|Re-branding the Cow|
Nine Indicators that It is Time to Rebrand
Written by Robyn T. BraleyI am still asked the question at my seminars. “What is a brand?” Usually the question comes from an older person, but, surprisingly, I also hear it from people in their twenties.
I’m not surprised. The word is thrown around in different ways and in different contexts. No wonder there is confusion.
This is how I explain it. Branding defines the characteristics that set your company apart from the competition. A brand tells your story by communicating at an emotional level.
When you think about it, successful brands are built around a central idea that is compelling. They offer real and perceived value to all stakeholders. Creating brand value requires a strategy that will generate increased profits by delivering desired results. A distinctive brand will give your company a competitive edge.
Another question I hear is, “Should we re-brand? We are losing market share and we can’t understand it. We've always done the same thing in the same way.”
ReBrand for the Right Reasons
While there are exceptions to the rule, in our experience, most companies re-brand for positive reasons. They seldom change for the sake of change. Re-branding adds energy to a tired brand and signals growth. It can provide opportunities to exploit new business and signals a change in direction.
Re-branding that is bold, meaningful and energized takes customer relationships to new levels because they are driven by a new sense of purpose. Re-branding usually builds on past successes.
Be True To Yourself
However, re-branding also requires honesty and transparency. Warts and blemishes are often revealed along with moments of extreme brilliance. In the search for truth, it is important to recognize corporate failures so that the lessons learned can be instructive when shaping the future.
Brand equity is increased by living up to customer expectations with every contact. Brand loyalty is intensified by consistently making a difference in the lives of your customers and circle of interest.
Branding success starts with quality. Exceptional product or service experiences are the base line for successful branding programs.
The most dynamic and dazzling Pet Food branding program will fail if the dogs refuse to eat the dog food. Putting lipstick on a pig or a mask on a cow doesn't make a pork chop into steak or vice versa. Neither the lipstick nor the mask will cover up the truth of what is on the inside. The pig will still be the pig and the cow will still be the cow.
Nine Indicators that its Time to Rebrand
- When the heart and soul of your company changes.
- When significant growth through the addition of new products and services changes the perception, expectations and definition of your brand in the minds of customers.
- When your brand story looses relevance with customers.
- When customers needs dramatically change.
- When you begin to loose market share.
- When current brand elements look tired and out of date.
- When growth to new geographic areas or the takeover of other companies require a bigger brand perception.
- When new market forces threaten your growth potential.
- When customer profiles - demographic and psychographic - change.
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