How do you think of your company’s brand? For many marketers, Seth Godin’s definition of a brand is helpful and credible:
A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another. If the consumer (whether it’s a business, a buyer, a voter or a donor) doesn’t pay a premium, make a selection or spread the word, then no brand value exists for that consumer.
In that context, a successful brand can enhance business growth and profitability, and defend against new competitors, mergers and acquisitions, changing audience preferences, disruptive technologies, and economic and political conditions.
Specifically, a strong brand helps your company:
- Attract customers more easily. It can help you generate leads, close sales, provide credibility, and create authentic referrals.
- Command higher prices. Recent research shows that brand leaders can charge more for similar product and services than competitors.
- Attract top talent. An effective brand speaks to recruits in a language they can understand, about your company’s vision, values, and culture.
- Defend against surging competition. Your brand establishes your competitive advantage and helps to protect market share from disruptive innovations.
Checklist: Ten Signs You Need Rebranding
How do you know that it’s time for rebranding? Are there warning signs? Here are ten signals that your company’s brand may need a refresh.
* You are entering a new market?
* You are introducing significant new services?
* You acquired or merged with another company?
* Your audiences changed significantly?
* Your company’s growth slowed or stopped?
* Major new competitors entered the marketplace?
* You are getting fewer leads than in the past?
* Your visual brand look tired compared to the competition?
* Your company changed significantly since you created your brand?
* You struggle to describe how your company and products are different?
Ten Benefits of Rebranding
* Your company looks and sounds more sophisticated and contemporary.
* You are no longer ashamed to send people to your website or read your sales literature
* You are finally able to explain not only what you do, but how you are different — and customers understand
* Prospective customers perceive you as bigger or more credible than before
* Your website becomes a powerful lead generation tool
* You have more authority in the marketplace, which means prospects seek out your advice
* Your company’s leadership team have more opportunities to speak and publish
* Your company is more visible in the search engines
* You have clearly defining target audiences and buyer personas
* Your marketing campaigns and sales follow-up are more efficient, and effective
Rebranding is worth it for many of the above benefits. And this is just a starter list. Many other benefits can be accrued to a successful rebrand. Conversely, if your brand is unresponsive, your company may quickly lose mindshare and marketshare.
Rebranding From Start to Finish – Part 1
Strengthen Your Marketing Through Rebranding
A brand is the set of expectations, memories, stories and relationships
Author: Tom Lauck
Owner of Hivemind Studios
October 14, 2013
Updated: August 7, 2016
Your brand’s look accounts for consumer decisions to choose one product or service over another. A successful brand can enhance business growth and profitability, and defend against new competitors, mergers and acquisitions, changing audience preferences, disruptive technologies, and economic and political conditions.
Also published on Medium.