To a large extent, how customers feel about your brand determines the success of your business. A dwindling business concern with the right rebranding strategies combined with improved customer experience is certainly on the right track towards recovery and dominating its niche market. So is rebranding always the one-stop solution to a stuttering business fortune?
As you must have noticed from the foregoing, branding is holistic and goes beyond generating some nice logos, splurging colours on them, and creating new powerful taglines or any of the external attributes of branding. Branding, or like in this case, rebranding must be total and should be anchored on delivering your brand promises and significantly improving the customer brand experience matrix.
A business wanting to get great sales figures, brand awareness and patronage, and customer feedback and thinks rebranding is the big magic wand without focusing on brand value, better customer experiences and delivering on brand promise is on the cusp of going from bad to worse.
Let’s take the Diamond Bank rebranding example. Asides changing the logo, colours and other essential attributes of the brand, the bank significantly improved on their customer experience and relationship; complementing the efforts on a strategic communication and publicity drive that yielded the right results. They also launched new customer-friendly products and services which connected them even more closely with their customers and won over others, thereby increasing their market share.
Here are a few things to consider before deciding to rebrand:
Customer feedback: You’ll do well to note some specifics of customer feedback, as they can serve as a perfect pointer on whether rebranding is the right thing to do. When customers feel you genuinely care about their genuine observations and suggestions, then you could have got for yourself brand loyalists and ambassadors.
Internal perception: Do the employees, who are the engine of the brand, agree with you there is a reason to rebrand? Are they willing to make adapt to the changes the new vision demands? Answers to these key questions will help you capture their perception of your new drive and the level of involvement they are willing to undergo with you in the entire rebranding process.
New, higher expectations: Rebranding can be a tough call. Tough, not because of the change of the look of the logo and other intangible assets, but tough because rebranding means you’re making new brand promises and raising expectations. That, in itself, is a good thing; but is your brand fully equipped with the new capabilities it is advertising? External rebranding must match with internal rebranding (improved brand capacities); or you may have only succeeded in pushing your brand down a downward slope.