Savvy companies realize they must evolve their marketing approach to prospective target audiences to remain relevant and with the times, or risk fading into oblivion. Over time, market conditions change and it is quite likely that businesses will face the challenge of rebranding. Below are several circumstances where business owners and marketeers might find rebranding vital to business growth.
1. Expressing Corporate Change or a Wider Offerings Message
Perhaps a small federal government systems integrator has been marginally successful as a subcontractor to larger prime companies like Northrop Grumman or CACI, but the CEO realizes that the market is ripe for him to grab a greater slice of the profit pie in training and consulting for similar types of systems integration products. So he begins to sell training and consulting services and starts having workshops for his prime contractors twice a month for a small fee. This is a perfect opportunity to rebrand while incorporating the new offering into the business plan.
2. Know your Niche. Moving a Brand Up-Market
Sometimes a company starts small and does well, so it expands to get the word out. As it expands, it’s becomes clear there are a few common denominators in its audience profiles that indicate the audience buying behavior. If your products become more easily identifiable as industrial, mid-market or high-end, then change your marketing to better identify with that market. This is an excellent rebranding opportunity to capitalize on for future business success.
3. Moving Away from a Negative Experience or Image
It is an unfortunate fact of business that sometimes negative experiences occur and taint a company’s brand. Whether it’s an unsuccessful launch of a satellite office or a misinterpreted or ineffective marketing communication, any occurrence that diminishes a corporate brand in the public’s eye could indicate now as a plausible time for rebranding, and get your marketing in gear.