First thoughts on rebranding
Rebranding a company is a very, very serious step. You have made a recognizable name and a magnificent image that has been remembered by thousands of potential buyers, but now again strive to go this way? We all know that sometimes image transformation is a chance to attract a new audience, adapt new products, improve a strategy, but sometimes it can be a fatal step. Is it worth the risk?
To understand whether rebranding is needed, you should at least read this article. Here you will find useful tips that may lead you to an unexpected result. If you need a branding company, you can contact us for advice or order a service from us.
What is a brand?
Asked yourself this question? If you are reading this article, then the answer is probably positive. And yet, even experienced businessmen are not often able to accurately formulate this definition. Let’s do it now.
A brand is a certain sign that indicates an original product or service. There may be many brands, but a brand that truly performs its function is actually a limited number. After all, not every brand is remembered, not every brand really reflects the essence of the company or product. Achieving this is a difficult task, but quite feasible. After spending half an hour on the Internet, you can easily find many lists of examples of successful brands.
In the modern world there is a whole generation of people who can rightly be called brand-dependent. That is why a detailed study of this issue and its implementation in any business is extremely important, because profit is behind this.
What is rebranding?
Each business owner has repeatedly thought about the questions: Is my business successful?
If my business is successful, then how successful is it?
Can I make my business more successful than now?
And if the answer to these questions does not suit you, then it is obvious that you have to look for methods to solve these problems. And here there are not so many options for the development of events. One of these options is of course rebranding. But let’s see what rebranding is.
Rebranding is a laborious and diverse strategy aimed at changing the brand or its components. First of all, this is not about the external transformation of the brand, but about issues related to its concept and ideology. This is the basis of any brand. Changes in this will entail changes in everything else, including your strategy.
A little bit more about rebranding
From the point of view of strategy, rebranding should make the brand appropriate and bring it into harmony with the current situation of the business, its plans, concept and target audience. You should analyze exactly how you will achieve this with rebranding. You should also consider all the pros and cons of this. This will be your strategy, because in order to change something, you need to make sure that you will not make your business worse. Of course, much is impossible to foresee, but something is possible. Therefore, be patient and start analyzing your own market position and possible ways to change this situation for the better.
As a rule, the complete elimination of the old brand does not occur, it only evolves, develops, becomes better, more attractive, acquires new meanings and qualities, the brand reaches a new level. Rebranding implies an absolute understanding and review of almost all the components of the brand at a deep, fundamental level. This does not mean that you need to create everything anew. This means that you only need to make some adjustments. Which ones? It is up to you and the work of your team.
Rebranding usually includes such steps as:
- Reviewing and updating brand philosophy;
- Improving ways to showcase your brand;
- Processing of corporate identity, which includes: slogan, color scheme, design of points of sale and more.
These are only the basic steps that you have to take, but of course, work on rebranding does not end there. You need to be prepared for the fact that it will take a lot of time.
The main stages of rebranding:
- Studying the problems of your brand, identifying weaknesses and strengths, understanding the necessary depth of rebranding;
- Development of a strategy and tactics of rebranding, which includes identifying brand elements that are subject to change;
- Updating a number of brand elements, new positioning, new elements of the visual and verbal identification system;
- Development of a new brand communication strategy;
- Reporting to the audience the meaning of rebranding.
How to understand that you need rebranding?
Your company needs rebranding if the brand has lost its relevance and become boring. How to understand this? First, you can collect the reaction to your brand on social media. And secondly, if your brand has lost its relevance, you will always see it on the indicators of your income, that is, if the profit has dropped significantly, then it’s time to change something.
You also need to rebrand if you have a desire to enter a new market, change or expand your target audience.
Often rebranding is done due to various legal reasons or when a brand has a well-established negative impression.
If the market has completely lost interest in your product, think about it, maybe you need not a rebranding, but a product change? Be that as it may, everyone has a chance of success. What matters is how everyone uses this chance.