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Is it time to rebrand?

The decision to rebrand your company and invest in your brand is not always an easy one. Below is a list of challenges you might be having that could be a sign that your company needs a rebrand. A company rebrand doesn’t always mean a total overhaul but could be a slight pivot to refocus the organization. By understanding the importance and value of your brand you are positioning the organization for growth. A strong brand can drive revenue, increase customer loyalty, attract top talent and gain market share. The cost of a weak brand can keep you from growing, moving forward and can damage your company value.

Take a moment and assess your company’s situation.

• Does your brand no longer reflect your company purpose?
• Is your brand clearly defined and differentiated?
• Has your brand become too complex to understand?
• Has your customer loyalty weakened?
• Is your brand no longer relevant in today’s market?
• Is there a sense that competitors’ brands are stronger?
• Has your market share been eroded?
• Do you need to raise prices and/or increase profit margins?
• Do you need to reach new customers and capture new markets?
• Do you need to attract top talent?
• Do you need to ensure your employees understand your brand and deliver on it?
• Do you need to create a better way to organize your brand(s)?
• Do you need to operationalize your brand and bring it to life at key touch points?

If you answered yes on 2 or more of these questions, it might be time to invest in a company rebrand and move your company away from a brand liability to an asset.

Become a Brand of Choice
Your brand are the perceptions, benefits, value and experiences that establish choice.  It is the choice of your customers, investors, and employees that understand your unique value to choose you over and over. Your brand is a promise you make to your customers, every day. It is this promise that celebrates your differentiation and creates a unique experience for your stakeholders. It moves your brand away from being a commodity to becoming the ONLY choice.

Here are some proven benefits of a strong brand:

• Grow Your Brand Value
  Invest in your company’s most valuable asset. Brand value pays off with increased market share, premium pricing, and negotiating power.
• Solidify Your Brand Leadership
  Find your uniqueness, stake your flag and own your differentiation in the marketplace.
• Deliver on Your Brand Promise
  Experiencing a brand promise that is compelling, authentic, and unique provides customers with a clear value that they can depend on.
• Strengthen Customer Loyalty
  By delivering on your brand promise you establish expectations, develop trust and create a connection with your customers that pays off.
• Dominate the Market
  Becoming the industry leader and differentiating your company from your competition establishes you as the company of choice and competition is no longer relevant.
• Attract and Retain Top Talent
  Clearly stating your core values, unique culture and brand gives you an advantage in attracting top talent that aligns with your purpose.
• Command a Premium Price
  Customers are willing to pay a premium for the category leader. Take the time to become that leader in your unique market.

Where to start?
As you can see the importance of a strong brand can change the momentum of your organization. Any process to rebrand your company has come from a place of understanding and research. You have to understand who you are, who your best customer is and where you fit in the marketplace. By understanding these 3 items, you are able to define a brand strategy to differentiate yourself from the competition and become the category leader. This allows you to become the ONLY choice and grow your brand.