that stuck to their tradition became outdated and culturally irrelevant.
While rebranding does need financial investment as well as time and effort, it is integral to the future of the organization. With every change happening in society, along with the customers changing behavior, it becomes critical for brands to reinvent themselves to stay relevant and impactful. Rebranding is not just about refreshing a website or changing stodgy messages for something fresh and culturally relevant or changing a logo but rather ensuring customers and stakeholders know about the core purpose of the brand and where it is headed.
Here are three strategies brands should take into consideration when evaluating the rebranding efforts of their organization:
- Accurately analyze risks for an increased reward
While rebranding can be a hugely beneficial strategic initiative, it comes with its own set of risks. Yes, designing new visuals and giving the website a fresh look is exciting, it also comes with a cost. Brands should ensure that the money they invest yields the desired return on their investment.
If the present branding is not geared towards the future, brands will struggle to attract the prospects for conversion they really want. If the brand’s current mission is significantly changed, that as a result, it does not reflect who it is, then they should consider a rebranding strategy.
- Know the target audience
When looking to refresh their brand, B2B brands should consider a few additional factors. They should go after a specific target audience that is very “niche” when compared to the business-to-consumer (B2C) target personas. This will result in B2B brands focusing more on portraying their expertise and alignment with their specific target personas.
Successful B2B rebranding requires B2B to strengthen their trust with the customer and that the relationship is usually intended to last a long-time. The brand should carry through the entire journey from sales to service as well as support is often has a much more complex relationship than B2C.
Also Read: Are Emotions the Latest B2B Marketing Tool?
- Recognize the timing to take the next step
Oftentimes, brands need to do rebranding to keep up with the latest trends and where their industry is heading. This involves a branding shift to emphasize evolving tools, services, and offerings that address the overall creative process and ease of use. Brands should also seek relevancy with the ever-changing nature of social media platforms. However, these are not the issues that will come in the rebranding phase.
There are times when there is a disconnect between the brand and the customer’s understanding of the brand. They should consult the team, stakeholders, and existing data to judge their place in the marketplace and where the brand can grow.
For more such updates follow us on Google News TalkCMO News.