Rebranding your company is a costly and time-consuming exercise; consequently, you need to be very certain that it is absolutely necessary before you begin the rebranding exercise. On the other hand, each and every business needs to find, and maintain, a competitive edge or advantage over its competitors. Finding and maintain your company’s competitive edge is a continual process as new players enter the market and existing players either leave the market or change their marketing strategies to become the number one company in your marketing niche.
What is strategic marketing and rebranding?
According to the Business Dictionary, strategic marketing is the “identification of one or more sustainable competitive advantages a firm has in the markets it serves (or intends to serve), and allocation of resources to exploit them.”
Wikipedia defines rebranding as a “marketing strategy in which a new name, term, symbol, design, or combination thereof is created for an established brand with the intention of developing a new, differentiated identity in the minds of consumers, investors, competitors, and other stakeholders.”
Reasons for rebranding.
There are various reasons why rebranding a company or product is sometimes necessary as sooner or later your company’s image is no longer relevant. Some of the reasons for rebranding are:
- Companies sometimes need to change their corporate identity to be able to trade in foreign markets.
- Bad reputation. If a brand has developed a bad reputation irrespective or the reason, it is a good idea to rebrand otherwise it could cost you your business.
- Sometimes a brand does not do well in its current market niche, so it is rebranded to make an impact in a new market niche.
Consulting a strategic marketing specialist when rebranding.
Is it necessary to consult strategic marketing consultants when considering the option of rebranding your company? As with any decision, there are pros and cons to consider when making the decision. However, I think you will find that in this instance, there are many good reasons to consult with a strategic marketing specialist during the rebranding exercise. Here are 4 of the reasons why this is a good idea:
- As rebranding is a mission critical task, it’s best to call in the specialists to help you effectively rebrand your company.
- Rebranding is a very costly exercise; therefore, it is not worth taking the risk of having to redo the exercise a second or even third time.
- External consultants have the potential to look at your brand with another perspective. Because they are not intimately involved with your company, it is easier for them to see the bigger picture, be objective, and make creative and useful suggestions on how to effectively rebrand your company.
- Part of the rebranding exercise is to conduct market research and analyse the results. Marketing specialists often have specialised analytical tools which will help to effectively analyse and interpret the market research. This will impact on decisions that need to be made later in the rebranding exercise.
Although it is not a requirement when conducting a rebranding exercise, it is strongly recommended you consult a strategic marketing specialist when you are about to rebrand your company. You can’t go wrong with expert advice.