This lesson is all about revitalizing your brand! Our expert, Beth James, talks all about how you can revive your brand and rebrand. We discuss how to acquire new customers but still keep your old ones. Finally, we incorporate the importance of authenticity in the rebranding process!
Transcript
Brand revitalization is a process that a business goes through to update their identity or to refresh their image in some way. And it usually happens when a business has kind of declined in the market or it’s not performing to the best of its ability. And usually it’s when it, when they want to start attracting new customers or refreshing their identity. It’s basically looking at a brand that is declining a little bit and looking at ways that you can really bring it back up to speed and attract new customers to the business. First step is really to review what is working and also what is not working. I guess one of the most important factors is looking at your current customers, the people that you currently have versus the target customers, the people that you want to have and the type of people that you would like to appeal to. And really it’s a deep study or exploration of those customers. So kind of looking at what are their needs? What are their desires? What are their behaviors, where are they hanging out online or offline? And just really getting a good understanding of who those people are that might be drawn to your brand. And then kind of looking at it from the other side at your product, at your service and kind of trying to look at what is making you unique for those customers, right? And connecting the dots. So that also means a deep study of your own business and your own, maybe your personal brand, what makes you unique as well, and all the kind of special attributes about your brand or your business and trying to marry that together with your customer needs. So I would say yeah, the first step is to really look at those customers and then really assess yourself and see where you fit into their lives.
I think retention, you know, keeping old customers is very important because a longer term customer has more value in the long run than a single use customer. Right? That’s the fact of the matter is. So you want to, you want to keep these customers, but you also want to attract new ones. So I would say it comes down to a segmentation strategy, right? So it’s about dividing your audience into sort of old customers and new customers and really creating a message for each of them or tailoring a message for each of them that kind of suits their particular needs or behaviors. You can have your clear brand identity that is, but then create a special message for those new customers to draw them into the net. And then also spend time taking care of and valuing your older customers as well, through extra care going above and beyond for these customers. They’re all ways to keep those older customers retained as well as creating a new message to draw in the new customers but still coming off the same base brand identity. So it’s about understanding that you have an older group of customers that have been with you for a while and understand you and know who you are and then there’s new customers that you want to draw into the fold. Right? The deal is basically you have to look at how identifying who those new customers are, where are they hanging out, what kind of message might resonate with them. And then looking also at the older customers and seeing what would be a value for them to stay on board and maybe creating personalized messages for them or campaigns that are directed at customers who are already familiar with your brand and business. Yes, so you don’t change your overall brand, but you essentially segment your audience into two parts and create special messages for each segment. So essentially you’re not changing your brand identity. You are who you are, but you speak to different audiences in different ways.
Brand authenticity basically means creating a brand out of a place of truth. So it’s about getting to your core truth as a business, as a brand, as an identity. It’s about knowing really what you stand for and what is special and unique and interesting about you specifically, right? What is authentic to you? So in the rebrand process, I think it’s really important to assess yourself if it’s your brand or assess your business, if it’s your business, and really look at the special story behind that that is authentic to you because that is your truth, right? That’s your core branch truth. And if you can figure that out in the rebrand process, you can kind of pull it forward in your storytelling and your communications in your messages and in the way that you interact with customers. It all comes from that place of truth and authenticity. That is you really so yeah, that, that I I believe is a very, very important part of the rebranding process.
