Nowadays, new brands are launched day by day. Shaping an unforgettable brand identity and maintaining the reputation of the brand is really important. It demonstrates that you take the brand seriously. Along with the creation of a strong brand, there is a need for making rebranding. This means that you need to refresh your brand and redesign the logo, color, and identity itself. This forms part of brand management and is usually conducted every half a year. Therefore, creating a good rebranding strategy is essential. Here is what you will need in the process.
What exactly is rebranding?
If you are an owner of the business, you’ve probably heard the term “rebrand”. You may have seen your competitors engage in the rebranding process. Without a solid understanding of what it is, you’ll hardly be able to go through the procedure. It’s not always easy and requires considerable investment of time and money.
As a rule, it is defined as the process of adding a new image to the product or organization in order to make it more attractive to clients. In this regard, rebranding is not just changing the colors or logo. There is much more than that. It’s an opportunity to reestablish the company’s values. It usually includes the following points:
- Origins of the business;
- Where it is now;
- Where are its headquarters;
- What is its potential;
- What is the new brand identity, etc.
There are also many reasons why you may want to rebrand the company. Read on to find out the basics.
Why you need to rebrand the business
These are the main reasons:
- Your company may have changed the direction;
- The existing brand became outdated or looks too unprofessional;
- You want to make your business stand from the crowd among competitors;
- You want it to appeal to new customers or audience;
- You want to rebuild the reputation and avoid making past mistakes;
- You want to remarket the business by demonstrating new values to clients;
- The business has gone through quick expansion, etc.
As a rule, there are several types of rebranding, which include:
This type may be necessary when the company starts thinking that rebranding is likely to create new opportunities for growth and development in new markets or industry segments.
This one is needed when the already existing brand becomes redundant and needs to be renovated. It may be necessary for a number of reasons such as mergers and acquisitions, provision of new services and products or the need to refresh the tarnished reputation.
Keeping the brand fresh: When is it a good idea to conduct rebranding?
If you often think about rebranding, think about the benefits it will bring. In that case, it might be a good time to get started. The following points will help you make the right decision. Don’t hesitate to start the rebranding process:
- If you find yourself embarrassed by the current brand or imagery of the business;
- If you look at the current brand and feel like it is already outdated or redundant;
- If you want to attract new customers to ensure that you sustain the competition;
- If you’re in need of new talented workers and want to attract new work force.
In some cases, however, it will be quite unreasonable to start the process right away. Be sure you understand when you really require rebranding to ensure the success of your company.
How to rebrand successfully?
Rebranding is a process aimed at discovering the meaning behind the company’s activity. There are many factors you need to consider navigating the rebranding process, including:
- A successful rebranding resonates with customers. It’s vital to take into account their needs and expectations;
- Take a look at the main reasons for rebranding, and consider how to bring the risks to a minimum;
- Make sure you have buy-in from the personnel and stakeholders;
- Try to be open to new ideas. A fresh look at your business will help you see everything in a different light;
- Try to decide what will work for your company best and what not. This is done through the evaluation of the existing brand;
- Determine the outcomes and what direction to take in order to do everything successfully.
Finally, it’s advisable to find the right partner for the process. It will help you expand the creative work and execute the mission quickly and efficiently.