Innovation or rebranding? How to choose the right change for your business
Business is bound to change. It is impossible to avoid stagnation or decline if there is not enough of it. Only dead things can change. While a living organization needs to evolve, not all types are ideal.
Innovation and rebranding are two common forms of business evolution. Both of these terms indicate change but they are quite different. Before you decide on a path for the brand, it is important to understand what each term means.
Innovation: A definition
Let’s begin with the definition. Merriam-Webster defines innovation as “a new idea or method, or the introduction or modification of something.”
It is the idea of creating value through the creation of new ideas. Innovation at Work is evident in the introduction of the smartphone, and tablet computers. Other examples include:
- Automobile.
- The assembly line.
- The plane.
- Electric vehicles
- Plastics made from biodegradable oil
It’s more than just inventing new things. It is also about the process that makes it possible. Without the continuous miniaturization and improvement of microchips, smartphones and tablet computers wouldn’t have been possible. Touchscreen technology is just one example of the many products and processes that have come together to create something new.
How to innovate
Organizations love to be innovative. Many organizations even include it in their mission statement and tagline. There is a big difference between being innovative and actually innovating. Is your company innovative? Let’s look at some key questions.
- Are you convinced that innovation-driven growth is essential to your success? Are you able to identify a set of cascaded goals that will help you move forward with your growth plan?
- Are you able to identify a range of projects that are both time- and risk-based? Do they have a consistent description? Are you able to allocate the appropriate resources for each one?
- Are you able to outcompete your peers in your industry by launching innovative products and services before others?
- Are your innovations being launched at the right scale? Are they being placed in the right markets?
- Are you able to motivate, reward and encourage your employees for their focus on innovation, experimentation, creativity, and other attributes?
You aren’t innovating if you answer anything other than “yes” to these questions. You are likely to be behind your competition.
There is still a lot to be understood. How do you invent and how do you hedge your bets when you do?
As an owner of agency, my focus is more on innovation to scale, scale, or accelerate if there is a race for market share, and less on conservative factors like risk-balanced programs.
It is important to consider your options and resources. Some potential products may be more targeted at niche markets, such as luxury goods or apps for smartphones. Others products could have a wider market. Social networks, for example, can scale globally. However, many factors, such as network focus, will impact this.
Before pursuing any product or service idea, innovators must first determine its reach and potential impact. This is how you will allocate resources and assess the risks. You can always scale up in the future, but that is a big mistake in today’s highly competitive world.
You must ensure that you have the resources and capabilities to quickly bring your ideas to life. This will help you stay ahead of the pack. Prepare for a complete rollout. Make sure you have the right partners, distributors, suppliers, and manufacturing facilities in place before the go-live date.
Rebranding: A definition
Rebranding, on the other hand, is defined as “to modify or update (a brand, product, or service)’. ).”
Rebranding refers to a commitment to make significant or superficial changes. Many assumed that the Kia logo change in 2021 was the end of its rebranding efforts. But that was only the tip of an iceberg. According to Kia’s press release, it was intended to “signify” the automaker’s bold transformations and new brand purpose.
Consider these things before you rebrand:
Creating a brand identity new or updated requires a budget and a timeline. A rebranding project can take anywhere from 6-12 months depending on the complexity. Rushing the process often backfires. A brand audit is a must before any project. This will help you see all the possibilities and identify the areas where there are gaps.
Rebranding is like innovation. It requires a lot of research. It is necessary to establish a sense of:
- Who is your customer base?
- What they think of your brand.
- How can this perception be changed?
You can also use research to identify growth opportunities in the future and determine the resources and capabilities required to take advantage of them.
You will need to do more than just research. Your rebranding efforts won’t be successful without one. Take Kia’s 2021 brand rebranding as an example. The automaker could have simply changed its logo or tagline and its customers would have quickly spotted the gimmick.
Kia instead has focused on reinventing its vehicle lineup, with a focus on affordability, performance, and environmental impact. This unique combination is what makes Kia a strong competitor on the market.
Rebranding is meant to highlight your brand’s strengths and help you sell more products or other services.
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Do you need to rebrand your brand or launch it?
Rebranding takes time, money, and effort. It’s entirely up to you. You may not get the return on your investment. Changes in market conditions can cause havoc.
There are many reasons to rebrand. The creative decisions that you make will impact your brand’s positioning, brand creativity, and brand visual identity. These are the most popular reasons.
- Your brand perceptions must be aligned with your external and internal brands.
- It is important to better define your target market.
- For a product launch, you want to reach new audiences.
- Your brand needs to be revitalized and your relevancy should increase.
- The mix of products and services you offer has changed dramatically.
- Your market position isn’t unique.
- Your visual brand is outdated and in need of revitalization/revamping.
- A weak brand identity will make your brand image look bad.
- Your brand personality has been removed or is not present.
- A positive image of your brand is important.
- A purpose-driven brand is what you want.
- Your company has been acquired or merged.
- You are given a new mission.
There are many challenges that come with rebranding. It all depends on the reason.
Customers need products, services, and processes.
Rebranding or brand innovation is more than changing the visual identity of your company. It is more than just changing the corporate colors and replacing your logo. This includes creating new products and services that meet the needs of your customers.
While a brand is driven by the market, innovation is internal. Innovation is the process of generating new ideas that lead to new products or services. It is important to distinguish between brand innovation, and a brand campaign.
Innovation is essential for businesses to improve customer experiences. Innovation is key to a company’s growth cycle. It must provide a new product, service, or process that meets customer needs. The new addition must be of value to ensure success.
Important to remember is that innovation efforts by a company aim to spread the principles of innovation as widely as possible. It is not the job of the chief marketing officer to create brand equity and perception. They should instead be focused on communicating the intentions clearly and concisely.
The best service is not what makes corporate financial services companies win. Word-of-mouth advertising is the key to their success. In an industry such as this, it is important to have people talking about your brand and quality.
Modern marketing and idea generation should be focused on new products, processes, and services. Make concise messages that are easy to understand and communicate. Once you have identified a brand innovation, communicate it in a way your customers can understand.
Instead of focusing on aspirational messages, focus on what innovation will mean for customers. Customers have more options today than ever before, so it is even more important to communicate clear value propositions. Marketing must be a leader and not just impress its internal stakeholders. Marketing must ensure that customers are fully informed about any new product or service.
It will be difficult to convince consumers if your offer doesn’t have clear value propositions. Companies that are not improving their branding are unlikely to be committed to doing so. An updated brand identity design can help you appear more professional and credible, as opposed to scaring away potential customers with an outdated or unappetizing look.
A campaign that is centered on aspirational messages must be stopped by the board. It does not communicate brand’s value proposition and doesn’t reflect new products or services.
Everybody must participate in the brand innovation process. The boardroom is responsible for developing and implementing new functional deliverables to help with brand innovation.
A successful rebranding campaign
An action plan is essential to create a strong brand image. A plan must include milestones, a timeline, and the plan for converting brand assets. A successful rebranding campaign requires a transition phase. Not all channels and touch points will need to be changed simultaneously.
A successful rebranding campaign requires planning. This includes advertising, website, and packaging updates. This is how to make sure that customers are comfortable with the transition. Customers will have likely seen many changes between the branding announcement and the launch of the new brand.
Training employees is also important. Everyone will buy into the brand if they are empowered to do so.
How can you innovate your business?
It can be difficult to innovate. Start by evaluating the performance of your products across your entire portfolio. What areas do you feel the most energy? Where do you notice drop-offs?
Also, you must be ready for launch and have a clearly defined marketing plan well in advance of your go-live date. Learn the metrics that are important to success and adjust your course if necessary.
Make sure you have the right tools. This article about brand strategy gives step-by-step guidance on how to innovate your business. For more information about each step of a rebranding project or innovation project, see the toolkit.
How a brand can help you invent new products
Rebranding can be labor-intensive. Rebranding is a labor-intensive process that requires time, effort, and money. These are just a few of the most important steps that you need to take:
- Identifying your target market and establishing a new positioning.
- Create a value proposition that resonates.
- Web analytics review for insights to help you find a new direction.
- It is important to create a consistent experience at all touchpoints.
- A brand strategy that includes messaging, design, and marketing materials.
- Production of assets for support (website to social media).
- Targeted content can be included in paid acquisition campaigns using platforms such as Facebook Ads or Google Ads.
Rebranding can help you gain new markets and a greater share of the consumer’s mind. No matter the reason for rebranding your company, it is important to keep your mission at the forefront. A brand audit is also a must.
- Learn about the perceptions of your brand.
- Be specific about the amount of work involved in rebranding.
- Learn how other brands have achieved similar success with similar efforts.
Try out your rebranding with campaigns
Last but not least, test your rebrand. Segmenting your audience with marketing campaigns can help you gain clarity and more precise data. You can split your audience between campaigns depending on their needs and results. Then you can make informed decisions about your rebranding efforts.
Choose a route for your brand
Organizations of every size and industry need to innovate. Rebranding is also important. Both require extensive research, planning, and resources.
Every member of the organization should participate in the discussion to ensure that all teams can contribute their best.
The post Innovation or rebranding? How to choose the right change for your business was originally published on MarTech.