Thanks to the economy, many businesses have reinvented themselves. That may mean offering new services, eliminating some products, pursuing new markets, or moving in a completely new direction. Done right, reinvention could be the best thing ever. Avoiding it could lead to obsolescence.
Often, businesses attempt to “refresh” their brand, rather than doing what’s really needed – a total brand overhaul. Change is always a risk, but sometimes it’s the right thing to do, if:
- Your values have changed. YMCA became the “Y” to become more inclusive and shed its religion/sexist bias.
- You have a crisis. Tylenol’s tampering recall was a marketing disaster. A confident packaging program helped to re-ground the brand.
- You are the leader but you look like the underdog. Federal Express changed its identity to FedEx, surpassed its competitors and never looked back.
Brand reinventions fail when the plan to reinvent turns into tactics that are more like tweaks. Here’s how to avoid the tweak:
- Ban “design by committee.” Involve all of the influencers up front then assign one person to lead the project. Every brand needs a champion.
- Do smart research. Conduct research early, thoroughly and often. Talk to consumers before you start. Loyal and potential customers can provide surprising gems of insight.
- Test new designs against new positioning. Consumers will often be more comfortable with the current look, but if your objective is to reposition the brand, beware of playing it too safe.
Are you ready for a brand reinvention? If so…
- Make sure that your product is good. Restaging a brand to compete with an innovative new competitor will only go so far if the product itself is weak.
- Anticipate roadblocks and deal with them ahead of time. Get the decision makers involved early on and keep the project moving fast.
- Measure success by measuring brand relevance and sales. Sales may not rebound overnight, but gauge if your sales team is more motivated and your buyers more interested.
Ready to reinvent or refresh your brand? Contact Electrum Marketing to conduct your brand audit, facilitate a brand strategy with your decision makers, and train and monitor your staff to delivery it effectively.
Based on an article in Advertising Age