What is brand management? And how do you know when it’s time for rebranding?
Brand management is a marketing tool used to increase the perceived value of your brand or product line. The goal is to build brand awareness, gain loyal customers, and increase your bottom line.
Because it takes five to seven impressions for people to remember your brand, your brand manager’s job is important. The brand manager’s job description sometimes includes reevaluating the effectiveness of your brand.
Has the idea to rebrand your company been rolling around in your head? Keep reading as we teach you how to determine whether or not now is the time to rebrand your business.
1. Current Brand Isn’t Cutting It
Is your current brand outdated? Is it poorly designed? If so, it will give the impression that your company is outdated as well. It may even give the vibe that your company is of poor quality.
If you’re trying to introduce new products, merge with a new company, or partner with new designers, rebranding is probably a good idea. It’s a big financial commitment, so be sure to think it through and have a plan for success.
Target was able to rebrand its store from a low-brow discount retailer by partnering with designers and offering lower-rung versions of their products for lower prices. This helped them stand out from competitors like Walmart.
In recent years, they’ve offered Vineyard Vines and Stoney Clover high-quality products at more affordable prices.
2. Your Brand No Longer Represents Your Vision
Has the focus of your business changed? Have you had some criticism causing you to realize you need to make changes?
Whether the criticism was justified or unjustified, sometimes a rebranding can help you shed the image or bad press your company has received.
Transforming your image is possible when you reshape your brand. It helps to put you in control of how people view your company.
Uber had to do this after a number of scandals. They developed a new logo and successfully transformed their image.
3. You’re Attracting The Wrong Audience
It could be that your target market is as interested in your merchandise, services or products as you thought. Maybe your price point isn’t right for them. Maybe you need to narrow down your target market.
Whatever the reason, it’s time to rebrand and unify your brand identity. This will help you appeal to your original target or target a totally new market.
If your brand is old and obsolete or needs a major overhaul, it’s time to review your brand management strategy. Sometimes it’s easy to neglect branding and brand reputation management until something negative happens. Keep it in mind, especially in the context of how it impacts a customer. Your branding is often their first exposure to your business.
If you want to increase your visibility and grow your business, we can help. We at CommCore Marketing can assist you with marketing, including rebranding and logo development, so you can focus on your client’s needs. Contact us today to learn more about our services.