Are you considering to re-brand your online business? is under performance the reason? Or is it that your brand is not striking interest in your target market anymore?
If the reason is any of the above, you need to take serious steps to re-brand your business, more importantly in the digital era. You need to synchronize your mission and vision according to the changing market trends.
Let us take a closer look on the mistakes that online business owners must avoid as they plan to re-brand their business in the digital era. But before that, let’s see what re-branding actually is?
Re-branding is the process of providing an entirely different look, feel and personality to your business/product/service. It is a strategy that retains your core business competencies and differentiate you from your competitors while creating a unique value proposition for you to fulfill over time for your customers.
Brand identity of your business is the dynamic combination of visual, verbal and emotional attributes that speak for your existence and what you do. The way you brand your business, influences your target market directly and creates a perception of brand that either make or break your image in front of your target market.
Why should you re-brand?
There can be quite a few reasons for businesses involving into digital and traditional re-branding:
Your company’s brand identity has gotten old and your customers are not making connection with your products the same way they used to do, earlier.
To recover from vanishing prominence. Pull up sales figures and mend deteriorating market volume and share.
You want to cater to a larger chunk of market now and wants to charge premium price.
Your competitors are doing better in terms of brand recognition and market presence, etc.
Branding is a marketing tool that helps your brand stay relevant to the prevailing trends within your business industry. While some pull it off quite effortlessly, others have to face negative reviews and have to re-visit their branding strategies. In order to make sure that your latest branding strategy pinpoints success to your business, make sure to avoid the mistakes discussed below:
Lack of research
When considering to re-brad your online business you first need to assess why the re-brand is needed? If it’s related to your website design, does it really need a design change or some tweaks will do? Your brand image lies in close harmony with your company’s motto and goal and to achieve them successfully, you need to indulge in a comprehensive market research that answer questions related to the re-branding need based on your competitor’s analysis, your sales figures, your target audience and their psychographics and so on.
Remember, your customers are your driving force and they should be the primary factors when formulating future strategies. Their needs, wants preferences and behavior should be the basic factors of your re-branding strategy. Don’t just engulf in recreating your brand identity all of a sudden without ample research, because if you do, it is definitely going to cost you not only in monetary terms but also your reputation and your current brand identity.
ignoring your current brand goodwill
Re-branding does not necessarily means that your current brand equity holds no importance if you have planned to get it changed. Business owners need to gauge themselves in a though process that whether they require a complete redo or some tweaks in their brand strategies. You just cannot overlook your current market standing and the expectations of your current customers from you in order to cater to new ones. Therefore, before you undertake the highly important task of revitalizing your brand image it is important that you carry out the necessary investigation and background checks to assess the needs of the target market.