What is rebranding and how does it add value to your marketing strategy, if at all? As the title of this article suggests, this is a very pertinent topic and needs to be explored in depth. So, what is branding, rebranding, and what is a marketing strategy? As the song from the musical, “The Sound of Music” states: “Let’s start at the very beginning. It’s a very good place to start.”
Branding and rebranding?
According to the Entrepreneur website, branding is “the marketing practice of creating a name, symbol or design that identifies and differentiates a product from other products.” Following on from this, rebranding, in a nutshell, is then the practice of renaming and recreating the unique identifiers that differentiate a product from other products.
What is a marketing strategy?
According to the Business Dictionary, a marketing strategy is an “organization’s strategy that combines all of its marketing goals into one comprehensive plan.” In order to develop a good marketing strategy, marketing strategists should do the necessary market research and focus on the right product mix with the end goal of achieving maximum profit in order to sustain your business.
Ergo, it makes sense that the branding and rebranding of products form a core part of your company’s marketing strategy. There are specialist marketing strategy firms who make it their business to provide guidance on the development of a successful marketing strategy. If your company does not have expert in-house marketing strategists, it is a good idea to consider consulting one of the brand consultant Sydney like BrandQuest when putting together your marketing strategy.
Upon reflection, it is a good idea to consult a marketing strategy consulting firm even if your company has expert in-house marketing strategists. The return on investment (ROI) that needs to be taken into account when developing a successful marketing strategy makes it worthwhile to involve external experts in this field.
Should a product be rebranded?
The creation and development of a product brand is a costly and time-consuming exercise. A large part of the development of a brand is taken up by market research. What are the market expectations of the product and what will encourage the consumer to purchase the product?
Once the brand has been launched, it becomes obvious that the product does not appeal to the consumer. In other words, the outcomes of the branding exercise are not what the company expects, and the market has not accepted the branded product as anticipated.
There are many reasons for the lack of market acceptance of your branded product; however, at this point it suffices to say that you need to decide to either take the product off the market or to rebrand it. The final decision is solely based on the ROI, or which option is going to maximize your company’s investment in the brand.
Consult a rebranding agency?
As stated earlier, the rebranding of a product is a costly and time-consuming exercise. You have to decide whether it is a viable proposition to rebrand a product. This is where a help in rebranding business from BrandQuest comes in. They employ rebranding specialists who are able to do the necessary market research and help your company decide whether it is worth rebranding the product, and if so, how to go about rebranding the product.
As demonstrated above, under the right circumstances, rebranding a product does add value to your company’s marketing strategy.