Most of us know what a brand is. A Brand is an identity that the customers relate to. Brand is what defines you and helps you establish a strong presence that sets you apart from the others, in the area you operate in.
Often,rejuvenating a brand becomes a necessity for companies. This entails a renaissance or fixing a pain point that you are experiencing. What happens when you experience a sluggish movement in sales or you tend to be in the backstage when it comes to being noticed? It could signal the right time to take a relook at your brand!
Companies often choose to rebrand when faced with certain challenges, for repositioning, or enhancing their existing brand. Some of the reasons that prompt companies to take this decision are:
- Attract more clients and retain existing ones
- Attract more employees and retain existing ones
- Expand into new verticals, markets, or geographical locations
- Introduce a new product or line of service
- Correcting certain mistakes that could have caused damage previously
- Generate new interest and publicity
A strong brand is one that should ideally speak volumes about a company. It not only helps to reduce the sales cycle but also helps in increasing the client base; a direct proof that parameters such as quality, responsiveness, and good customer service are well considered.
Branding is one of those rare opportunities where the different aspects that constitute a company such as stakeholders, management, clients, and operational aspects are precisely aligned. A rebranding effort should not merely mean bringing about visible changes such as making the logo more attractive, setting up a posh office etc. Instead, it should focus more on identifying the real business issues and ensuring that the problems are addressed.
Rebranding is also a great way to communicate the changes and future direction to your employees as well as the market as a whole in a very clear,visible format. Identifying real differentiators or unique selling points is a must-do, instead of stating how good you are or how efficient your processes are. Branding should signal how your real differentiators actually add value and satisfy the needs of the client.
Here is an example.Instead of claiming how great their computers are, Apple focuses on how their products can make their clients' lives easier.
Hope this article helps you understand what branding is and its significance. If you need more information, please feel free to contact at [email protected].