The Case for Rebranding: The Benefits and How to Rebrand A Company
There are many reasons to rebrand, but how do you know if it's the right time for your company? Rebranding is on the rise and there are several signs that can tell you when it's time. You may be thinking about rebranding if you're launching a new product or service, want to revisit an old design, slogan or logo that no longer reflects the company's values, want to update your brand image with more modern colors and fonts, or need to refresh your design due to aging technology. This article will go over how you can successfully rebrand your company and what it means for future success!
When Is The Right Time To Rebrand?
The right time to rebrand will depend on the company's situation. It can be any point in the company's growth. For example, if you're launching a new product or service then this is an excellent time to rebrand because it shows that the company is moving forward and prosperous.
Sometimes you'll also see companies do a rebrand if they're undergoing a merger or acquisition. This gives the brand a refreshed image that doesn't show signs of disorder.
Or you might have moved or expanded beyond your original geography. With a new set of customers , you'll need an updated brand identity to reflect your new market.
More often then not wondering if you need to rebrand is the first sign that you should rebrand. But don't be afraid of rebranding. Any company's growth process includes a rebrand.
The Benefits Of A Successful Rebrand
A successful rebrand can help you to both grow as a company as well as maintain a strong customer-base. After a successful rebrand, the company will experience increased customer loyalty, consumer awareness and higher brand visibility. Whether you're just launching your business or looking for new ways to grow, rebranding is an excellent way to set yourself apart from your competitors--and give customers more reasons to buy.
How To Successfully Rebrand A Company
Continuing from the previous question, how do you go about a successful rebrand? Here's what the process should look like for you.
1. Don't Think You Have To Start From A Clean Slate
Figure out how in-depth your company rebranding will be. Will it be an entire organizational change including name, colours, mission, vision. Like Ebates changing their name to Rakuten. Or will it just be a logo and colour scheme update like Airbnb.
2. Understand Your Mission And Values.
It's important that you understand your company as well as brand mission and values before rebranding. Understand what your competitive advantage is and what you bring to the table.
Another thing that you should consider is the company culture and what a rebrand will say about your company's values. If you're going through a merger or acquisition for example, be sure to clearly communicate how the two companies are united.
It's also important to talk about rebranding with employees. They're the people who work every day of their life on building up your company identity- through marketing materials, social media posts or customer interactions.
4. Determine If It Is Worth The Investment
Not every company can successfully rebrand without facing consequences. Let's say you've been known for your bold pink logo and font, but now want to update your image with a more professional color scheme and font. You may experience some backlash from loyal customers that don't appreciate the sudden change of tone.
3. Do Your Research
See what you're competitors are doing and determine how you will stand apart. It's important that you take time to do research and to see what your customers like and what they don't like.
5. Focus Group It
One of the most important steps in a successful rebrand is testing it out on a group of people who are not associated with your company so they can give you feedback. This will help prevent mistakes and help create an image that people will feel passionate about.
When is it too late to rebrand? It's never too late to think about rebranding! Even established companies occasionally rebrand in order to stay relevant and visible. So even if you've already launched your products, don't be afraid of changing your brand image down the road .
The Smaller Details of A Successful Rebranding
Once you've figured out your new branding strategy and how in-depth it will be the fun part comes along. Implementation and sharing it with your audience! Here are just some examples of what you'll need to refresh/update (you might need to do all or just some of these things)
Company name
Logo
Company description
Mission and values statement
Branding guidelines i.e. colour scheme, font, voice/tone
Social media accounts i.e. user name, profile picture, description etc.
Socials i.e. letterheads, email signatures, infographics, business cards, brochures etc.
Website
Administrative i.e. bills, checks, labelling, IT system etc.
Make sure to go over everything with a fine tooth comb to get the old brand out and the new brand in.
A successful rebrand can have a tremendous impact on your business. It will help you build customer loyalty, increase awareness of the company's brand and allow for higher levels of visibility in the marketplace.
