Despite the recovering economy, many once-revered U.S. business are still struggling to restore their damaged reputations. Consequences of a damaged or weak brand can include decreased sales, negative press and a loss of investors. All of which can be devastating your company. A company’s reputation can be salvaged, if you approach it in the right way and use the correct tools. Use these ideas for your guide when you choose to embark on the journey of re-branding.
Define Your Business
The first step in re-branding your company is to define your business. As you work to figure out what your business is, you should also consider how it provides value to your customers. According to the marketing professionals of Orange Soda, This process not only helps customers figure out who you are, but it also helps you develop a purpose and vision for the future of your business. Clearly defining your business can allow you to discover new value and unlock new potential in your brand.
Build Your Brand
Once you have defined your brand or (redefined it), the next step is to begin building it (or re-building it). Your brand platform will be the foundation of your business. It will influence nearly every aspect of your company. For this reason, it is essential that you have a clear vision statement that outlines your plans for the future. You need to find a way to incorporate this vision into all ares of your company in order to make it almost tangible to your customers.
Design an Identity
Once you have a firm platform, you can begin to deliberately name your brand. This is a process that you are entirely in control over. Using brand principles, you can direct and guide the development of your brand identity. This allows you to design an identity that will stand out in your industry. For example, if your company sells biking equipment, design your identity using the core principles of your brand and the personality traits of your imagined clientele.
Tell the “Story” of your Brand
Creating and sharing a compelling story is a great way for customers to connect with your brand. You want to craft a story that will capture interest and make people want to share it. Ultimately, your brand story should reflect the principles and personality traits of your business. You need to incorporate this “story” or these values in all parts of your business, so your customers really have something they can relate to.
If your business is dealing with a weak or tarnished reputation and you are not sure where to start, there is help available. There are plenty of marketing firms that specialize in providing marketing services to businesses just like yours. If you are unfamiliar with good marketing practices (and perhaps you are if your brand is not strong) don’t be hesitant to turn to the professionals. They can help you get back on your feet and present a strong front to those who have known your company in the past as well as potential customers.
Do not be intimidated by a damaged reputation. Although strengthening or re-branding your company will take some time, doing so can reap major benefits for your company. Don’t start with this sort of undertaking if you aren’t prepared however, nothing is worse than trying to re-brand your company without doing the proper research and making changes. You’ll have to do more than change your logo or website to win back (or win over) customers, so make sure you’re second attempt at branding is much stronger than the first time around before you start on that path.