A brand is a combination of product image and association with your manufacturers but what a customer sees is the story that you try to tell. There are many brands that do this wrong and stay stuck in this rut but more importantly they do not know how to get out. A good analogy is to think of your brand as if it was a shoe. Many times you need to just buffer and polish them instead of throwing them out and getting a new pair. While this might be harder, the work and diligence will pay off if you are able to rebrand in the best way.
First you need to answer a couple of questions:1. Who is your target market/audience? Does it need revamping? 2. What are they looking for? 3. What other brand are you competing against? 4. Why should they choose your product over theirs?
Revamping an already existing brand can be challenging but in order to succeed in any business environment, you need to do two things: a great product and an even better brand but keep in mind what your customers want.
Find Your Tribe
Your customers, or tribe, are the most important part of rebranding a company. Knowing who they are is the key to success. Your tribe can be only the people who need your product or service but can also include people who like your competing brands. It is important to look at the following factors when configuring your brand:
– Age – Location – Gender – Income level – Education level – Occupation – Ethnic Background
It is important to note that the right “tribe” could be different from the people you were originally targeting. Remember it’s not a bad thing to change your target market!
Know Your Customers
Know your products and the benefits they provide for potential customers. If these benefits do not align with the wants and needs of your customer, you need to reevaluate either your customer base or how you are advertising your product. Build trust with your audiences. Have them know that they can count on your product-through slogans, personalization
Now that you know about your customers, look at your competitors. If you’re at the top of your game, you will not see a need to revamp your brand and your goal is to be at the top of the industry.
Perceptual map – Compare your competition based on key success indicators and see where you fall on a perceptual map. The goal is to find the “white space” – separate yourself from your competition.
The bottom line to revamp a brand is to make sure you have the right customers in mind, know what they want and who are your biggest competitors. You have the tools, so go out there and make your brand better than ever!