You Need to Keep Up With Changes in Society.
External factors in society can also influence the marketplace. The pandemic created a lot of disruption worldwide as the lockdown forced people to spend more time at home. Bored consumers developed new shopping habits and spent money on products they might not otherwise have bought. Others found their disposable income had dropped after certain industries, such as hospitality, were negatively affected.
A strategic rebrand can analyse whether your target audience needs to change and how to reposition your product to increase sales and appeal to a new set of consumers.
Your Target Audience Has Changed, or You Need a New One.
Other factors can also affect your target audience – products once deemed trendy, for instance, can suddenly seem boring and no longer relevant.
Your target audience of 20-somethings will eventually turn into 30-somethings, and the new consumers in the 20-30-year-old age range will have different ideas and experiences, which can affect how they connect with your brand.
Since the creation of social media, the Western World has already seen huge changes in how people live, especially with younger people who have grown up with technology that older generations could never have imagined. The 20-somethings of today follow different trends and ideals from the 20-somethings of a few decades ago!
Your product could lose appeal to your ideal demographic, and you’ll need to rethink your target market. As your branding was designed to appeal to a particular audience, you’ll need to return to the drawing board to connect with your new consumers.
You might also find your target audience wasn’t very well defined in the first place – a new branding strategy will redefine it and how to position your product. And sometimes, your product might not simply appeal to your demographic and needs to find a new audience.
Sales Have Increased, and You Want to Expand Your Reach.
Your product may have sold so well that you want to expand your business and extend sales to a larger market, such as going international. Your product may require a rebrand to appeal to a larger target audience in other countries.
Changes Within Your Company or Brand.
Internal changes can also affect your branding, such as a change in leadership and direction or your company’s overall branding. Businesses will evolve, and their core values may change – your branding for your product also needs to change to reflect these advancements.
Your Product Has Changed.
Some products are continually being improved and change a lot over time. For example, you could revamp your product to make it eco-friendly, and your branding will need to adapt to capitalise on this.
Your Product Needs a Refresh.
Depending on the nature of the product, it may need a refresh to modernise it and keep its appeal. Even if your product is still on trend, it can be easy for your consumers to become tired or jaded with it and no longer want to buy. A branding refresh can make it stand out again and seem new and exciting!
Your Branding Assets Need a Refresh.
Your branding’s visual assets or tone of voice can become stale as trends and styles in marketing change. The stylised font that once served your logo well is overused and looks dated, or your serious tone of voice may now sound out of place.
The refresh could involve simple changes from smartening up the logo or updating the colour palette to a complete branding overhaul.
Your Sales Need a Refresh.
Sometimes a product just doesn’t sell well despite meticulous research, a solid branding strategy, and stunning assets. Rebranding can help give sales a refresh and a much-needed boost.
To Recover From a PR Disaster or Negative Branding!
Branding done well will encourage your consumers to associate your product with good things by invoking positive emotions; however, as with anything, things can go wrong. If your product is associated with an accident or other adverse event, it can undo all your hard work. In such instances, a new branding strategy is necessary to reassure the public that your product is safe and trustworthy.
What Can You Do if Your Product Needs a Rebrand?
If your product needs a rebrand for whatever reason, you will need to choose to either do this in-house if you have the skills or outsource the project to a suitable branding agency. Using a third party to complete the rebrand has many benefits, such as:
- The agency will give you an objective viewpoint and come up with fresh ideas and directions.
- They have vast experience, knowledge, and creative talents on their payroll.
- It can save you from the usual internal politics that creating something in-house can cause!
- Let’s face it when working on our own projects, it’s very easy for them to slide as other work takes precedence – outsourcing the project can ensure deadlines are met and save you valuable staff hours.
- A branding agency will be up to date on all the trends and the latest techniques and technology.
- The investment should work out to be cost-effective and save you money in the long run.
