Rebranding your business begins by conducting a thorough brand assessment to understand what message your organization is sending.
Rebranding is the act of a company or organization re-inventing or retooling its message or appearance. It’s a complex process that goes far beyond simply selecting a new logo and printing new stationery. You must decide on your brand’s voice, message and marketing story all at the same time. The first step is undergoing a brand analysis to assess your organization.
In part one of this series, we’re going to discuss the brand assessment process. This process will help you decide how to conduct the rest of your rebranding efforts by allowing you to understand your market as well as set goals for the future.
What is a Brand Assessment?
The brand assessment process is the first step in rebranding your organization. This process calls for thoroughly understanding your starting point, defining your competitive edge and creating trackable goals. After you’ve completed this process, you’ll be ready to proceed with your rebranding efforts.
Step #1: Where Are You Starting From?
Begin by establishing a firm understanding of your starting point. Look at the status of your business as it is now.
- Market trends. What market trends are impacting your industry? How will these trends affect the future growth of your company?
- Technology. Are there any new technologies coming out that could impact your business? Are you keeping up with the technology, or falling behind?
- Competition. What could replace your product or service? Make a list of competitors and top brands. What are they doing well? How is their branding surpassing yours?
Looking to the future begins by looking at the present. Answer each of the above questions thoroughly to help you understand the starting point of your rebranding effort.
Step #2: Define Your Competitive Edge
Quite simply, what sets your brand apart? Defining your competitive edge helps you understand what you should highlight with your rebranding efforts. As you hone in on your competitive edge, you’ll have a better idea how to rebrand your organization to appeal to a wider or more responsive customer base. Try to avoid broad statements such as, “our customer service sets us apart.” What about it makes it different than any other company’s customer service?
Make two lists about your business: advantages and disadvantages. What do you do in your industry that nobody else does? What do other businesses do better than you? Having a firm understanding of your advantages and disadvantages allows you to craft your rebranding efforts properly.
Step #3: Create Goals and KPI’s
You should be absolutely clear about what you want to accomplish with the new brand. Create metrics and measurable KPI’s (key performance indicators) that will help grow your company. Plan as much as possible when creating your new brand. Plan for growth, and create KPI’s that will help you track the success (or failure) of your rebranding efforts. Look to your company’s past to help determine which KPI’s are worth tracking as you move forward.
Before you print your new branded packaging, business cards, letterheads, brochures, or folders you should be well aware of how your new brand is going to impact your growth. Don’t worry, in Arkansas, when you’re ready for your new branding materials, Arkansas Graphics has you covered!
Rebranding is a great way to revitalize your business and gain new customers or clients through an adjusted message. Are you ready to start rebranding? Call Arkansas Graphics today at 501-263-2649 and find out how we can help with all your corporate identity and rebranding needs. And be on the lookout for part two in our “Rebranding Your Business” series.
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