Brand updating to grow market share
Brand updating is not the same thing as rebranding. It is a tweaking of the brand’s message to position the brand to grow share.
Call us, and we can talk with you in more detail. Even though it seems to be a minor change, the results can be immense.
When brand updating is done right, your market share ticks up significantly. Do it wrong, and you risk losing the most loyal of your customers.
We are talking about brand strategy. That means we need a strict and robust process so the results are predictable. Ordinarily, Stealing Share, the rogue rebranding company, rails at how being process-driven is the surest way to lose your market.
Brands need to be more adaptable. Able to change in subtle ways to exploit market shifts and nudges better.
But in updating a brand, you need to make sure the brand company you choose to spearhead the brand updating knows what they are doing.
Here are Stealing Share’s four steps to ensure brand updating success
We believe your brand is undervalued. Not made valuable enough persuasively. We design everything on the principle of persuasive branding.
Not some static identity that other rebranding companies claim. Why would you invest a dime in changes that will not grow market share?
We can’t think of a reason. If you think this idea makes sense, reject the crap from other companies. Call us. We have a lot to talk about.
When updating a brand, the goal is quite simple
At least, it sounds simple. A brand updating must reinforce the loyalty of current customers. They need to recognize it still and feel that their faith in the brand was well-founded.
It is brand retention. The target audience needs to value it more. But the goal is to attract new customers. Think about the balancing act between these two groups.
In the current target, we want them to see the brand more clearly. In prospects, we need to have them believe a change has occurred and that they should revisit their earlier decision to reject the brand.
In this way, your brand must be persuasive and not static any longer.
Our Brand Updating Process in more detail
As the world evolves, brands must also remain relevant and resonate with their target audiences.
This evolution is known as brand updating, which involves redefining and refreshing a brand’s identity, messaging, and visual elements.
One prominent approach to brand updating is the “Brand Thief” process developed by Stealing Share, a strategy and branding consultancy firm. This process exemplifies how brands can adapt and thrive in an increasingly dynamic marketplace.
The Need for Brand Updating
What appeals to consumers today might not hold their interest tomorrow. Consumer behaviors, preferences, and cultural landscapes constantly evolve, demanding that brands adjust their identities to stay competitive.
Brand updating is not just about aesthetic changes; it’s about aligning a brand with current consumer values, attitudes, and perceptions.
The necessity of brand updating becomes apparent when considering the life cycle of brands. What was once innovative and fresh can quickly become outdated and out of touch.
Organizations that fail to recognize this reality risk falling behind their more agile competitors.
An updated brand ensures that the essence of the brand remains intact while its outer manifestations shift to match the ever-evolving consumer landscape.
The Brand Thief Process by Stealing Share
Stealing Share’s “Brand Thief” process is a strategic approach to brand updating that emphasizes capturing the essence of a brand’s competitors while enhancing the brand’s distinctiveness. This process involves several key steps:
1. Competitive Landscape Analysis: Before any changes are made, it’s crucial to understand the competitive landscape. Stealing Share delves deep into the brands within the client’s industry, analyzing their positioning, messaging, and visual identity.
This analysis identifies trends, gaps, and opportunities the client can capitalize on.
2. Consumer Insights: Stealing Share conducts comprehensive research to understand consumer attitudes, perceptions, and behaviors.
This step identifies what resonates with the target audience and potential gaps in the market.
3. Defining the Brand Essence: At the heart of the “Brand Thief” process is defining the brand’s essence—the core attributes that make the brand unique and appealing.
This essence serves as a compass for all brand updating efforts.
4. Ideation and Development: Using the insights gathered, Stealing Share works collaboratively with the client to brainstorm and develop updated brand messaging, visual elements, and identity.
This process aims to encapsulate the brand’s essence while incorporating strategic insights from competitive analysis and consumer research.
5. Differentiation and Uniqueness: Building on the essence, Stealing Share focuses on differentiating the brand from its competitors.
The goal is to make the brand the undeniable choice in the minds of consumers by offering something truly distinct and compelling.
6. Implementation and Rollout: Once the brand updates are developed, they are systematically implemented across all touchpoints—from visual elements such as logos and packaging to messaging and customer experiences.
7. Ongoing Measurement: The “Brand Thief” process doesn’t end with implementation. Stealing Share emphasizes the importance of ongoing measurement and adaptation.
Brands should continually assess their performance and gather feedback to ensure the brand updating has achieved the desired impact.
The Impact of Brand Updating
When executed effectively, brand updating can yield numerous benefits for an organization:
Relevance: Updated brands are more likely to resonate with current consumer preferences and cultural trends, making the brand more relevant in the eyes of the target audience.
Competitive Edge: An updated brand can set an organization apart from competitors, allowing it to gain a stronger foothold in the market.
Consumer Connection: Brands that evolve with their customers’ changing preferences can foster deeper emotional connections, building loyalty and advocacy.
Revenue Growth: A refreshed brand can attract new customers while re-engaging existing ones, increasing revenue and market share.
Crisis Management: In times of crisis or negative publicity, an updated brand can help mitigate damage by showcasing adaptability and renewed commitment.
Challenges and Considerations
While brand updating offers numerous advantages, it is not without challenges. Striking the right balance between retaining core brand values and embracing change can be delicate.
There is also a risk of alienating loyal customers if the updates are too drastic. To overcome these challenges, brands must approach updating with careful consideration, strategic insights, and a deep understanding of their target audience.