What is ReBranding?
Rebranding is the process of providing a product or brand with a new identity to make it more appealing and successful in front of the target audience. It is usually done to enter a new market trend so you can develop a louder voice in the industry on a mission to re-energize your company for better conversions and visibility.
There are many reasons why firms believe that they need to rebrand themselves from scratch. Some of these reasons are beneficial such as, the brand launching a new product by collaborating with another company to expand their locus. Another perspective could be to revive the legacy of your brand that has been tainted in some way lately.
Is ReBranding the need of the hour?
Many industry experts share conflicting views on the rebranding process whether a brand should go for it or not.
Some say that rebranding is critical for corporate success as it allows brands to adapt to stay ahead of the competition and suit the ever-changing preferences of consumers globally.
On the contrary, some people believe that rebranding should be avoided at all costs. They say that many top-notch brands such as Coca-Cola, Kodak have managed to sustain their identity over time without opting for rebranding. When a company cannot develop a formidable market or if a controversy has dented them, they consider rebranding.
But there are always two sides to a story. You can always master the art of rebranding for good, but at the same time, you can exploit it for your purpose.
Types of Rebrand
There are two types of rebrands you can learn about:
Most marketers partially rebrand when their brand has been firmly established but is merely outdated or needs to be updated owing to the inclusion of new products or services. They feel that a full-fledged rebrand is not required to get their impression back on track. In these circumstances, you don’t want to destroy the brand value that has been built up over time but rather make modest changes to modernize it in a better way.
Most corporate firms usually go for total rebranding. They think that a complete rebranding from scratch may be necessary when they have failed to build a reputation or landed up in a brutal conflict. These situations direct the brands to fully replace any prior brand identity with entirely new images and language that can capture the audience’s eyes with a new thrill.
5 Reasons to Rebrand Today
Here are the 5 reasons that support the idea of a rebrand.
Your mission and values have changed
It is usual for your mission and values to evolve and grow over time. If you think your current values no longer accurately represent your company’s vision, rebranding may be a potential option to preserve a new transparent and coherent message.
At times, you may be losing potential consumers who are unaware of everything you have to offer. Your marketing tactics may need revamping to understand the personas of your audience better. So you can go for a rebrand today to get better results tomorrow.
You want to expand or change your audience
Do you want to attract a different audience set, or are you aiming to impress the next generation?
Well, Rebranding can help you to expand your radius to reach new audiences. First, investigate your new target group and then navigate your goals and tactics to reach them through innovative strategies.
You can also research if your brand needs to rebrand the strategies if you shift your gears to different audiences. There might be a chance that you can grow with the other set of the audience without going through the phase of rebranding.
You need to win from your competitors
Rebranding can surely help your brand to gain an edge over your competitors. You can begin your chase by researching your competition and determining how you can carve your strategies to fill the loopholes in the market. Remember that you need to make the most of what makes you distinctive or position yourself to create a unique identity. That will help you break free from your industry’s cliches by emphasizing the value you provide to customers.
You have a new leader or a new team
Most private companies or brands often experience a change in leadership or the creative teams that usually affect their operations. They are frequently associated with a company’s CEO, where the brand often takes on the founder’s personality. When ownership of the company changes hands, a new set of rules are created to reflect the transfer.
So the change in leadership would prefer building the brand from scratch once again to follow a different notion. It’s more like giving second birth to your brand to execute things in a different paradigm.
You need an upgrade for your brand
Most marketers think that their brand has become outdated with time, affecting their performance and lead generation in the future. So they decide to rebrand to revive their legacy again.
It’s understood that in this fast-changing world, everything changes in a flash, and you may need to change your company’s structure to reflect this. You can upgrade yourself as well to gain more traffic and user attraction by getting help from a professional logo designer. That’s why rebranding strategies could spark breakthroughs for your company.
Things to Remember While Rebranding
You should keep the following things in mind before rebranding to eliminate any mishaps.
- Before executing your rebranding plans, you should evaluate the minds of your customers to check how they will respond to your new image and personality.
- The reason for rebranding must be credible and acceptable to your in-house team. It must have intrinsic credibility that resonates with your vision.
- Every brand must be refreshed in order to remain relevant. Positioning and improving them over time are essential. Adopting a change without conducting adequate research, on the other hand, maybe disastrous.
- You should analyze your budget and costs before rebranding to get an idea if it suits your finances well or not.
How do brands fail?
Your brand’s positioning and message frequently change. Due to a reduction or elimination of brand advertising, brand equity is lost. A brand can become uncool if overexposed. Investing too much in sales and trade deals, at the expense of developing your brand. A brand may be restricted to one distribution channel or aligned too closely with a declining distribution channel.
Well, we have formulated both sides of the picture regarding whether to rebrand or not. Whatever the reason, you must make the proper decision involving your brand. A rebranding attempt might offer numerous advantages, but it can also pose several challenges at the same time. You may also need to convince key stakeholders in your firm to support the initiative.
We see many brand owners struggling to create a strong case that justifies a rebrand.
How to avoid this?
To avoid this, make sure you are adequately prepared by clearly outlining the points that will assist you in making a conclusion that can be acceptable to all parties. You must spend some time clearing your head about whether a rebrand can save your brand or not.