Rebranding is a marketing strategy that involves revamping an established brand’s name, term, symbol, logo, design, concept, or combination of these elements to create a new brand identity. Rebranding is not as simple as changing colors and look of your logo, and the process can be a major investment.
Depending on the extent of the rebranding and the size of the business, the process can take anywhere from a few days to several months. If it’s such a long and expensive process, why should your company do it? Let’s start with these three reasons.
You Don’t Stand Out from Competition
If your brand is in a competitive marketplace and/or a crowded industry, it may be hard to stand out from the other players. You may have unknowingly made yourself sound or look like one of your closest competitors.
Doing this by mistake is forgivable, but doing it on purpose is a crime punishable by copyright laws. Should your brand and/or your products have a brand identity that doesn’t stand out and stand apart from your competition, it’s time for serious rebranding.
If the branding extends to your logos and other visual elements, don’t hesitate to make changes to even the smallest details, like signs at your offices. Companies like Martin Awards can assist you with this.
Remember that if you don’t rebrand, your brand will miss out on more earnings and could even be helping your competition.
Your Current Branding is Unclear
Clever branding should convey exactly what your business is about and create a good first impression. A powerful brand identity can definitely benefit your business, even if you’re a small startup. Failing this, confusion will set in and impact your business.
No one wants to do business with a company that doesn’t give a clear idea of what they’re offering. How can you find out what customers think and feel about your brand? You can conduct surveys online or face-to-face. Once you determine what’s causing the confusion, then you can and should launch a rebranding strategy.
Your Branding Doesn’t Represent Your Business
This could be due to a disconnect between your brand identity and offering from the very beginning, or your business has evolved into offering something different from when it was first put up.
Remember that it’s not uncommon for businesses to change over time. Hummer used to make and sell 4x4s, now they make farming equipment. IBM used to make desktop PCs and laptops, now they concentrate on physical servers and software solutions for businesses. Kentucky Fried Chicken used to only offer fried chicken and biscuits, now they have a more diverse menu.
While not all of them made drastic changes to their logos or other branding elements, changes were made to the way they spoke to their target markets. If your business makes major changes to its products or services, or targets a different market, it’s time for rebranding. Your business could attract the wrong customers and put off the right ones if you don’t.
Good branding is an intangible property of your business. If you don’t take care of it, it can seriously impact your business’s earnings and longevity. Once you’ve determined your brand image needs an overhaul, gather your marketing team and consult experts to help formulate a sound rebranding strategy.