Definitive Step-By-Step Guide to Refresh Your Brand
Your company has performed strongly over the last few years, but now growth has not only flatlined – but has started to go in reverse.
It’s a common scenario.
This loss of revenue and market share can be due to a whole host of factors, but in most cases it’s caused by: a crowded and competitive marketplace, a decline in customer confidence, or a weak brand.
Whatever the cause, you’ll need to take some decisive action to reignite interest in your company.
A brand refresh or rebrand may be in order.
There are two ways of giving your company’s brand a makeover.
Firstly, you could choose to do a total rebrand. This involves a top-to-bottom change of image for your company. You’ll have a new logo, a new website design, and a whole new brand story.
It’s a major change – and a major risk.
If the rebrand is unsuccessful, there’s little scope for rolling back to the original brand. And even if you did, many of your customers may well have moved on by then.
A much less risky strategy is a brand refresh.
Essentially, your core brand remains intact, but is given a polished and professional update. For example, your company logo may be adapted to look more modern and stylish – while still being recognizable to your existing customers.
Think of it as a facelift for your brand.
As a brand refresh is cheaper, quicker and less hazardous, then it usually makes sense to try this before jumping head-first into a rebrand.
Your brand should always be appraised to see if it’s in need of a refresh. (When was the last time you did this?)
It’s a good policy to schedule an annual review of your brand (and your competitors). If your company is in a rapidly-changing market such as software development, then you may want to review your brand every six months or less.
However, if your company is currently losing customers, then you need to look at a brand refresh right now. The longer you put this off, the harder it will be to regain market share and revenue growth.
A brand refresh is not something you can do overnight.
It requires research and planning, before your tired, dated brand is ready to be given a much-needed makeover.
The purpose of branding is to help you stand out from the crowd – in a positive way. To do this, you should definitely spend some time looking at your competitors.
Is their branding more compelling? Is it more modern? Is it more distinctive?
By studying brands that are currently successful, you’ll be able to pick up clues and ideas on how to refresh your company’s brand.
While many companies choose to outsource a rebrand – a brand refresh is something that you may be able to do in-house.
Use the checklist, and begin transforming your company’s brand today.
This FREE checklist is designed to help you transform and elevate your brand!