Every New Year brings new possibilities and opportunities. This is especially true for brands that want to better communicate with their audience and effectively reach their target market. Technology is ever changing, which strongly affects consumers. This leads to design and campaign changes – thus, ultimately changing brands that consumers know and love. Within the last ten years or so, many brands have been updating the look and the feel of their brand. This past year alone, big brands such as Calvin Klein, Kickstarter, Audi, NASCAR, Formula One, Activia, Chobani, ALDI, Coke, and many others have rebranded or refreshed their brand. So, why should your brand consider rebranding or refreshing it’s image? Here are just a few reasons: Innovation equals profit. By innovation, we mean how fresh and different your brand looks. If your brand is behind on the times, or doesn’t have a cohesive and consistent feel, your business could potentially lose the attention of your consumers. Your brand could also lose its credibility, and can look unprofessional. Consumers notice more than you’d think. Your brand’s look matters – it’s the face of your business. Take the time (and the investment) to get your branding right. Yes, your company’s branding will need to be refreshed or rebranded multiple times throughout it’s lifetime, but if it is done right, your company will acquire some noticeable profits. Not to mention, you’ll build more brand loyalty. Even little things can really make your brand stand out. Interbrand did a study on a few of their clients, and the ROI of their branding efforts gave their clients noticeable profits among their target markets. The fresher, the better. This is especially true if your brand’s consumers are Millennials, or if you want to gain an additional target market. If you want your brand to have a long and healthy lifetime, it is basically inevitable to go without a brand refresh or total rebranding of your company, at some point. Remember, upgrading your brand not only means changing the “style” of your brand, but also the look and meaning. For example, Fast Company did a study of Millennials vs. Boomers and how they associate with brands. This gives us a good idea how some brands are doing within their target markets. Thanks to digital devices making us so impatient, it is crucial to get your consumers’ attention within seconds. It’s not that every brand should take the current trends to heart, but keeping them in mind will allow you to know your target market better. Coke displayed a great example of this point in their latest Diet Coke Brand Restage First impressions matter. A lot of brands are using this as the reason why they are spending so much more on marketing and on their brand (especially if they are selling products in the retail industry).
- How does your brand stand out in your industry?
- How do your products top your competitor’s products?
- How do your marketing efforts match your audience?