Far too many businesses incur intense losses or die out entirely due to entrepreneurs failing to update their brands. It is crucial for you—especially during these times with the global pandemic—to reinvent your brand, pivot your business, and expand your services. The best way to get this done is through branding.
Perspective is key here, so be sure to take yourself out of the managerial aspect—at least mentally. Make a shift and approach things from a more entrepreneurial approach.
The Importance of Branding
Integer Group has found that a whopping 77% of customers will choose to use your services or buy your products based on the name of your brand. This means that consumers are paying incredibly close attention to branding!
In the process of building a brand, it is crucial to take concrete, sure steps to position your company properly. Moreover, you must cement it as something that consistently delivers amazing quality while establishing itself as an authority in that industry.
One of the worst things a brand can do is remain stagnant, which is why doing an update or upgrade with the help of a reliable branding agency can work wonders. This will help your business keep up with the ever-changing market, and in turn, help retain customers while attracting new ones.
Rebranding in full can reap many rewards, mainly giving a huge boost to your business’ performance before it hits a considerable slump it may not recover from. However, just like everything else, there are some possible risks involved. If your gut tells you that now is the perfect time for a brand update, it will do you well to test the waters first.
Rebrand As Needed
What is the reason you feel the need for a rebrand? If it’s just a matter of trends motivating you to update, it’s best to hold off. Have you heard of the logo rebrand of a certain clothing company in 2010? Unfortunately, it was ill-timed and highlighted instead that the brand was entirely disconnected from the realities of the market. While it did generate conversation online, it was entirely unpleasant; social media users were quick to attack it. Clearly, their branding service was incredibly out of touch as well. This did not help sales at all, and a similar situation won’t help yours either. If anything, it may even impact sales negatively.
Instead, consider factors such as the following for guidelines:
* Being able to stand out in the industry you are in.
* Connecting with new customer demographics.
* Crafting a better image for the brand.
* Customer feedback response.
* Modernizing when already out of date or close to obsolete.
Make sure your new branding is in harmony with the core values of your brand, as well as your mission and vision.
It is key to update your brand at the correct time, and in the right way. Upgrade the visual identity alongside attaching visual identities that are empowering. This way, you can ensure the smooth continuity of your business for years to come.
In need of a trustworthy branding marketing consultant? Marketing Consultant is here for you! We want to help marketers of all kinds be better and provide reliable marketing information.