How Rebranding Can Increase Sales
Rebranding your business
Brands carry a promise that draws people in — The brand is more than a look, it’s a gut feeling for the customer. What feeling is your brand giving?
Branding is the process of attaching an idea to an object or a service. It carries a promise that draws people in. The brand is more than a look, it’s a gut feeling for the customer.
Rebranding is risky and resource-intensive. It’s also absolutely necessary if you’re not reaching people with a relevant message, standing out in the marketplace, or accurately communicating your value proposition.
Reasons for a re-brand
What’s your WHY. If you’re unclear on your brand positioning, it is typically due to a lack of differentiation. Differentiation requires the courage to stand for something and refuse to be all things to all people.
The gap for many businesses when the perception of what a business is or offers doesn’t match with what that company actually provides.
- Acquisition and/or merger – You’ve merged with another organization, you’ve been bought, or you’ve bought another organization, and together, you want to create a larger, differentiated identity.
- Evolution – Perhaps your category has undergone some major changes, and you want to demonstrate that your brand has changed with the times and continues to be highly relevant.
- Audience has shifted – Targeting new audiences often requires a telescopic look at your messaging, strategy and how that is being communicated through design.
- Products and services have changed – If your offerings have changed, you may need a rebrand to better position your why behind the new offerings.
- Move away from a negative image – Some brands rebrand to divert attention from a scandal or misstep.
- Need to differentiate from competition – If the competition is making waves for you, a rebrand can help differentiate your brand.
F.A.Q about Rebranding
How will rebranding attract more customers?
Getting clear on your brand positioning and brand promise makes the decision much easier for your customer. They understand what they’re getting and how you fit into their lifestyle. It becomes an emotional decision for them.
How does rebranding sell more products and services?
Branding helps you meet the unspoken expectations of the customer in a clear, valuable and differentiated way. For example, our client Holy Crap Cereal’s sales shot up 166% after our rebranding. This after we got intentional and clear on the what, how, why and developed a new brand identity and packaging that reflected those things.
How will rebranding grow our awareness and reputation?
Amongst the clutter of brands fighting for marketshare these days, only brands with a clear and differentiated value proposition, communicating the right message to the right audience in the right way will stand-out from the crowd.
Why should I reposition our brand in the market?
With the continual evolution of products, services and trends today, brands need to reflect, regroup and re-position to remain relevant and valuable to their clients and customers.
How does rebranding improve our share price?
A study in the U.S. has shown businesses with strategically considered brands outperform those without by three-to-seven times.
What does a strategic branding process involve?
To develop strong brand, the process must include; clear understanding of purpose, values, goals and differentiation; research and insights, customer definition, competitive analysis, brand strategy, and lastly brand identity design to reflect all of those things.
How much should I budget for our rebranding?
Your rebranding project should not be supported by a goal of simply “looking better”. Rebranding should be an intentional investment to connect with the customer, increase sales, margins and profits. For different businesses in different stages of maturity, this value equation will vary. It’s not a cheap quick-fix and it needs to be done right, which is why you’re going to have to budget more than a few thousand bucks to do things right.