Branding is vital for a business’s marketing strategy. A company’s brand is crucial to its success as it helps build customer trust and loyalty and improve advertising strategies. According to a Forbes feature on branding, in today’s age of social media, consumers are exposed to new brands every day. For any organization, this means big competition daily, therefore a need for their brand to stand out in the market.
Eventually, businesses reach a point when they need to rebrand. After all, marketing is a dynamic process, and there isn’t a one-size-fits-all approach. Organizations looking to build more organic relationships with their customers or attract new ones often rebrand to re-strategize.
Companies will benefit from following up on their rebranding efforts, including reaching out to customers for feedback or measuring ROI during and after rebranding. Comparing ROI should be a significant step in rebranding, as monitoring factors like engagement rate, sales, and revenue can provide valuable insights as to whether or not the rebrand is working. Rebranding is only one piece of the marketing puzzle to keep an organization relevant and current.
Article written by Rebecca James