How to Approach Your Next Rebranding Project
If you are in charge of your organization’s branding, you hold an enormous asset in your hands. In fact, for many organizations their brand could be the single most valuable asset they own.
If you aim to improve your branding program, you should consider starting with an objective understanding of your brand’s true value. The following are the parameters you can use to guide your project.
Know Your Brand’s Value
The commonly accepted formula for determining a brand’s value is (Product Benefit + Brand Equity)/Cost. However, you arrive at a brand’s truest value by adding in the Marketing Benefit. That’s because marketing is the communications tool that spreads, ignites and builds your brand’s value in measurable ways. Those measurements allow you to optimize your brand as well, providing you with a further path of development.
Here’s How It Works
Yesterday’s agencies were primarily concerned with advertising, whereas today’s customers and consumers want to form a relationship with their brands of choice and will pay attention to brands that pay attention to them. This is most clearly understood when a brand reaches out and offers both relevant information and useful applications that improve a customer’s daily business life, or a consumer’s daily personal life.
All of the experiences a customer has with a brand can be wrapped around three major parts:
1. Advertising, which is what we put in front of people.
2. Applications are where people go to find solutions either at a physical or virtual address.
3. Conversations are what begin relationships and strengthen them over time.
If all of these communications operate within a consistent strategic framework, then a customer will find it easy to interact with your brand story, however it is expressed. A major key to success is to being consistent in your messaging across your brand channels.