Rebranding a company or product is an amazing experience.
Who doesn't love reinventing something? It's exciting and fresh. It gives you a chance to make your mark and be a part of creating the future of your brand.
The only problem? Rebranding is usually a gigantic waste of time and money.
Don't get us wrong, there are certainly situations where a rebrand is what's needed. But these situations are rare; and suggestions or proposals for reconstructing a brand are not.
So we put together this guide to help you decide when a rebrand is the right decision for you. We'll give you a hint: hiring a new marketing director, hiring a new agency, or experiencing a sales slump are not good reasons for a rebrand.
Follow the path in the graphic below to find our recommendation for your company's unique situation. If you have any questions about where you end up, be sure to check out our FAQ under the infographic. Have fun!
I landed on "invest in marketing," what do you mean by that?
If you're not doing any marketing, a rebrand is unlikely to generate the results you seek. How much you should invest depends on your situation and your industry, but average effective marketing budgets are around 10% of gross revenue. Companies attempting to grow quickly will likely need to invest even more. We recommend starting with a marketing strategy and plan.
What are buyer personas?
Buyer personas are semi-fictional representations of your customers, based on real data about those customers. If you imagine your target market as an actual target, think of your buyer personas as the center of that target. We've got a whole article on buyer personas and how to build them if you'd like to learn more.
What do you mean by "talk to your target audience?"
Successful products and services solve their customers' problems and/or help those customers achieve an opportunity. If you're unsure whether your product or service does that, you need to do some customer validation by asking potential customers about their goals and challenges. This is the best way to learn if you're addressing a need and if your customers are willing to pay for you to address that need.
What's the difference between working on my messaging and rebranding?
Rebranding often involves changes to your name, logo, and/or other aesthetic elements in addition to creating updated brand messaging. However, by leaving your brand name and visuals the same and just making the messaging changes, you can better connect with your target audience(s) without the expense of a full rebrand.
How do I update my brand messaging?
Start with what you know about your customers. Think about their goals and challenges, as well as the language they use to describe them. Then, create a short value proposition that clearly and succinctly communicates the unique value that your product or service provides to that audience.
How do I build a marketing strategy?
The first step in building a marketing strategy is identifying your goals. From there, you can use past experiences and what you know about your target customers to map specific tactics to those goals to create a marketing plan. If you aren't experienced in creating marketing strategies, this is an area where it may be a good idea to bring in outside experts.
How do I track marketing metrics?
Begin by identifying the metrics that are most useful to you, based on the goals you're trying to achieve. Then, identify the tools that you'll need to track those metrics. For example, Google Analytics is a great free tool for tracking website traffic, Google Search Console is a great free tool for monitoring SEO performance, and tools like Databox allow you to display metrics from multiple sources in one dashboard.
Is there someone that can help me with this stuff?
We built Simple Strat to help companies build effective marketing strategies and use those strategies to grow. If you need help, a great place to start is with our free 30-minute consultation.