Read more about Business
However, the rebranding process is delicate and requires careful planning and execution. If you’d like to know how to go about it, here are steps you can take to execute a successful product rebrand:
Determine the Need for Rebranding
Before embarking on the rebranding journey, it’s essential to understand why the change is necessary. Are sales declining? Has the target audience changed? Is there new competition that’s impacting market share? Conduct market research and gather insights that provide solid reasons for the rebrand.Set Clear Objectives
Identify what you want to achieve with the rebranding. This could be enhancing brand recognition, reaching a new demographic, updating the product’s image, or aligning it with a revamped company identity. When you’re clear about what the exercise is for, you’ll be better able to approach it with the right kind of effort and resources.Engage Key Stakeholders
Ensure that every member of your team, from product development to marketing, is onboard and aligned with the rebranding objectives. After all, it’s a process that’s significant for your company or startup as a whole. The insights and feedback that your team members give could be crucial for drawing up and implementing changes that’ll move the market as you hope.Conduct Market Research
This involves surveying the mood and opinions of people in your user demographic, in order to ascertain current market trends, audience preferences, and competitive analysis. You’ll want to determine how your product fits into the current landscape and how rebranding will enhance its position.Sign up for the Connect Nigeria daily newsletter
Develop the New Brand Identity
Sprucing up your product’s look and feel is a big part of the rebranding process. Here’s where creativity comes into play. The new brand identity might include a new name, logo, packaging, and even product enhancements. Just make sure the new identity aligns with the objectives you set.Test the New Brand
Before a full-scale launch, test the rebranded product in select markets or with focus groups. Gather feedback to see if the rebrand resonates with consumers. This move gives you a peek into the thoughts that your typical customer will likely have about your rebranded product even before you do a formal release. With this sort of information at your disposal, you’ll know what needs tweaking to make your product more acceptable to potential users.Develop a Launch Strategy
Be intentional about how you roll out your rebranded product. Come up with a launch strategy that’ll make the eventual release of the product a success. This might include a marketing campaign, PR efforts, and other promotional strategies.Communicate the Change
You need to communicate why the product is being rebranded. Use clear messaging to inform both existing and potential customers about the changes and the reasons behind them. If existing customers feel left in the dark, they might feel alienated. And that won’t augur well for your product’s performance in its market.Monitor and Adapt
Once the rebranded product is launched, keep a close eye on how well it does. Monitor sales, customer feedback, and market responses. Be prepared to make tweaks based on feedback.Register to attend the CN Business Mixer
Final Words
Product rebrands are a response to one or a number of conditions internal or external to the businesses that undertake it. If you’re going to rebrand a product of yours, you’ll need to come up with a clear plan of action that’ll guarantee success. The steps we’ve laid out here are just what you should include in such a plan. Featured Image Source: T. E Digital MarketingGot a suggestion? Contact us: editor@connectnigeria.com