Rebranding involves a lot of research, resources, and time since the whole point of it is to change the company image. Creating a new brand identity for an already-established brand by giving it a new name or changing its design can be an excellent marketing strategy. This way, you can transform your company’s image in the marketplace and stand out from your competition. Many companies decide to rebrand in order to improve their position in the market and create a stronger bond with their target audience and employees.
However, some companies opt to change their image because of negative publicity, law issues, or bad management.
If you are thinking of rebranding your company in 2023, there are a few things you should pay attention to. So read on to find out what these are.
Why Would You Rebrand?
Companies rebrand for a variety of reasons, some of them being:
- Changes in the management sector often lead to a different approach and fresh ideas that should be followed by the new and modern logo
- Changes in their priorities as a result of growth and development in the direction that is no longer represented by their existing logo.
- Outdated look and lack of engagement
Changing the logo created when they first started is what most companies do when embarking on the rebranding journey. Apple, for example, had a rainbow apple sign early in their business. It symbolized the first color computer. You will agree that such a logo would appear anything but elegant nowadays.
What Are the Benefits of Rebranding?
It’s important to analyze the results you achieve with the existing brand—they are your best weapon for getting to know the needs of consumers. Market research and consumer reactions to current offers will help you decide in which direction your business should move. The weakest points of the brand should be those that require the most attention.
When rebranding, you get to maximize simplicity, avoid existing errors, and concentrate on your local community. New business opportunities emerge through changes and a good image.
How To Rebrand With Minimal Risks?
You should keep in mind that sometimes, despite how hard you work or how many resources you put in, you may not get the results you want. Here are ten important tips you should consider if you want to rebrand successfully:
1. Rebrand Audience Targeting
The concept of audience targeting involves researching the target groups and finding the right balance between existing and potentially new target groups. While doing this, you need to take market changes and market demands into account.
2. Marketing Research
Digital advertisements can be irritating and are often ignored. To rebrand effectively, you must engage your customers in an organic way. Most businesses achieve this through the use of direct mail marketing.
Studies show that personalized marketing influences nearly 90% of consumers’ purchasing decisions. This is why creating a rebranding strategy that communicates your message to the market will achieve great results.
3. Rebrand Competition
Keeping an updated list of your competitors is always a good idea. It is important to analyze their strategies and identify their wins and potential growth opportunities. Having examined this information, you can then compare it with your company’s current strategy.
However, you should be aware of the fact that you do not know your competitors’ resources and main objectives, so you should avoid following their strategy. This may lead to a running out of funds or moving you further from your goals.
4. The Need for the Product
To understand the need for products and achieve the best results, it is crucial to identify your niche. There are basic life needs, needs that make our daily lives more manageable, and those we satisfy to enhance our quality of life, interpersonal relationships, and self-esteem. The closer a product is to the last category, its marketing strategy should be more original.
You may not need to invest a lot in advertising if your company creates a product a small group of consumers will need on a daily basis—as opposed to one that is pure indulgence for most consumers.
Don’t be afraid to change your niche if your study indicates disappointing results. The strength of your brand may be in the unknown.
5. Rebrand Set a Budget
One of the first things you need to discuss with your shareholders is establishing a budget for rebranding, whether it is a complete or partial rebranding. It is important to keep in mind that a budget should not be underestimated. If you focus on all the benefits you get from rebranding, you will realize that it is always better to allocate more resources.
Even if you do not have sufficient funding to carry out a complete rebranding, you can always start with minor changes. For example, you can make some changes to the company’s website or social media until you are able to allocate enough resources for a bigger project.
6. Set a Timeline
Developing a comprehensive rebranding plan requires a carefully planned timeline. Setting a time frame that is too short can create pressure and lead to vital mistakes. On the other hand, allowing the project to last too long may result in additional resources being spent and the research becoming unusable in the future.
7. Merging Opportunities
Don’t discard the merging option. Every product has its own set of users, so imagine what would happen if you doubled the number.
Google and Android are one such examples. As a larger company, Google gained novelty and monopoly from this merger, while Android was able to gain much-needed resources for full expansion.
8. Include Your Employees
Take into account the needs of your customers and employees before rebranding a company. Get their feedback by asking questions and conducting polls. This is extremely important to reduce expenses and ensure a successful company rebranding. The purpose of rebranding should be clearly stated internally.
For example, you might want to move away from the old, outdated brand or believe a new brand might increase the revenue. Depending on your reasoning, you’ll be able to determine whether to incorporate some familiar elements or embrace an entirely new identity.
Make sure you are not rebranding for the wrong reasons. Rebranding is a big step that needs full attention and a professional approach to achieve quality results.
9. Well-Marketed Launch
Generally speaking, internal launches are considered soft launches. The best time for this is 4–6 weeks before the public launch to get everyone on board, work out any kinks, and involve the entire team in the brand story. Also, make sure to encourage feedback and questions. The employees’ feedback is what you need most.
Once the external launch begins, there is no turning back. During this period, you can prepare press releases, blogs, newsletters, etc. For a successful launch, you’ll require strong marketing. What’s also important is to make sure that your loyal consumers are well-informed about the changes that occur.
By doing so, you’ll emphasize the importance of the project and create enthusiasm among the target groups for using your rebranded products.
10. Rebrand Logo Redesign
If you want your company’s logo redesigned, the first thing you need to do is to go deep into what the logo represents and who it appeals to. There are three main elements in a logo:
Each element should be legible, eye-catching, and complementary to your brand.
You want your logo to stand out the first time consumers see it in an email, website, or label. A unique logo might be the reason people recognize your company and be drawn to it. If your current logo doesn’t attract much attention, it may be time to change it.
Another vital point is considering your audience when redesigning a logo. If your target group is children, your logo should have a fun and childlike design.
Rebranding provides opportunities to create stronger connections with customers and engage targeted prospects who you want to become customers. However, sometimes there is a risk of some loyal customers becoming alienated as a result of the rebranding process.
Rebranding your business is a big undertaking, so you should think twice before embarking on a rebranding journey. Don’t expect miracles right away—it may still take quite a bit of time for the audience to recognize the quality of your new product or appreciate all the effort you invested in its improvement. Remember that nothing happens overnight, and give yourself time to pick the fruits of your hard work.