Shifts in preferences, tastes and customer behavior are a common occurrence in any given industry. In an effort to keep up with such changes, businesspersons are required to invest in rebranding efforts as well as new marketing strategies. Below are common rebranding mistakes, challenges, and the best way to avoid and overcome them.
Untimely rebranding
Many investors do not consider the seasons that they undertake such operations. It is important to note that all markets experience a low, followed by and open season for business. In case you rebrand your products during the wrong season, you are likely to suffer huge losses before your clientele familiarizes with the changes.
To counter this problem, make certain to rebrand during the low season, so that by the time the season opens, the market is familiar with the new look of your products. In return, you get to keep your market share, thus avoiding losses in the process.
Inconsistent messaging
Remember that you are only changing the face and quality of your products, and not the intended purpose of the same. The new look product should therefore not contradict the former either in the message you intend to bring across, or the intended uses of the same. You can employ location based advertising for reliable results.
Rebranding without sufficient reasons
Competition is one factor that makes investors rebrand their products. When the competing investors rebrand their products, or new products come into the market, one is pushed to do something to maintain their grasp of the market. This in many instances results in a popular item losing favor from customers as the new looks are not as appealing as the former.
A wise person should always conduct a detailed research to determine whether the market is satisfied with their product as it is. The investor then decides whether to rebrand or maintain their items in their current state, in accordance to the client preferences.
Improving the look but not the value of the product
If your products need rebranding, it means that the market is looking for better quality as well as appearance. Many investors will concentrate on improving the packaging and totally disregard the quality of the items inside the packages. In the end the investor is likely to face similar problems as the clientele is not fully satisfied with the new look products.
Therefore, it calls for a wise entrepreneur to improve the quality and attractiveness of their products. Doing this ensures that the client base gets better looking, high quality, and overly appealing products to settle for.
Failing to advertise the new look products
There are those manufacturers who will assume that since the products are already in the market, there is no need for further advertising. Most people end up regretting this mistake. In this era of counterfeits products, it is vital to keep your clients informed about the products you avail for their consumption. You then need to invest in advertising the changes to retain your trusted customers and attract new ones in the process.
Ensure you make your rebranding successful by avoiding these mistakes. It will help you grow exponentially.
