What is Rebranding?
Rebranding is the method of altering the corporate reputation of a business or other organization. It is a marketing technique in which a previously established brand is given a new symbol, new name, or design to attract new customers.
A brand's identity should be distinct from that of its rivals in the market. This is the concept underlying brand repositioning.
What is the reason behind the rebranding?
So, what was the point of rebranding in the very first place? There can be number of reasons to rebrand your business. First and foremost, having a great brand increases the likelihood that your consumers will pick your services or products over the competitors.
Strong brands gain more customers at a reduced cost each acquisition, who are ready to spendmore and will purchase more often as a result of their strength.
Strong brands are the basis of genuine customer loyalty because they generate more revenue, more effectively, and more reliably, resulting in increased value for shareholders in the process.
Ultimately a powerful brand help to create brand equity, but it also assists in attracting and retaining your company's next most important asset: its workforce. However, even the most powerful brands have such a shelf life, which is terrible. An organization's brand is only relevant and interesting for five to 10 years due to market fluctuations, changing consumer priorities, and a slew of other global factors such as the size of anyone business.
That is why rebranding is just so critical to the success of any commercial enterprise.When you grasp the many reasons for rebranding, the question of "why rebrand?" becomes obsolete. but "why haven't I done this sooner?" says the author.
Recall that it isn't a matter of if, but rather when, your business will be forced to undergo are branding exercise. Examine the following six indicators that you may want to consider rebranding your company.
1. Your company's name no longer accurately represents your company's mission
Among the most apparent indications that it is time to rebrand is just a brand name that is not ideal. It does happen. What seemed to be a brilliant suggestion fifteen years ago no longer accurately reflects what your company is all about. Changes in the cultural context of a name may sometimes alter the meaning of the name. Sometimes a brand's name simply doesn't seem to fit with the latest version of the product or service.
If Brin And page hadn't had the forethought to alter the name of Google from its initial spelling, we'd all be using BackRub as our default home page in our browsers.
Whatever the cause, you should avoid allowing the name of your company to reflect negatively on the company itself. A memorable brand name serves as the basis for your company's narrative. It's your brand's calling card, and it's displayed prominently on every touchpoint with which your consumer comes into contact. Your company's name should be distinct, distinguishing, and, most all, memorable to its target audience. Consider using a business name generator to get ideas and create a distinctive name.
If you do choose to rename your company, you may discover that it is more difficult than it seems. In addition to the difficult job of coming up with a name that is both memorable and significant, there are significant hurdles of trademark screening and URL research to contend with. It is possible to guarantee that your new title checks all of the boxes by following an established naming procedure.
2. You're ashamed to give around your web addressor business card to people you know
This is something we see a lot. A rebranding project is a good idea if you find yourself cringing when you approach the business card or if your web page should come with such a disclaimer about the need to be updated regularly.
After all, if you're annoyed about your brand, it's likely that others in your organization are as well, & this can be the main detriment to both exterior promotion & internal morale in your organization.
Being ashamed about your company's brand does not necessarily imply the necessity for a complete rebranding effort. Alternatively, your brand's visual and/or verbal meanings may require a simple refresh.
A brand refresh, which is primarily a cosmetic solution, is a retooling of your company's overall look and feel. While a brand refresh does not alter your company's fundamental market or DNA position, it can have a significant impact on a brand that has become stagnant or out of touch with its customers.
3. You're not doing enough to set yourself out from the competitors
Another indicator that it's time to rebrand is that when your company's logo starts to look like everyone else's.
Finally, branding is really about establishing a competitive advantage over the competition. The number of companies that struggle to communicate or even identify their key differentiators may surprise you, as they should. Sales and business growth can be hard to attain when you do not have articulated differentiators. Both your workers and your consumers must appreciate why your brand seems better than the competition's offerings.
With the assistance of a rebrand, you may discover and redefine brand key differentiators, which might include your competitive advantage, which is the thing you do superior to any of your rivals. Your competitive PROS is the distinguishing characteristic that distinguishes your brand from the competition. Use a competitor analysis to find out what is your unique value proposition or how to create one.
No other comparative advantage is as potent or as long-lasting as a strong brand, at least in the short term. If you have a strong brand, you can compete regardless of if you have a real edgeover your rivals.
4. Your company's brand has grown too complex and dispersed
Your brand experience is disjointed and difficult to understand. Does it seem to be a jumbled collection of products with no overarching brand narrative? If this is the case, it may well be time to rename your company.
Maintaining a brand's focus over time is difficult, particularly for big companies with a high number of stakeholders who all have conflicting interests to consider. Whether as a consequence of uncontrolled expansion or just poorly managed branding, a lack of real vision presents significant threats to the efficacy of your company's branding efforts.
Unfocused businesses are more likely to resort to broadening their products or simply imitating their competitors' strategies. They are distinguished by value assertions that are weak or unclear, as well as a fundamental lack of relevance.
The more complicated your brand is, the more difficult it is for consumers to comprehend.
If the intricacy of your brand is causing your audience's eyes to glaze over, it's time to step back and simplify and concentrate. And the only method to get this kind of insight is via a rebranding effort.
5. Your company's business model or plan has been altered
Another indication that it is time to rename your company is that when your business plan or strategy changes. As we've seen lately, it's impossible to anticipate the external factors that may drive you to make adjustments to your company.
However, as your company model or strategy shifts, your brand must shift with it. Every time you interact with customers, you should ensure that the way your business is viewed by them is consistent with how it works behind the scenes.
When it comes to altering your brand to react to a fundamental shift in your company, you should start with the basics: your brand compass and mission statement. Defining your company's purpose, vision, goal, and values is the first step in any thorough rebranding effort.
- What is the purpose of your company's existence?
- What is the direction it is taking?
- What method will it use to get there?
- What are the values that determine the culture of your organization?
The first step in any rebranding initiative, particularly one that is motivated by a shift in corporate strategy, is to clearly articulate these guiding ideas and principles.
Your brand's compass serves as a foundation for the many other components of your brand and sets a path for your brand's long-term survival and development.
6. You've outgrown your company's image
Knowing whether to rename your company may be as simple as recognizing that your current brand has outgrown its original purpose. There would come a point when you will outgrow your brand's initial iteration, no matter how diligent you are in your brand maintenance efforts. It is not a matter of whether, but rather when this will occur.
There is no need to completely abandon your previous brands while rebranding to allow for expansion. Even though there are sure to be flaws in your brand, also there are likely to be strengths that you'll wish to capitalize on in the future.
Additional factors to consider while rebranding
- Preserve the aspects of your brand that are working in your favor. Rebranding a company does not have to entail a complete transformation. Even little adjustments may have a significant effect.
- During a rebranding campaign, avoid alienating your existing consumers. Explain why you should be rebranding & how the rebranding may not have an impact on your customers or clients.
- Bring your complete team up to full speed on your rebranding project. Communicate with your workers to explain why the business is rebranding and what you want to achieve as a result of the change. This may assist in reducing confusion and increasing staff buy-in during transitional seasons.
- Avoid building your brand on anything that will become obsolete in a short period. When your brand is based on an incorrect basis, it may be necessary to rebrand sooner than you would have anticipated.
So, do you believe you need a rebranding?
Identifying these indicators may help you determine if your company & in need of a rebranding initiative. Signs, on the other hand, do not convey the entire tale. We cannot stress enough how critical it is to get a well-defined brand approach that allows you to determine if your company ison track or off track in terms of reaching your objectives.
If you recognize any of the indications listed above (or if you need assistance in establishing your current brand strategy), we would be delighted to assist you.