Rebranding: When You Should Consider and How To Do a Rebrand
Rebranding is the next big thing to accelerate your business.
Your brand image can affect your business in several ways. You’ll need to read on if you have been searching to uncover the best way to create a strong brand image for your business.
This article explores how much impact rebranding can make in your business.
Creating a strong brand image can be a tedious process that demands thorough planning and proper execution. You may have to consider rebranding your business to create a strong brand.
Whether you own a big or middle-size brand, your brand image is your business’s most valuable asset, and you should deliberately cater to it to guarantee the growth of your business.
Customers love to stay loyal to brands that meet their needs and connect with their values. Forty-six percent of consumers say they prefer to pay more to buy from brands they can trust.
Hence, rebranding can have a tremendous impact on your business. However, you must be sure your brand needs a revamp before you proceed. If the rebranding strategy is poorly executed, consumers may not connect with the new brand.
What is Rebranding?
Rebranding is a marketing strategy involving an existing company changing or modifying its brand image or some aspect of its brand to build a new identity. It includes reshaping how a brand is perceived by its partners and customers.
Some elements of a brand’s image include logo, market, mission, customers, target audience, vision, and name.
Most companies rebrand their business to enable them to attract new customers, make improvements, and compete effectively with competitors. It seeks to paint a new picture of a brand to its target audience and shareholders.
However, the approach to rebranding is limitless. A company can rebrand its business to meet its new goals and objectives in different ways.
When Should You Consider Rebranding?
1. When you want to connect with a new audience
This can be considered a primary motive for most brands. Most businesses choose to rebrand their business to connect with a new audience.
Rebranding helps businesses to pull the attention of a new or profitable audience. It enables you to design your brand to connect with potential customers through products that suit the needs of your target customers and keep them loyal to your brand.
2. When you want to attract top talent
Quality talents love to work with great companies. You need quality talents to make good employees.
When you notice it’s difficult or impossible for your company to find qualified candidates for your job openings, it indicates that your company needs revamping.
Rebranding lets you reshape your brand and attract better talent for optimum productivity, growth, and an excellent working culture.
3. When you want to stand out from competitors
Every business likes to stand out from its competitors.
Rebranding your business can help you figure out how to use your competitive advantage to stand out from other similar brands.
Your business must uncover what makes your brand superior to other competing brands.
A great way to stand out from competitors is to improve brand recognition. Colors can affect how your brand is perceived. Adopting a signature color can boost brand recognition by 80 percent.
4. When your business model or strategy has changed
Another indication of a need to rebrand your company is a change in your business strategy.
As your brand expands, your business strategy changes, and rebranding becomes necessary to retain growth and progress.
It can start by changing some fundamental elements in your business to suit your new business strategy.
5. When you’ve outgrown your brand
Sometimes, people outgrow their brands, and it becomes necessary to consider rebranding. You outgrow your brand when you discover that your brand appears too small for your new objective.
You can run a brand overhaul to reshape your business to suit your new mission and vision instead of leaving the brand.
When rebranding to adjust for growth, you mustn’t put aside all your brand elements. You can eliminate your brand’s possible weaknesses while you maintain the strengths as you move forward.
Discover Corporate Marketing Hub
Reasons Why a Brand Should Not Consider a Rebrand
Here are some reasons that shouldn’t warrant you rebranding your business.
1. Crisis management
A brand faced with business crises may consider rebranding its business to help solve its problems. It may not effectively help fix a business crisis. Instead, it can backfire and add to the existing issues.
Your business can bounce back from a crisis by developing a crisis management plan and assuring customers of better services in the future.
2. New or young business
A lot of things get better with time, including brands. New brands take time to grow and develop, and rebranding may not give you the speedy growth you imagine.
Your brand should be up to 3 years before you consider rebranding. The process can be expensive and time-consuming. Having a different approach to marketing or starting a new campaign can help.
3. Personal ego
Avoid rebranding your business to suit your ego. It might be initially fulfilling but can have negative consequences.
Rebranding to suit your ego leaves your company with little to offer your customers and stakeholders. Ensure you have a valid business reason and not solely for personal motives.
4. Loss of older customer’s trust
Every brand highly values a loyal customer base. Older customers like to buy from brands they trust and are comfortable with.
When you have customers consistently purchasing your products and services, you may like to skip rebranding to retain their loyalty and trust in your brand.
It’s important to stay true to your existing brand to avoid confusing your customers,
Types of Rebranding
There are different types of rebranding for various purposes. Brands can choose to employ the kind of rebranding that suits their business.
Rebranding can be done differently -from a simple logo change to an overhaul of a company’s mission, brand image, and advertising strategy.
Some of the most common types of rebranding include:
1. Brand Refresh
This type of branding entails changing minor aspects of your brand. Nonetheless, a brand refresh can have a significant impact on your brand.
It involves changing minor aspects of your brand, like your company’s logo design when it gets outdated, changing your company’s mission focus and objective, or selecting a new tagline.
The modification of Apple’s logo is an exciting example of a brand refresh.
2. Partial Rebranding
Partial rebranding involves changing or modifying some aspects of your brand while maintaining other elements.
A typeface redesign is classified as a partial rebranding. Other components are maintained as they were before the rebrand.
The partial rebrand is suitable for well-established businesses to update their services or identity.
3. Brand Overhaul
A brand overhaul will affect every aspect of the brand: a new logo, a new color palette, a new brand strategy, new visual elements, new marketing materials, and, in some cases, a new name. This is the most significant rebranding regarding investment and overall risk and reward.
It is an intense type of rebranding and should be done when necessary. This is the most effective and significant type of rebranding in terms of risk, reward, and other factors.
A Step By Step Guide to Rebranding
Step #1: Define the reason for rebranding
What is your goal for rebranding? What do you seek to achieve?
Before embarking on a rebranding process, define the significant reason for rebranding. You can consider rebranding as starting a new business with a well-written vision, goal, values, and objectives. It is vital to clearly define your goal for rebranding before pushing through with the process.
Step#2: Research and determine your target audience
Perform proper research to determine your target audience before rebranding. The research is vital to help target and connect with the right audience.
State what distinguishes your company from similar brands and what you can offer to potential customers to make them choose your brand.
It’s necessary to consider the demographic you’re trying to communicate with and the current one to determine your target audience.
Step #3: Build a team
You should build a team that is focused on your rebranding plan. This would ensure that the work is appropriately distributed and handled by professionals. Your team should include a creative director who directs the rest of the team and enforces the rebranding strategy.
Cooperating with the individuals connected to your company, both internal and external, can help achieve outstanding rebranding results.
Agencies can help you find the best talents for your rebranding. You can even hire freelance graphic designers to help with the rebranding process. All you need to do is ask for experienced freelancers with whom it will be simple to collaborate and give them access to tools like a time tracker tool.
Step #4: Create an action plan
This is the crux of your rebranding. You have to create a strong rebranding strategy. Ask questions that would direct your rebranding. What needs to be rebranded? What should remain the same? You may need to evaluate your previous brand elements.
Define the new brand messaging. Decide if you’re changing the tagline, brand voice & personality. Design the new brand visual identity —logo, color palette, video, and gifs.
You should communicate your rebrand strategy internally to partners, employees, stakeholders, and investors. This will help keep your team on the same page.
Step #5: Update old brand guidelines and create new ones as needed
You have to do this as soon as possible, especially if you’ll be working with external or new talents. Update the brand guidelines with the new branding elements.
If you’re changing a lot of things, you might need to just create a new brand guideline.
Your brand guideline should be detailed. A great brand guideline would ensure cohesive and consistent branding and designs irrespective of who is designing and on any media outlet.
Step #6: Share with the world
Put out a sneak peek at first to spice up the unveiling process. This will give the world an idea of what to expect before the brand is revealed and make your launch more successful.
Share your rebrand with the external audience, including your customers, Influencers, the media, and brand ambassadors. Rebranding your business is majorly to satisfy your customers.
Pay attention to your customer’s feedback to confirm their perception of your new brand. Seek to uncover how they feel about your brand modification.
Empower Your Team Through the Desygner Enterprise Solution
Nothing beats easy solutions to the challenges you may face during your rebranding. The Desygner Enterprise Solution is a hive of the best solutions and excellent help for your team during rebranding.
Using the Desygner Digital Asset Management Software can save you the trouble of updating, transferring, and storing your media files while you rebrand.
You can store, organize and distribute your media files without hassle. Working with freelance graphic designers can be easier than you think with all-in-one digital asset software.
You can also achieve cohesive branding using a Brand Guideline Enforcer. Since rebranding may mean overhauling your guidelines and working with new individuals, you’ll need more supervision and crosschecking.
However, with the brand guideline enforcer, you don’t need to do manual checking and overseeing. You can regulate your team’s work efficiently and seamlessly.
If you are targeting a new audience with your rebrand, it may be challenging to reach out to them, especially if they are a local or emerging target market. There’s a solution.
The Desygner Localization Engine makes local, on-brand marketing a lot easier. You can create ready-to-market campaigns and watch them get to every nook and cranny of your target market.
Final Thoughts
You value your brand and put in the work to ensure its success. A great brand can skyrocket your business and expand your reach.
Generally, companies choose to rebrand their brands for several reasons. Although, a significant factor in rebranding is to connect with potential customers.
Rebranding helps you stay unique and stand out from competitors. Improving and enhancing your brand is vital to retaining your customers and staying active in the business.
When you rebrand your business, you pull new customers, stay relevant, stand out from similar brands, and increase your brand awareness.
