Are planning on re-launching your brand? After stagnating, it might be worth it to risk the current status quo for greener pastures. This high risk but high-reward endeavor can be a game-changer. You might attract more customers and have a wider market reach.a
However, you might also risk losing current consumers with a revamped image. Tread the waters carefully and learn how to avoid alienating your core audience and still broaden your appeal to potential customers.
Some brands have successfully re-branded, two of which are:
- Converse – The brand has a history that dates back to 1917. The company’s All Star basketball shoes were the first to undergo mass production. In the 40s until the 80s, it was the most famous and most worn pairs in the NBA. However, by the 1980s, flashier brands such as Nike and Adidas overtook it. By the 2000s, Converse re-invented its brand by embracing its long history and old-school persona.
- Lego – This famous toy brand had an obsession with producing and selling new products in the 90s. This backfired and led to profit loss, and they also alienated their core consumers, which were kids who wanted to build things. The market didn’t want action figures, but blocks they could make using their imagination. Lego returned to who it was before their infatuation with creating new products.
The two are just examples of successful rebranding and re-launching. Experts from Phoenix in brand marketing and design cite the following ways to achieve the same goals.
Identify the Things You Need to Change
Before you brainstorm about your re-launching plans, identify which aspects of your values, marketing strategy and products you need to change. This allows you to find a clear end goal and a roadmap of how to get there. Review your past failures and successes, and then juxtapose these on your current and future markets.
Remove possible obstacles and focus on what gives your customers value. This approach allows you to find cost-effective ways to improve not only your products but also the support you can provide your audience once you rebrand.
Focus on Old Customers
It will cost more to find new customers and raise awareness about your rebranding. You don’t have to totally abandon ship when you re-launch. Focus on your previous customers because they are already familiar with your brand, your values and the quality of products or services you provide.
All you need to do is provide additional information about the changes you will make. Avoid alienating your core audience, stick to what is familiar to them but keep innovation in mind. Add new features, change the company’s values, get involved in more projects or diversify within the same industry.
Clear Communications In and Outside the Organization
Rebranding has to click on all cylinders; for this to happen, you’ll need strong communications across the board. Communicate with your team on how you want to convey your new message and persona. Go into detail about the re-launching, the latest products, revamped logo, etc.
Communicate with your audience in the same way, send the right message, use the appropriate language and use the right imagery.
Re-launching is difficult but not impossible. You don’t have to re-invent the wheel, but you need to adapt to the times and make the necessary changes.