What is Rebranding
A common misconception is company rebranding consists of a new logo, new colours, new visuals etc. but this is actually redesigning. Although there is an aspect of these elements in the rebranding process, they do not make up its entirety.
Rebranding is really an emotional shift. It is a shift in business direction, a change in customer experience and a change in the type of services you are offering. It is actually a restructuring of your actual business.
It is important to note that a brand actually has very little to do how the company looks. Branding is more about the customer experience and what they perceive about your company. The goal is to create a company that provides valuable, meaningful and high quality products that distinguish your company from competitors.
Reasons to Rebrand
There are many reasons why companies may want to rebrand. One of the main reasons is to form stronger/ better relationships with their consumers. When customer engagement begins to dwindle, companies may want to assess their branding in order to regain their market share.
Sometimes, as a company owner, your goals and mission for your company may change. This can cause the entire infrastructure of your business to shift. This could be that you are taking on a new partner, you have a different target audience or that you are implementing different strategies. All these are great reasons to rebrand your company.
The launch of new products or services are also a great opportunity to rebrand your company. Campaigns to promote these new products will draw more attention to your company and bring in new consumers.
A change in company leadership often calls for rebranding. New managers will want to bring in new ideas and change various aspects about of the company direction. This will be reflected in their rebranding.
Begin by determining the direction in which you would like your company to take. This is a great time to clearly spell out your values, mission and company vision. Use these to ensure that the choices you make during the rebranding process are reflected in your company’s core beliefs.
The next step is to consider what does and doesn’t work in your current branding. Before tossing everything out, look at what is currently working well for you and preserve these elements. This will also promote a feel of continuity that already resonates with your customers.
Carry out market research to find out what your competitors are doing differently that’s working well for them. Look at the current market trends as well in order to make informed choices when you rebrand.
Collaborate with stakeholders and get their feedback. Involve members of your company in the process and use this as an opportunity to strengthen your company culture. You can also involve your customers and get their feedback on various rebranding elements.
Finally, let the world know. You’ve worked hard to rebrand your company and now it’s time to showcase these new changes. Be transparent about why and how you rebranded your company with your customers and monitor the effects these new changes have on your company.
In all this, bear in mind that a brand is not what a company does or what they look like. Branding is all about your customers and what they perceive of your company. Rebranding is a sure way to revitalise your company and an opportunity to grow. Take it as a learning experience to better yourself and your future business ventures.