We live in a world where trends are continuously changing, therefore businesses must adapt to attract new clients. Often, businesses will choose to rebrand as a way to expose themselves to new markets or dominate an existing one.
Beliefs and interests change as your business grows, and these changes must be represented in your brand. This is possible through rebranding. It is a market strategy that involves giving an existing brand a new logo or name; or, declaring new business objectives, missions, or visions.
Perhaps your target demographic is changing, or your business is just evolving beyond its original brand presence. It allows you to refresh your image, expand your reach, or improve your bottom line.
Rebranding can improve your company and prevent it from being dominated by the competition. Though it is important in business, it requires time, effort, and money to begin resourcing and developing a solid, cohesive rebranding plan.
Before we go into why you should consider a rebrand, let’s first define what a brand is.
The importance of branding
Brands are business tools that generate measurable ROI (Return On Investment). They are made up of a range of elements. It is helpful to examine the most important characteristics of a brand.
The essential characteristics of a brand include the:
- Competitive advantage
- Brand Promise
- Visual and verbal identity
This shows you where your company is going and why. It is divided into five sections: your purpose, vision, mission, values, and strategic objectives.
- Your mission is the answer to your company’s most fundamental question: why?
- The vision is the ultimate goal you aspire to achieve via your job. Your goal describes how you intend to achieve your vision.
- Strategic objectives are real-world milestones that you set to track your progress.
This is the distinct set of qualities and behaviours that distinguishes a brand. Your brand’s personality is how it would seem and sound if it were a person. It is the pledge you make to the customers you serve. It can be represented in many ways, including taglines, messaging, commercials, social media, and more.
Attract More and Better Customers – Brand research can help determine whether customers are matched with your brand’s unique purpose and positioning. Customers that are interested in your product or service are more likely to buy it and even pay extra. They are significantly more loyal and can potentially become brand advocates for your business.
Stronger brand identity – If your brand closely resembles your competitors, switching things up can help you stand out from the crowd and create a new, stronger identity. Rebranding can help you identify your key differentiators, especially your competitive edge. A strong brand is the most effective and long-lasting competitive advantage. It allows you to outcompete the competition regardless of whether your products or services are superior.
It can help you to expand into different demographics – When you choose to rebrand, you are allowing yourself to reach out to new demographics. Increasing the number of people who see your items or services is a great strategy to increase sales.
It can create a lot of confusion – For rebranding to be a great experience, you must be proactive. No one enjoys the uncertainty that comes with changing circumstances. When you change your message after customers have been accustomed to the previous outreach campaign without communication, you will cause confusion. It is easier to sell goods and services when consumers know what the outcome will be.
You could lose customers – Even if you do everything right, some individuals will feel that your new value proposition is not something they want.
It’s quite expensive – Every element must be copied across all marketing channels (website, social media, signage, business cards etc.). Focus groups and surveys might be used to introduce concepts for different branding elements.
How to rebrand
Carry out audience and market research – To create a successful rebrand, ensure it speaks to your customers and fits with the market as a whole.
First and foremost, you must re-establish your target market. Consider your customers:
- Age range
- Financial situation
- Interests and hobbies
- Amount of education
Change your brand identity
When rebranding, you may be tempted to keep previous brand aspects, such as your logo and colour palette. Using a new logo will notify your customers that your brand’s identity has changed. You can make it sleeker, use bold fonts or colours and more. The primary reason for changing your logo is to ensure that it reflects the new identity that you’re promoting with the rebrand.
Improve your product packaging
If you sell tangible goods, make sure your product packaging represents your brand. With hundreds of goods on shop shelves, proper product packaging and graphic design are vital to your company’s success. When you can’t speak for your goods, your product packaging should.
Shift brand positioning
The content you’re promoting must convey a certain message, whether it’s your mission, values, or vision. Changing your brand’s positioning will inform your customers of these elements.
Anticipation creates momentum. By informing your audience that something new is on the way, you can start to create a buzz that gets people talking.
Involving your influencers is one approach to generate buzz for your relaunch. Share your new brand identity with them, and grant them permission to offer hints and sneak glimpses on their social platforms. If you have a new product, show them how to use it and then allow them to give feedback.
The launching stage
Make a plan for your rebrand launch and be ready to explain why you rebranded.
Reduce the risk of customer confusion by carefully planning a launch that highlights the story behind the rebrand. Case studies might be useful in this situation.
Give your customers a story to follow so they understand why you rebranded. This engages your customers and improves brand recognition and loyalty.