As time moves on, we are bound to grow and change, so why should brands be any different? A rebrand, be it a logo update or a complete do-over of your brand image, helps your company stay up to date with modern requirements and informs customers that you are still very active in the business.
Rebranding or brand refesh, however, should not be approached casually. It not only takes time and money, but it also jeopardizes your company’s reputation if you happen to do something wrong. So, below, we’ll go over all you need to know about rebranding, including what it is, when it’s time to do it, and how to accomplish it in a few easy steps. Continue reading to find out more!
What does rebranding mean?
When a corporation rebrands, it redoes or enhances any of its branding aspects, such as its logo, color palette, or typography. The concept is that if a brand is changing, they want everyone to know.
You may rebrand as little or as much as you like, from just altering your tagline to completely changing your company name.
There are three types of rebranding strategies:
- A brand refresh – changing minor detail to make the logo or overall brand image more modern
- A partial rebrand – changing specific elements about the brand’s image, but not the brand entirely
- A total rebrand – changing everything as if you were to start a new business from scratch
While rebranding isn’t always essential, if you go forward with it, know that you’ll have to make a compromise. To begin, there’s the expense of rebranding, which may range from commissioning a one-time logo designer to launching a global, multimedia marketing campaign to promote your new brand image. This isn’t just a financial commitment; it’s also an investment of time and human resources, as you will probably need to do this with the help of a branding agency.
Furthermore, there is always the danger that your new brand may not perform as well as your previous one. You can reduce this risk by preparing ahead, but a successful rebrand should only be considered when the timing is perfect.
How to tell if your business calls for a rebrand
What are the signs that it’s time to rebrand? The following are some frequent red flags that indicate rebranding is a smart approach to boost your company’s activity:
- Product and/or service changes
We’re not talking about launching a couple of new items or releasing a new flavour for your most popular product. A rebrand is an excellent approach to get attention and reintroduce yourself if you’re launching into a new market with a set of novelty products. This is also true in terms of price changes. If you’re recognized for high-end and exclusive items, and you want to provide the same products to newer clients at a reduced price, rebranding can help. Rebranding can also help you bring favourable attention to a new component or material you’re using or if you’re changing your service in any manner.
- Targeting a new audience
If you’re extending your firm into a new demographic or changing your main focus completely, you’ll need to rethink your branding approach, just like you would if you changed your products or services. Different audiences have different needs and wants, so you need to identify and appeal to them.
- You’re not satisfied with the current branding
Perhaps your previous branding didn’t perform as well as you had hoped. If a bad brand design is damaging your business, you don’t have to keep it. A rapid rebrand, even if it’s only a partial redesign, may fix what isn’t working without causing harm to what does.
- Clearing up bad reputation
If people start connecting your brand with a mishap, it’s a good idea to offer them something fresh and distinct to remove yourself from the bad connotations. This isn’t a universal solution because some clients aren’t that forgiving, but rebranding could assist your brand go ahead if you’ve admitted your flaws and worked hard to repair them.
- Differentiating yourself more from competitors
If your competitors are aiming for the same audience as you, it’s only natural that they’d apply similar branding methods. As a result, you’ll frequently see identical items packaged in similar ways. A rebrand may offer you a fresh face that stands out in instances where it’s difficult to identify you apart from your competitors.
Rebranding a business – a step-by-step guide
Now that you know what rebranding is and when you should do it, it’s time to learn how to approach it.
Assess what works and what doesn’t for your current brand
The first step for your new rebranding team is to figure out exactly what the issue is. To discover exactly what should stay and what should leave, you’ll need to analyze every facet of your present brand strategy.
Here’s a checklist of the primary branding features you should scrutinize to keep you on track:
- Name
- Logo
- Slogan
- Color palette
- Typography
- Partnerships
- Brand voice
- Website design
- Store image
Assess each of these elements and decide where changes need to be made.
Collect feedback from your target audience
You should have some thoughts and hypotheses regarding how to rebrand after your initial assessment. Rather than rushing in headfirst, it’s better to improve your ideas by gathering data directly from your target audience.
No idea who your target market is? This may be a good opportunity to do some independent tests to see which consumer segments are most interested in your products or services.
Rethink brand core values
Using the information you gathered by now, think of what type of brand you want yours to become. If you’re having trouble with this, make a list of 30 characteristics that define your dream brand, and then choose your favourites. You may then begin writing your own brand story. You may also update your mission statement and brand values if you’re conducting a complete rebranding.
Start working on those problematic elements
Now is time to get to the action. If the logo is your main issue, redesign it. If you need new affiliates, find them. Take everything you’ve learned about your brand and what you want it to become and start acting on it. Keep in mind that you don’t need to change everything – only the elements that will really make a positive difference.
Rebranding – A Strategic Guide to Rethinking Your Company’s Image