We’re living in a changed business environment. Most SMEs and multi-nationals were impacted by COVID-19.
These shifts, which might have impacted your business, giving you a new perspective on the power of digital marketing and most importantly your brand equity. This time could have potentially damaged your company’s relationships with customers, particularly if they believed your brand should be slowdown-proof.
How do you know when it’s time to re-branding or reposition your business? If your company name is generic and similar to that of other businesses, you’re hurting your brand. If you have shifted focus and you need to now reset the future trajectory.
Rebranding can help your business stand out from your competitors’ by showcasing the things that make your company different and better. Even the best companies change their brand identity.
For example, did you know that Google started with the name “Backrub” or Accenture started out as “Andersen Consulting”?
Rebranding gives new life to outdated branding. Even the most successful businesses do.
Most recently we have had the pleasure to re-brand Performance Medicine a physiotherapy hub and Studio who supports performing artists across Australia and internationally.
If a company wants to outgrow their poor reputation. If your business is struggling to overcome a negative reputation, it’s time to give it a fresh start.
Sometimes, a business gets the opportunity to expand or target a new market. When that happens, the company needs to make sure that customers can still connect with the brands. Learn how we launched Multitap – a brand new product line from the giant American kitchenware Insinkerator into Australia market.
There’s a good possibility that your organisation would benefit from looking at your brand positioning and/or possibly re-branding, especially to improve your market position later this year.
Which is exactly what our client Verticali has just done, through their rebrand.. To be revealed June 2020!
Fortunately, we are experts in helping companies unlock the power of their brand position and the possibility of re-branding. But, first and foremost, we should explain why brand positioning should be a part of your core marketing strategy and be widely expressed in your digital communications arsenal:
What is brand positioning?
Please understand this term concerns the “how-to” of crafting marketing messages to fit well in the minds of your target market. You want consumers to think of your brand every time they need a product or service in your category. When you seek to define a brand, the goal is to create a distinct brand. The key is providing continuity via digital marketing techniques to drive awareness and maintain your position over time. Your brand’s unique selling proposition should be authentic, sustainable, and agile to support the future direction of the business and withstand major shifts in the economy.
Why is your brand position so important?
Over the years, we’ve helped many companies with repositioning their brand in the market and at times where appropriate re-branded companies. You want your target audience to understand why they should buy from your company. The brand selling propositions implanted in consumers/target market must be strong enough to help your brand increase its market share over time. The alternatives to growth are reaching a sales plateau or, worse, a decline in brand equity and sales.
If you don’t have a strong position, brand association, robust marketing strategy and or understand your customers, then you don’t have a secure business and or customer base. By a strong brand proposition, we mean that, when your buyers think of sneakers, they immediately picture your company’s athletic shoes. When there’s a weak brand association, consumers think of shoes manufactured by other firms.
Brand Equity
A common problem occurs when a business/firm or company doesn’t understand its brand equity. This term refers to the economic value of its brand perceptions. These differ from the real value of each good or service that a brand produces. Equity is earned over time by being market focused and customer focused. If the business doesn’t invest sadly all that hard work can be lost, take Kodak for example.
Revise Your Brand Strategy, Refresh, or Re-Brand
We’re here to help you revise your multi-brand strategy for the remainder of 2020. This means you can take this time to understand more about your customers, their perceptions of your brand, and the equity you own. This study provides you with the opportunity to either reposition, realign, or refresh the company in the minds of consumers. This is achieved through assessing existing messaging objectives and or through the evaluation of your brand position. It’s vitally important to get the consumer insight and formulate a strategy of how to increase your brand association if it has been damaged by COVID-19.
If your brand was already in trouble before the economic slowdown, then we might conduct new research into the current brand and map out the ideal brand territory. We are happy to share brand strategy examples that have worked for other companies. Just get in touch.
The Challenges of Creating a Brand
We understand it’s challenging to create a brand that holds up during economic uncertainty. We felt the effects on our own company. When we evaluate your current position and help you identify how to increase your market share with new initiatives, this process will include updating your brand positioning statement. This document helps everyone in the company as well as external stakeholders to understand how to strategically market the brand for higher economic returns. Brand positioning includes aggressively increasing consumers’ perceived values and real values of products/services.
We Can Help You Tackle Your Branding or Re-Branding Goals Today
At Digital White Space, we are focused on creating sustainable brands that are customer centric. Our marketing team has a long and successful history of refreshing brands, repositioning brands, and re-branding companies. Please get in contact with us to understand how we can help your business.
Learn more about our brand creation process here
READ MORE ABOUT US
DIGITAL WHITE SPACE
EMAIL; [email protected]
ADDRESS; Level 5, 171 Collins Street, Melbourne VIC 3000
PHONE; 0466 619 631
