Rebranding is a natural part of any business which refreshes the brand and help in re-establishing the brand of the company. Big names in the industry like Coca-Cola and Pepsi have rebranded much time over the years to give their brand a modern touch and reach out to a new audience.
Rebranding is not just about updating colours or creating a new logo, but it is a reflection of a meaningful change in your business philosophy. It is about reaching and expanding to a new market, and when you choose to rebrand, you should be able to do it attentively.
Rebranding can be an expensive process. There are a lot of things that you need to keep in mind to be able to put your best foot forward to relaunch your company. Most importantly, you must consider your timings and determine if it is the right time for your company to rebrand. Ask yourself the right questions and understand the issues that you’ll be resolving by rebranding. Moreover, you need to consider the direction you’re moving at to avoid any serious rebranding mistakes.
This article will discuss the reasons you need to rebrand your business, what you need to determine when rebranding, and what mistakes you need to avoid when rebranding.
Why do You Need to Rebrand your Business?
You are not reaching your target market
There are many reasons that can affect your outreach to the target audience. It can be because your company is evolving, but your brand still represents your initial goals. Conversely, it can be because the market has shifted and your brand is unable to reflect the new market conditions. You need to understand the reason what is failing your branding and address them to move forward in the process of rebranding.
Changed business vision and philosophy
Every company has some goals that they need to reach to be successful. However, as businesses move forward, their goals evolve, and their experience change, which can affect the core values of the business. Your brand reflects your business and your best practices. So if you have expanded or moved away from your original vision, your brand must be able to reflect your company’s policy. It is important to realize that your brand is more than just a logo. However, it plays a significant role in branding. Thus, connecting with a professional Logo Design Company can help you to reshape the image of your brand.
Your Brand is outdated
In the fast-paced world, you must be able to modernize periodically. Your customers expect you to stay up-to-date with the changing world. Just take the example of Coca-Cola, which began as an Atlanta Pharmacy but changed to be a successful soda fountain brand. Today, the name “Coca-Cola” is one of the most recognized words in the world. It didn’t change overnight, neither should your business.
Questions to ask before rebranding
Why are you rebranding?
This is the first question that you need to ask before you move forward with rebranding. You must consider this question:
- Has your company evolved?
- What changes took place in the market?
- What problems can your brand resolve?
- What do your customers expect?
Once you understand the need for a rebranding and have the answers, you’ll understand if you need rebranding and you’ll have the foundation upon which you can build your brand. Just like building a brand, you need to initiate with the basics all over again. However, at this time, you can also add your experience and power of your previous brand to move to the next level.
What benefits can rebranding bring to your business?
As said before, rebranding can be expensive. However, it helps in allowing you to focus on your business though your new brand. Rebranding gives you an opportunity to create a brand that can set you apart from your competitors in the industry. By being different, you can showcase our strengths and uniqueness to the audience as well as to your competitors.
Moreover, rebranding helps your business to stay current. It allows you to connect with new customers and appeal to new demographics. It’s not just your business that benefits form the evolution; it’s your customers as well. You provide your customers with better services and value, which grows in power for your business. After all, your business does not succeed with having clients, so why not serve the customers better with rebranding.
Mistakes to avoid
Don’t fix when it’s not broken
Rebranding is about refreshing your brand and does not necessarily involve a large amount of investment. Often rebranding can alienate your customers from your brand, which can have a significant impact on your audience. So if your customers love your brand, don’t think of taking it away from them.
Rebranding is not about changing names
Change in names can cause confusion among the customers. It can cause you to lose your brand value. So if you are thinking of rebranding, don’t do so by changing the name of your brand.
Taking care of your customers
Rebranding is expensive, but that doesn’t mean it’s for making more money. Your brand should be able to reflect the change of your business philosophy along with providing value to the customers.
Conclusion
Rebranding is a decision which needs to be discussed and evaluated before launching. It is what takes your business to the next level. You need to consider the previous mistakes and success to make it right for your business and the customers. So paying close attention to your rebranding decision can help your business to step into the next phase of success.