Rebranding is the process of changing the corporate image of an organisation.
Rebranding is the creation of a new look and feel for an established product or company. The usual goal of rebranding is to influence a customer’s perception about a product or service or the company overall by revitalizing the brand and making it seem more modern and relevant to the customer’s needs.
What are the benefits of Rebranding
- Connect With a New Audience
The biggest advantage to refreshing the look and feel of your brand is the ability to reach new customers . When you focus on new aspects of your business and promote them correctly, people will take notice.
- Set Yourself Apart From Your Competitors
As you grow your business, your capabilities may begin to directly contend with those of your industry competitors. Rebranding can be the most effective way to set your company’s offers and approach apart.
- Stay Current
Rebranding has one simple goal: to keep your brand current. Design trends play a major role in how potential or current customers perceive your company and all it has to offer.
- Increased market share
A rebrand can help a company differentiate itself from competitors and capture a larger share of the market.
How to successfully Rebrand
Rebranding can be a complex process, but there are several steps that companies can take to increase their chances of success:
- Reestablish your brand’s audience and market.
- Redefine your company’s vision, mission, and values.
- Rename your company during a rebrand.
- Reconsider your brand’s slogan.
- Rebuild your brand identity.
- Track brand sentiment.
- Plan a successful launch.
The do’s and dont’s of Rebranding
- Do your research: Conduct market research to understand your target audience, competition, and industry trends. Use this information to guide your rebranding strategy.
- Do define your brand positioning: Clearly define your brand’s unique value proposition, positioning, and messaging. Ensure your new brand identity reflects this positioning.
- Do plan for the long-term: Ensure your rebranding strategy is sustainable and scalable over time. Consider how your brand will evolve and adapt to future changes.
- Don’t rush the process: Rebranding should be a thoughtful, deliberate process. Rushing the process can lead to mistakes and negatively impact your brand.
- Don’t ignore your existing brand equity: Consider how your existing brand equity can be incorporated into your rebranding efforts. It’s important to maintain some continuity with your current brand.