BOOM YOUR BUSINESS, BY REBRANDING IT
Your business environment is always changing, and the competition is so fierce that you can't stay behind. New competitors, growing customer interest, disrupted new technologies and many other factors change market dynamics. The rate at which the company fails to adapt.
The one-time relevant design of your business website or logo can suddenly trade well and make the brand look annoying. This is when the question of rebranding arises.
What is rebranding?
Rebranding is one of the most powerful marketing tools. It represents the next stage of brand development. It is closely related to the change of business ideology and growth of the company in terms of values and general outlook.
Rebranding refers to a set of activities aimed at changing the brand and its elements (motto, name, logo, slogan, visual design, etc.). In the most general sense, rebranding helps to create a new image of the company and its products in the minds of the customers.
Rebranding lets you add value, trigger a new wave of brand attention, rekindle public interest in your products, and contribute new emotions and new ideas to the brand's image. At the same time, the old brand does not disappear completely. You can only put key elements of identity and recognition when changing the look of a brand presentation.
Rebranding, redesigning, restyling or repositioning?
Rebranding is a complete brand overhaul. This is when you change everything: the visual design, the core values, the essential features of the business and its philosophy. The brand sets the company apart from its business rivals. Rebranding is done when you want to do something different than before.
While the brand may adjust the logo, corporate identity, or slogan somewhat, you should not confuse rebranding with redesign or restyling (a simple or even invisible change in appearance). This is mainly done by the company targeting the young audience. For example, McDonald's changes its slogan, reveals new flavors, and quickly replaces them with others.
Repositioning is a bit more complicated, but it's not as radical as rebranding. The purpose of reinstatement is to change the brand focus, find new audiences, improve the brand message, or introduce a radically new product to the market. But the brand remains the same.
Rebranding is a long-term strategy, a complete brand upgrade. In the meantime, redesign and recalibrate a brand's small, short-term adjustments to market conditions.
Do you always need rebranding?
If you see rebranding as a tool to increase sales or increase your brand awareness among consumers, you may want to reconsider. You can potentially address these issues by creating a new marketing strategy or conducting market research to determine effective ways to improve your company's performance.
Often, large marketing investments aimed at redesigning the product do not pay, lead to the desired revenue growth, or improve the brand image.
Rebranding requires substantial marketing investment. Therefore, it is important to know exactly what goals you want to achieve when rebuilding your brand.
Reasons to rebrand:
1. Conceptual change
If your company goes through some significant changes in values, strategies, customer attitudes, etc., then the best way to inform the market and consumers about it is to rebrand the company.
When you are expanding into an international market, your brand name may not be understood in other countries, so you may want to consider rebranding.
3. Changes in company activities.
If a company is known for making woodworking machines and furniture making tools, for example, the furniture itself, rebranding the company becomes a necessity. In this case, the rebranding will highlight the growth of the company.
4. Acquisition and consolidation
Most companies that do this need immediate rebranding to make the change visible and comply with legal requirements.
5. Misconceptions about the initial brand
Sometimes a brand fails in its creation process. Perhaps the brand's message was misinterpreted, the brand's mission did not match the actual experience, and so on.
In this case, rebranding would be a great way to fix things.
Steps of rebranding
When you realize that updating your brand is essential, the first thing you need to focus on is analysis. To do this, you can conduct a brand audit, because brand strength affects a company's capital and quality. A weak brand brings a company down.
You can use the help of a rebranding agency which can be a great help in starting your rebranding campaign. Or you coworkers for a brainstorming session
If you choose to bring in outside experts for your rebranding, you need to make sure to approach a trusted company that has been operating in the design, communications and corporate identity development market for a long time. Make sure they are immersed in the process, aware of market trends and that they provide a high quality service.
The next step is to decide which aspects of the brand need to be changed. This is the stage of strategic planning and the formation of a single concept.
Once you have a new strategy and vision for your business, you can work to update the look of the brand and its communication elements – brand identity – corporate colors, logo, slogan.
Consumer response to your rebranding depends on how well the brand is presented. This is best done when you are in perfect harmony with all the elements of your brand identity. The key elements of corporate identity should be recorded in your company's brand book.
After you've summarized and approved your rebranding options, it's time to introduce changes. You need to communicate with your customers, business partners and company employees to clarify exactly what will change and why.
It is advisable to have a launch plan while doing the rebranding. To ensure its success, you need to know how to market your rebuilt brand and what promotional activities to use for it. Think about your website launch, digital promotion, events (real life and online), customer information and collaborations with media, bloggers, press, social influencers. Promote by letting your audience know that something new and exciting is on the way.
The high tide of your rebranding project is the launch. This is probably the most exciting moment for any organization. The important thing here is to give clear instructions to your team, analyse all feedback and metrics, and adjust and refine strategy if necessary.
Rebranding a company, in most cases, has a lot to do with bringing a new brand to market. This requires re-examining and defining new (or updated) product features to your target audience, which will be your main focus when promoting the brand.
Plus, brand change always goes a long way. Incorrect assessment of the reasons for change, misunderstanding of the target audience and other misconceptions can lead to negative consequences. But when done properly, rebranding will mark a new, exciting stage in your business life. This can reengage your existing customers or put you in a stronger position to attract new audiences.