The business world is highly competitive. If you are not doing anything extraordinary, you are already behind your competitors. Or even if you want to launch a new product, rebranding is your savior here.
Re-branding is a great strategy, and it doesn’t mean that you are moving backward; it means that you are ready to leave behind your past and create an identity that will resonate more with your consumers with the lessons learned from past mistakes.
It also helps you evolve and achieve new feathers for your company and take it to the top. But it is a very time-consuming process that needs lots of hard work, and efforts but in the end, all the sweat will be worth it.
When and why do you need rebranding?
- Demographic changes– when your company grows, you tend to change the brand a bit to cater to a bigger target market. An example is Adidas who successfully rebranded themselves to serve a larger market.
- New competition, trends, and technology– sometimes due to the arrival of new technology, the techniques used by you for creating a product becomes obsolete thus you have to change your brand to accommodate products to compete with others. Also, consumers’ tastes change and they set new trends which is also a big factor.
- Changes in business– If the business has launched some new products or entered a different market say in a foreign country or merged with another firm like Facebook taking over WhatsApp, then the brand will have to change to accommodate these changes.
- No branding effort– while starting up due to budget issues or something, if you haven’t done a great branding job, this is the right time to do when the company is growing.
- Other– If none of the above issues resonates with you, think again to find out what are the problems whether external or internal is there that has forced you to re-brand and then strategies.
Here is a step by step guide to rebranding:
- The mission and vision of the company
If the existing brand didn’t have a mission or vision, then set it with the whole team present, and make sure that all the re-branding is done, keeping these in mind so that the brand is true to company’s core belief. Also, if you have them you still need to modify them a bit to accommodate new product or international markets.
- Focus on right customers and technologies
There are many reasons for rebranding as we read above, but if that reason is a change in demographics, and then makes sure that now you keep in mind the bigger and new target market and promote products using the right technology so that the right customer is exposed to it.
- Marketing tools
You all the marketing tools at your disposal like print or TV ads and if the budget is tight you can opt for social media and online marketing.
- Uniformity in the strategy
Rebranding doesn’t mean that you will change your logo and be done with it. It means to have a proper strategy that includes all the elements of the visual identity whether online and offline like Logo, flyers, websites, Hoardings etc. the strategy must be such that all the elements complement each other meaning uniformity in colors, images and font etc.
This is a must if you are doing partial rebranding as if the logo doesn’t match the sentiments of other elements, then consumers will get confused and may abandon your product.
Coming from the above point, it is imperative that you make the necessary changes to your logo so that it can accommodate the new changes you have made to your business. You can use various online logo maker tools for doing that like Canva.
- Be clear and discard unwanted elements
Observe your current branding elements and find out which of them work well the changes and keep them while discarding others. It helps to have an element that people recognize when trying different things. Also, be clear about what you want in your new brand and create ideas and make strategies accordingly. There should be no misunderstanding; otherwise, the final result will suffer.
- Analyze the market, competition and consumers
Before making any plans and working on them, it is essential that you analyze the market for new trends and technologies and research your competition to know what they are doing which is or not working for them. Also, keep in mind the consumers and their needs and work accordingly. But don’t follow a trend just because everyone is, it should go with your business and its missions.
- Networking is important
Networking has a great power which you should use to market about the change you are going to bring. Contact your previous clients, publicize on social media platforms and promote it in any way possible through the existing network or by creating a new one.
- Tell the world and be patient
Now that the re-branding process is completed, it’s time to let the world see the new you, make sure that you are honest about the reason behind the change as it helps curb any confusion. Also, be patient, you won’t see the result immediately, it will take time so don’t be impatient and lose hope.
These are the best tips that will help you in re-launching your products and make a new and everlasting impression on your consumers. Just remember that be transparent with your loyal consumers about why the sudden change is happening, and if the branding is good, it will certainly be successful.