According to the Cambridge Dictionary, brand evolution is the process of continually improving a brand. It also includes improving customers’ and potential customers’ opinions of the company as times, markets, fashions, and consumer needs change.
The need for rebranding surprises some. They think that branding is something that’s done when you first start a company. However, for a company to remain successful for years to come, it’s important to adjust as times change.
Today, we’ll look at how brand evolution impacts your customers and the steps you can take to rebrand your company successfully.
Why Do Your Customers Care about Your Company’s Brand Evolution?
Whenever a customer is preparing to invest in a product or service, the question that consciously or subconsciously comes up is: what is in it for me?
Your brand needs to answer that question if you want customers to not only buy your products but also serve as loyal, repeat customers who tell others about you.
Every successful brand occasionally takes steps to rebrand its company and/or products. Here are some examples:
- Logos: Companies that have revamped their logos over the years include Baskin-Robbins, Levi’s, Apple, Canon, Starbucks, Microsoft, and Doritos, just to name a few. The new logos represent a move to a modern era. What worked a decade ago can look outdated now, which sends a message to your customers. You want them to think you’re on the cutting-edge. Something as seemingly small as a logo can have a major impact on customer perception.
- Products: Car companies, for example, regularly go through an evolutionary process. Each year, car designs and features change. Even cars that have been popular for decades (VW Beetle, Ford Mustang, Dodge Charger) get an upgrade every few years. Each “generation” of these vehicles consists of something old and something new – features that identify them as the car people love but with updates that make them even more impressive than the previous generations.
Even Televerde has evolved, with the evolution of the B2B landscape and customer journey, since its inception in 1994. Doing so has allowed us to stay current and appeal to our target audience.
The Benefits of Brand Evolution
Putting your company through the rebranding process takes time and effort. In the end, everything you and your team put into it will be worth it. Here’s the ROI you can expect to receive.
- Reach new customers: While attracting new customers is important for general company growth, it’s especially important if your sales have started to stall or you’ve started to lose customers. Re-branding attracts attention from existing and potential customers alike.
- Distinguish yourself from the competition: Your company might sell something similar to your competitors, but there are things that set you apart. How are your customers to know that, though? Show off your company’s uniqueness through re-branding and marketing efforts.
- Stay current and relevant: Something as simple as a logo can send a message to your customer base that you pay attention to trends and details. If you’re willing to focus so carefully on something like a logo, it stands to reason that your company is just as detail-oriented with the products and services you provide.
- Show customers new products/offers: If you want your company to grow, you’ll likely go through occasional product/service changes. These changes can include brand-new products or adjustments/improvements to existing offers. When your brand reflects those changes, it grabs customer attention and shows them that it’s time to invest in an upgrade.
- Reflect your company’s values: Growth doesn’t just happen when your company comes out with a new product. As changes in society or at the executive levels of your company occur, the overall values of the company might need to be highlighted or reevaluated. A current example of this is professional sports teams. Due to the spotlight on discrimination and race in this country, some teams are now changing their names and going for a complete brand overhaul.
- Improve your company’s bottom line: One of your main goals is for your company to enjoy a healthy profit. Rebranding helps you do that by helping you appeal to your customers throughout the customer lifecycle marketing. You’ll also be able to showcase your company’s expertise, showing your customers that you can take care of their pain points and make their life and work so much easier. When customers see that, they’re more likely to invest with you.
When Should You Consider Rebranding?
If you face the following scenarios, your company should consider a brand evolution.
- Your company is under new leadership
- You decide it’s time for a makeover
- Your company is going through a merger or acquisition
- Your customer base has evolved
- You want to reposition your brand
- Your company has gone international
- You’re trying to improve your company’s reputation
- You realize your brand is too similar to another company’s
Re-Branding: Steps to Achieve a Successful Brand Evolution
Follow these steps to ensure the successful launch of your company’s rebranding campaign.
1. Get Your Whole Team Involved
The first thing to do is to get input from your entire team. Listen carefully to everyone’s ideas/suggestions so that the end result reflects the entire company, not just one person.
2. Consider Why Your Brand Needs to Evolve
Outline why it’s time for your company to course correct. Doing this allows you to come up with ideas for marketing – not only during your rebranding campaign but beyond that. Regularly sharing your company’s values will help you with customer retention.
3. Stay Consistent with Your Messaging
Every marketing decision made should represent your company’s current vision. Staying on message appeals to your ideal customer base.
It’s also essential for marketing materials to be consistent as well, including your:
- Brand colors
- Brand imagery
- Messaging voice & tone
- Social channels
- Company name
Always Keep Your Customers in the Loop
As you take steps to revamp your brand, make sure to keep your customers in the loop – especially if you plan on a complete overhaul. It’s easy to confuse people, particularly if you have not changed your brand’s look in quite some time.
The great thing about informing your customers is that it starts building interest and excitement around your brand. Use this to your advantage and turn it into a marketing campaign to increase the ROI of your brand’s evolutionary journey.