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.