What does rebranding mean?
According to economic times, “Rebranding is the process of changing the corporate image of an organization. It is a market strategy of giving a new name, symbol, or change in design for an already-established brand. The idea behind rebranding is to create a different identity for a brand, from its competitors, in the market.”
Rebranding your business is essentially giving it a facelift, and it, therefore, presents an excellent publicity opportunity to garner exposure for your revamped brand.
Is rebranding right for me?
There are a variety of indications that will let you know whether your business is in need of a rebrand.
Some of the most common reasons for a rebrand include:
- Your business name doesn’t effectively reflect your vision.
- You’re having difficulty differentiating yourself within the marketplace.
- You’ve made notable changes to your offerings.
- You’ve merged with, or been acquired by another company.
- You’ve branched out into other locations.
- You're trying to connect with a different audience.
- You’re simply ready for a change.
Things to consider before rebranding:
- Rebranding will take time: A successful rebrand doesn’t happen overnight. Like all good things, it takes time to plan and execute.
- Rebranding will cost money: If you want to rebrand right, you’ll need to have the funds to do so. From logo designs and updated marketing collateral to PR campaigns and launch events, rebranding can be costly.
- Rebranding will take effort: An effective rebrand will require commitment and diligence from your entire team.
- Rebranding will alter the way your brand is perceived: One of the main reasons for a rebrand is to change the conversation around your business and inject it with energy. In doing so, you are making a conscious effort to alter your brand, and once this has been done it may be difficult to come back from. The good news is, if you rebrand the right way, this will be exactly what you want!
How to Rebrand Your Company: A Step-by-step Guide
So, you’ve taken some time to deliberate, and you’ve decided that a rebrand is right for you. Now what?
The following will serve as a guide for your business as you begin your rebranding journey.
1. Start with your mission statement: Now is the time to either create or reevaluate, the ethos of your brand and what your missions and values are. Work with your team to determine these, and look to them for reference throughout the process to make sure that your branding choices remain true to your core beliefs.
2. Develop a comprehensive strategy: Like all major events in your business’ life, a rebrand requires a detailed strategy to help ensure your bases are covered and you remain on track. This strategy should include all elements, such as logo, ads, signage, flyers, packaging, stationery, etc. It should also consider all channels of your brand (digital, brick-and-mortar, social media, etc).
3. Analyze the competition: Surprisingly enough, your competitors can be one of your most helpful resources. Look to them to see what is working, what might not be working so well, what the trends are, what the conversation is, etc. This will help you make the most informed decisions regarding your rebrand and help ensure your rebrand is contemporary, as well as powerful with regards to the current marketplace.
4. Communicate with your team and collaborate: Rebranding is not a solo effort, and no successful rebrand can be accomplished by one person alone. It takes teamwork, so lean on your team members for support throughout the process. Your team is the heart and soul of your brand. Ask them for their input, collaborate on ideas, make sure they know their roles, help them feel valued, and involve them every step of the way.
5. Make your rebrand customer-centric, and keep customers updated along the way: A rebrand should take into account your customers if it’s going to be successful at all. Consider how the choices you make throughout your rebranding process will impact your customers and potential customers, the bread-and-butter of your business. Make it about them, and you will reap the rewards. Additionally, ensure they’re kept in the loop about what is going on. They will appreciate this open communication and transparency.
6. Be authentic: What makes your brand unique? Why are you special? Why should customers choose you? According to Adweek, “91% of consumers said that they are more likely to buy from an authentic brand than from a dishonest brand.” Distinguish your business within the marketplace through authenticity, and by remaining true to the core of your brand.
7. Use consistent messaging: If your brand messaging is constantly changing, it will be left open to a variety of potentially-harmful interpretations. According to CrowdSpring, “90% of consumers expect that their experience with a brand will be similar across all platforms and devices. They expect a seamless transition between web and device-native applications through color, flow, and overall quality.” Messaging that varies will confuse, and therefore repel customers. Your brand wants to come across as solid, professional, and trustworthy, and remaining consistent in your message is how you can help accomplish this. Whether it’s online or offline, each interaction that people have with your business should embody your brand values, without exception.
8. Publicize your rebrand: Whether you work with a PR agency or keep things in-house, let the world know about your rebrand. It’s time to showcase all your hard work! Let audiences know why and how you rebranded, as involving them with your brand story will help to strengthen their brand loyalty.
9. Have a plan for continual success: Once your rebrand has launched, it doesn’t mean that your work stops. Keep that momentum going! It’s important to have a strategy in place that will help ensure you remain true to your rebrand. What graphics will you use going forward? What about the tone of your content? These are just a couple of the numerous things to consider as you traverse this new and exciting world.
For the right business, a rebrand can have an incredibly positive impact. The key is to ensure it’s done right. The above tips will help you on your way to a successful (and, dare we say, monumental!) rebrand.