Change is the only constant in this world. And if you are thinking about rebranding your business, you are on the right track. This is a sign that your business is now more than what it started with. You can strengthen your market presence, enhance your uniqueness and freshen up.
As the know-it-all Wikipedia puts it, “Rebranding is an active marketing strategy that involves a set of activities to change brand components: company name, logo, slogan, corporate identity. in order to create a new, differentiated identity in the minds of consumers, investors, competitors and other stakeholders” . Rebranding is always carried out in order to change the conceptual ideology of the brand. Restyling and repositioning are components of the rebranding process.
Why do businesses need to rebrand? The most common reasons:
1. Be in trend.
This is the most popular reason for rebranding. We live in a rapidly changing world. At the same time, consumer expectations are changing. To meet the latest trends, it is necessary to change the positioning and design.
2. Displacement of the target audience.
If you plan to expand your business, it is likely that your customer base will expand as well. Or you want to shift the focus to other demographics. Suppose your business started with sushi delivery, but over time, the fashion for Japanese cuisine has passed and you plan to switch to healthy food delivery, which is in high demand today.
3. Product or service change.
This often happens with companies that start with one product and build a brand identity around it. However, as the business grows, the product line grows and these changes need to be reflected.
4. Merger or acquisition.
These legal procedures result in a complete brand transformation, including a new name, logo , corporate identity and positioning.
5. Stand out from the competition.
When multiple companies offer the same services, it can be a major deterrent to business growth. Rebranding can help articulate your unique offering and give you an edge over the competition.
To successfully rebrand, you need to go through a number of important steps.
1. State the mission and values of your brand.
If you were unable to do this at the very beginning of the business, rebranding is a great opportunity for this.
2. No need to radically abandon all the old elements.
Many can be quite workable, for example, the name of a company that consumers already remember well.
3. Study the market.
One of the best ways to make sure you’re on the right track in your rebranding process is to analyze market trends. Look at what attracts consumers in your segment, study design trends and reformat it so that you are on trend, but at the same time stand out from the competition.
4. Create a branding guide.
It will help you to work consistently with all communication channels, such as social networks, website, labels, packaging, brochures, catalogs, etc. The approach to rebranding must be holistic. Get professional help. This should be an experienced design agency.
