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Rebranding vs Revamping

19 Sept

Rebranding Products? Why, Who, What?

First things first! We need to establish that rebranding and revamping are two very different terms. Rebranding includes reworking pretty much everything in your company, it’s a large scale change. It is also linked to repositioning your market. While revamping is not so drastic, think of it more like a partial change, a touch-up. Regardless of which one you need to do, always consider the key factors of a business plan:

  • Your vision
  • Your mission
  • Your values
  • Your brand personality and voice

There are many companies out there rebranding products, but not all efforts are fruitful. Take for example the orange juice company Tropicana. They had a massive rebrand and also decided to change their packaging in 2009. The intention was to create a simpler packaging, to come up with a new colour pallet, and then launch new marketing campaigns.

As you can tell the product is quite different visually. Surely, Tropicana aimed at increasing sales and yet they failed miserably. What actually happened is that customers failed to recognise the brand. It was just too far visually from what it used to be. They made it look like a cheap brand of generic orange juice, simple and critical to their business. The results showed that their sales dropped as much as 20% before they realised it was time to revert and stick to their original product packaging. We need to learn from Tropicana and their mistakes and understand the three important Ws in rebranding products. The Why, Who, and the What?

What to consider when rebranding?

According to Edelman, 81% of customers say that they need to trust the company to buy from them. Surely you would have guessed that, but it’s not that simple. Trust is built over time and people can not take your word for it when you say that your product is good. As previously discussed, this is where your mission, vision, and values come in. Make sure you have a clear statement of these on your website and show that you care about your customers.

According to another statistic, first impressions matter. Apparently, it only takes 0.05 seconds for a person to form an opinion of your website. Do not forget this is very much a game of visuals. To figure out what to consider when rebranding, ask yourself this: why do I want to make these changes, who do I want to reach (who are the people using my service/product) and what results do I need to achieve my projected goals. Reminding you about doing your homework again guys, always do in-depth research and then analyse the information. Drastic changes can be good for your business, but don’t go down the Tropicana way. We know it’s a lot of work so if you need a helping hand from experienced professionals or you simply don’t have the time to think about what to consider when rebranding, just give us a shout.

What about Revamping a business?

If you are not too keen on an entire rebrand, there is always the option of revamping! Sometimes small changes can mean the world, especially if you know your customers already love you. In terms of getting there, you can take these easy steps for revamping a business. We understand that your budget is not endless, please remember that you need to constantly give to your business to get something back. Keep your budget flexible is a must especially for small business owners. Understanding that business trends change is essential and you need to change with the flow. Go back to your initial business plan, check if you have anticipated that in a few years the market might be different and you may require a different budget to keep up. If this is not in there, it should be. Don’t think that the same marketing strategy and metrics based on outdated market research will keep bringing you profits. Your employees finding it more and more difficult to reach their targets would be the red light you are looking for. That red light is saying you need to think flexible, change things up a little bit.

Another thing about revamping a business might be to simply start using new technology related to cost-cutting. There are thousands of new applications available looking for you, but are you looking for them? This year, due to the pandemic for example people started using Zoom. In case you haven’t heard of it, Zoom is a piece of software that allows people to connect and have virtual meetings. They even introduced hosting virtual ceremony awards such as the BAFTA awards and the Emmys. Zoom won a few awards too in 2019, the software company was voted the best cloud software for a second year straight. Zoom also won Best New Business Communication Product too! That little piece of software allowed millions of people to stay connected in this unprecedented era of lockdowns and ensured the continuation of multiple businesses. So go with the flow, don’t be afraid, and again do some research.

Let’s not overlook your brand personality and voice. According to Edelman, 64% of customers would buy or boycott a brand because of its position on a political or social issue. While in the process of rebranding products and services, please remember: your brand, your voice, your values. Don’t be hesitant to take a stand against something you feel is wrong, show your support for others. You need to distinguish yourself, not blend in. Your customers want you to be vocal about hot topics, check the news, and share your view. It can be that little thing that will make a huge difference for you. Let your mission, vision, and values be the foundation of your voice and you can’t go wrong. So which one do you think you need? Rebranding or revamping? Share your thoughts with us on Insta or drop us a message so we can help!