If you believe you have an issue with more than one of the following, then you should consider rebranding. Typically, companies that need rebranding will have questions in multiple areas.
- Market Perspective: has the marketplace shifted due to competition, new product entry, sales or distribution and your brand has lost some relevance or traction as a result?
- Customer Shift: has the category shifted and your targeting/brand messaging has not?
As new customers enter the category, is your brand speaking to them?
- New Offering: has your product or service changed? new extension or new offering? how does it fit with your existing or past brand communications? how does your core target relate?
- Status Quo: the marketplace is rapidly changing, especially due to digital media. Is your brand up to date and built for the digital media age? This is a major issue for many established brands.
- Shift in sales strategies: targeting new markets, change in pricing strategy, packaging or partnering are all potential ways to cause brand relevancy to drift. Alignment of brand to current sales is critical.
We recommend a strategic exploration to define the issues and brand relevance before you embark on any marketing execution. Often, companies make a go/no go decision and bypass the step of investing a little money and time in defining the strategy. Taking this relatively short and inexpensive step may save lots of wasted budget down the road.