Whether you want to attract new customers, improve your brand image, or stand out from the crowd, a rebranding strategy can help. A successful rebranding move can breathe new life into your retail business.
However, if you’re planning to completely revise the old brand, the entire process may take 12-18 months!
So, you must take strategic steps during these months to ensure your brand makeover is a big success. Here are all the strategies you must undertake!
1. Define the objectives
Define everything you hope to achieve from the rebranding. It might be to
- Attract the new target audience
- Tap into a new market
- Compete at a higher level
- Give a makeover to your brand image
- To simplify your message
- To launch a new service line
- The previous brand doesn’t reflect your business well
With clarity behind the reasons for rebranding, you can ensure that all efforts focus on particular objectives.
2. Perform market research
Conduct comprehensive market research and understand your target audience. If you plan to enter a new market, consider that target audience as well.
Identify industry trends and competitors and collect feedback from employees, customers, and remaining stakeholders.
This will help you identify the aspects of your current brand that are already favorable and those that need to be updated.
Study market data, competitor strategies, and consumer behavior to recognize various growth opportunities.
With these analytics, ensure the new brand resonates even more with the target audience and helps you stand out from competitors.
3. Redefine brand identity
Next, define everything about your brand identity. This includes not just the brand name and logo but also brand values and a mission statement. Other visual elements like typography and color palettes also matter.
Avoid hurrying while deciding on these and patiently articulate every detail. Decide what your new brand will stand for and how you want to be different from competitors.
Besides that, settle on a brand personality, voice, and tone. While selecting these, think about how you want the target audience to perceive you.
Lastly, remember that your brand identity must be memorable, consistent, and authentic. Only then can you convey the brand message and connect with the target audience effectively.
4. Update the digital presence
In this digital era, loyal customers are always connected with business websites. Whenever they consider buying products or availing services, they check online rates or whether their favorite business offers it.
On the other hand, potential customers check the website or social media accounts to find you.
So, if your business had a website and/or social media platforms before the rebranding, make sure you also update them.
On the website, update the content, brand message, color scheme, and designs. Optimize the website for search engines. Ensure that the old website redirects users to the new one.
For social media accounts, don’t remove old content. However, post a video about rebranding news, change the logo and about/bio/description, and update all other contact details.
You must also update other digital assets, like email templates, to stay consistent on all channels.
5. Share words with customers and stakeholders
If you don’t update your customers and stakeholders about the rebranding, they might even think that the company vanished into thin air! It can create confusion, and the transition might become rocky.
So, communicate the rebranding news to all customers, employees, and stakeholders. Share the reasons behind the rebranding and what it implies to your business in the following ways:
Email: Send an email to every email ID in your database.
Website: Whenever visitors go to the old website, redirect them to the new website and give a pop-up message about the change.
Press Release: People overlook emails and may not check your website for days. Thus, those aren’t reliable methods. So, the best possible way to share mass awareness about it is a press release from a reliable PR company in Dubai.
Seek a company that has connections with the best news outlets to ensure your target audience is informed. Through this, inform the world about your mission, vision, values, and more.
6. Monitor the extent of success
Track the efficiency of rebranding through key performance indicators, including website traffic, sales, customer satisfaction, social media engagement, and lead generation. If any metric isn’t favorable, make necessary changes on the go!
Conclusion
Rebranding is a major move for a retail business. However, with the right strategies, it promises you great results. So, start immediately and chase growth!