Sometimes, what a company is doing just isn’t working. You may provide an excellent product and excellent service and still fail to break a profit. In that case, it may be that your marketing is just ineffectual. If this holds true for your company, it may be time to rebrand in a way that will actually appeal to consumers. Below are four steps you should complete to successfully rebrand your business.
Complete Market Research
Rebranding is a big step and often involves a huge investment. Rebranding firms charge up to $50,000. You shouldn’t embark on this course without doing the research to ensure your success. If you do, you may end up in an even worse position that you already are. Instead, you should first perform extensive market research to develop a plan for rebranding that is likely to actually increase your company’s market share.
Determine Why Your Previous Branding Failed
However, market research is not enough on its own. You also have to use the results of that research to do some problem solving to figure out why your previous branding failed. Was your branding not fine-tuned to the preferences of your likely customer base? Did your branding give consumers false impressions about your products and services? Was there something else you missed that was turning customers off? You need to answer these questions.
Implement Your New Plan
Once you have determined a plan for rebranding, you need to implement it. Rebranding requires informing consumers there has been a change. This will likely require a new marketing campaign to usher in the changes. You may need to alter other aspects of your business. Your buildings, for example, may need to be remodeled through the use of construction management services. You may also need to phase out the previous packaging of your product in favor of new packaging in-line with the new branding.
Stick to Your New Branding
One important piece of advice in regards to rebranding is to stick to that new branding. If you only go in half-way, consumers may be left confused. You will not get the response you were aiming for. Consistency and permanence are required for a rebranding to be successful.
Rebranding is a huge step. However, sometimes it’s a very necessary one. If your branding simply isn’t working and not attracting customers as you had hoped, you may need to go back to the drawing board and rethink your marketing. Rebranding your company could change your fortunes.