There are various reasons for an organization to go for a complete rebrand. One of the primary factors is connecting with a larger audience. Rebranding your business is good, especially when there are grounds for rebranding and it is done with the right strategies.
In many cases, types of business branding entail the “rebranding” of companies. Businesses recognize space to grow and innovate new ideas surrounding their public image. Why do companies do this, you may ask? Because it allows them to connect with a broader audience by keeping up with the latest social trends.
Let’s understand what rebranding is and how organizations can rebrand in the best possible way to serve the true purpose of rebranding.
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What Rebranding Your Business Means?
Rebranding involves the process of changing the corporate image of a company. It is a market strategy that encompasses several activities such as giving your brand a new name, logo or changing the design of an established brand. The idea or purpose is to create a separate identity for the brand and let it stand out among competitors in the market.
Before considering rebranding your business, you must create a strategy with solid reasoning to motivative people toward this rebranding venture. At the same time, you need to involve your customer base throughout the process constantly.
Rebranding can take multiple forms, from renaming the organization to creating a new business model. But first, let’s start with how to rebrand a company in a few steps using the right strategies.
How to Rebrand a Company?
For organizations considering rebranding, here are some of the most crucial steps to follow:
Step #1: Decide on a New Identity
Ask questions before doing anything drastic. You’re going to want to evaluate your current company identity and make inquiries to both your consumers and employees on how they think you can improve. This information, in the long-run, will be invaluable when creating your strategy. After all, you wouldn’t want to fix something that isn’t broken.
The strategy should be to consider the corporate culture by trying to foresee how the current brand can fit better. It is also the time to lay out the goals and mission statement of the business and repurpose them. These will give a clear picture of what to expect to achieve from the rebranding.
Step #2: Audit the Prospective Changes
Once you have decided to change certain aspects of the brand identity, you need to document these changes more so that the employees are on the same page about the expectations from this new image or identity.
There should be a detailed plan of action in place, which should comprise all that is wrong, how you will fix it and the changes that will accompany it. The best way is to start making a list of all the marketing parts of your business that need updating, such as websites, signs, logos, social media, invoices, and more. Researching your competition can prove to be very helpful in this regard.
Step #3: Research the Consumers
As the brand is already going through subsequent change, it is ideal to look into the customer base and determine if part of overhauling the company is targeting a new market. If this new brand can appeal to a new demographic, the company can get an entire range of loyal customers.
In this way, the overall vibe of your brand will change, automatically boosting business growth. Reaching out to a more extensive consumer base will help your bottom line significantly. The business location, too, will stay fresh and exciting.
Step #4: Turn Employees into Brand Ambassadors
People are a huge part of any organization’s culture and brand identity. Rebranding is an exciting process, and by involving the employees in it, you will excite them too. An example of this is making T-shirts and sweatshirts with the new brand logo. Your employees and clients can wear these to promote your brand.
This is not just a great but also an inexpensive market strategy for businesses going through rebranding.
Step#5: Communicate the New Identity
Before the final launch of the new brand, ensure that all your employees and managers are in sync. They should be comfortable will all the changes that have been made. It is necessary for your team to live up to this new brand identity.
Finally, set an official launch date and communicate the changes via the social media sites, press releases or radio. Ensure your corporate branding initiative is thriving as you convey the new identity to the marketplace.
This scope of communication is the ideal opportunity for you to tell a story of why you wanted to rebrand your business and what you expect to achieve from the changes.
When to Consider Company Rebranding?
At this point, you may be wondering how one knows that one’s business requires a complete re-brand. Here are a few instances where you may want to consider painting a new face on your company:
1. Differentiate Yourself From the Competition
Rebranding is essential when your company name is generic enough to sound similar to other businesses. A generic logo also hurts your brand. This becomes even more problematic when you use stock art in your marketing materials that are recognized by everyone.
In such situations, rebranding helps your business showcase everything that makes your brand different and better and, thereby, stand out from the competition.
2. Give a New Life to Outdated Branding
In this age of constant evolution, certain things like a color palette of the 90s or a flash-based website can drag your brand down. Statistics show that color improves brand recognition by 80%.
The solution is rebranding your business.
The smartest and the most successful businesses rebrand because they realize the importance of a good design. Rebranding also becomes necessary when new product lines are added, which customers need to know about.
3. Outgrow Poor Reputation
Sometimes, businesses get trapped in a bad reputation for whatever reason. Rebranding is an effective way to break ties with such a poor reputation and start afresh.
Rebranding enables consumers to see your brand in a new light while also helping you overcome the earlier negative reputation.
4. Accelerate Business Evolution
Often, brands get an opportunity to expand and target a new market. When this happens, it becomes imperative to ensure that prospects and new customers are able to connect with the brand.
Rebranding is crucial to assist an organization in its evolution to a new market or a new stage in business.
Business Rebranding: Avoiding a Few Common Mistakes
When it comes to rebranding businesses, mistakes are common, too, and organizations need to avoid these to leverage the rebranding process.
1. Changing the Name without a Reason
Changing the name of a company is quite a drastic change, and it is better avoided if there is no such reason to do so. Changing a name without fixing the underlying problems will hardly help.
A complete name change is advisable only when it can truly differentiate your business from the competitors. The new name should also tell an interesting story related to your brand.
2. Rebranding Only the Website and Logo
This is another common business rebranding mistake to avoid. While the website and the logo represent the brand, there is much more to a brand than just those. Changing the aesthetics without going deeper is not advisable.
Also, the change in the brand’s logo and website, if at all, should be meaningful and comprehensive for the rebranding to be successful.
3. Sacrificing Simplicity
It is a bad idea and also a mistake to do away with simplicity for the sake of something exciting and appealing. What is instead, a unique combination is simple but not too basic.
The logo of Nike is an excellent example of maintaining the simplicity and appealing quotient of a famous brand.
4. Not Having a Brand Style Guide
It could be a rather costly mistake if a brand undertakes rebranding without a brand style guide in place. The brand style guide is a documentation of how your brand should look in various online and offline channels.
This brand style guide will act as a reference point for your organization during rebranding. Without one, your company will fail to be consistent.
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Rebranding Your Business Takeaway
Rebranding is an internal process to change the external view of a company. Using the right strategies and identifying the opportunities to carry out a rebranding plan is as necessary as committing to the changes and involving everyone in the business.
The ultimate way to guarantee a successful rebranding of your business is to react to the rebranding needs as and when they arise. Taking the right action then will bring tangible results, such as hiring one of the best branding agencies to do the work for you.