David McManus / November 28th 2018

#Rebrand2019 – Increasing revenue


A wide-range of factors cause organisations to consider rebranding.

Firstly, business markets are a rapidly changing competitive environment: new brands launch and established brands innovate. It’s never been easier for passive brands to be left behind. Secondly, customers’ needs are constantly changing, a brands existing position is easily blurred if they do not keep up with consumer demands. Finally, new innovative ideas, development of new distribution channels and new ways of promotion, all lead to increased competition, forcing organisations to go back to the origins of their brand development and inevitably, starting over.

The fundamental question is: How can you adapt to environmental changes that occur frequently, but unpredictably, and maintain a market position? An organisation has to monitor changes in the main components of the business environment, and draw conclusions regarding their need for changes.

An effective tool to gain a competitive advantage is a quality rebrand. The best brand identity allows organisations to be adaptable to consumer needs and market trends. In the first #Rebrand2019 blog post, we’ll describe how rebranding can increase revenue and sales.

 

Analysing your market position

 

The first step in improving revenue and sales through rebranding is to analyse why your brand is experiencing a lack of growth. Below are 5 key questions your business must consider.

  1. Is there a competitor who has been picking up steam in your market and picking off some of your clients?
  2. Do both you and your competitor have the exact same message, value proposition, and/or position? Do you feel like you are twins?
  3. Has your direct web traffic decreased over the last year or two because people aren’t as interested in finding you by name?
  4. Do you feel that what you are offering is boring, stale or tired?
  5. Has the cost of acquiring a customer gone up exponentially?

 

A rebrand will increase revenue by…

 

Attracting New Customers

 

Possibly the most important reason to consider rebranding is to attract new customers to your products or services. New customers need a reason to give you a shot at earning their business. Prove to your target audience that you are relevant and a market leader by refreshing your brand identity and message.

 

Exciting Existing Customers

 

It’s just as important to keep existing customers engaged. If your audience sees the same logo, hears the same jingle, and sees the same ads over and over, they may start to ignore the repetition. Rebranding means you can re-engage your current customers in a new and exciting way. Just be careful that you aren’t throwing out the baby with the bath water.

 

Building And Maintaining Loyalty

 

There is a proven saying about business sales, “It’s cheaper to get past customers to purchase again than it is to find new customers”. Not only is it more affordable, it is also much easier to achieve due to the creation of trust, which good branding helps to foster. By building loyalty through a consistent brand experience, you will not only help to drive baseline revenue through consistent sales but also acquire customers who will become advocates for your business and brand.

 

Differentiating Your Business

 

Marketing, or brand positioning in the marketplace, is very important for brand visibility and awareness. It helps to make your business more unique and memorable. This directly affects sales. The more control organisations have on the positioning and perception of their brand, the more they can control their pricing.

 

Conclusion

Rebranding is a big and exciting undertaking, and the best way to ensure your success is to clearly identify your plan of action. If you’re looking to rebrand your business in 2019, call the Straightedge team today on 020 7075 6142.