It’s a brand new day! Why, how and when to rebrand.
Rebranding is when a company changes its logo, slogan, vision, mission, values, name, target audience or market to create a new brand Identity in the minds of prospects, customers, competitors and partners. It helps brands attract new audiences, stay relevant, stand out from competitors and improve brand awareness.
Why is rebranding important?
According to Forbes, your business has seven seconds to make a first impression. Sometimes brands fail to catch the attention of customers due to the use of a bad logo, a difficult or unattractive name, or an unclear vision and mission.
We live in a fast changing world, so companies also need changes to attract new customers. This is possible with rebranding. You may simply need to refresh your business, design a new logo or name after a merger with another company, or define new business goals, mission or vision.
Let’s explore several of the advantages of this process
Rebranding allows you to keep your business fresh. No matter how old your brand is, it should always remain relevant. Businesses need to act quickly and monitor new marketing trends to keep up. As you know, design trends play an important role in how customers perceive your brand and the products you offer. By making sure you always stay up to date, you will gain customer trust and confidence that your brand is the best.
Improved Google ranking
Considering that SEO ranks second in the highest list of ROI after email marketing, investing in your business to create a strong brand is the right decision. If customers interact with your new brand and recognize it, you can be sure that Google will evaluate your efforts. For example, after some serious brand building, Neil Patel's website traffic grew from 240k to 454k users in several months.
Improved brand recognition
Humanizing your brand through an authentic story or video during rebranding can ensure that your company stays in the minds of your customers. Research shows that customers are more likely to engage with a company that offers a superior experience, matches their views or evokes specific emotions.
The key benefit of rebranding is the ability to reach a new target audience. If you focus on your company's mission, vision, values and communicate them properly, people will notice.
If your company doesn't have a clearly defined mission, vision, and strategies, you can restructure them to fit your needs. This structural clarity is key to improving your company's efficiency.
Being aware of the benefits of a rebranding campaign is essential. In addition, it is important to know when you should consider this risky move.
When do you need a rebranding?
Rebranding is a complex and costly process that carries great risk for both large and small businesses. Therefore, you should have strong reasons to consider rebranding your business. Here are the top reasons:
- If there is a market repositioning. Repositioning is the changing of a company’s existing brand or product status in the marketplace. This process is essential when a company has a weak or outdated image, requires global strategic changes or needs a new target audience. If you decide to reposition your product to target a whole new market segment with new packaging, sizes, tastes, promotional channels, pricing or location, it is advisable to consider rebranding.
- When trying to improve your company’s reputation. A scandal on social networks, poor product quality or data leaks can damage your reputation. Of course, this has a negative impact on your company and your customers. Real changes within the company can help eliminate the negative associations that arise in people’s minds and regain customer trust.
- If two companies join forces and become one, you have a merger. To bring out the best qualities of each company, gain customer confidence, build brand awareness and avoid confusion, a rebranding is necessary. A merger allows your company to enter new markets, use financial resources efficiently, obtain more profits, a new direction, etc. This process also influences consumers as it results in better customer service, higher quality products and lower prices.
- When a company enters international markets, it often resorts to rebranding to achieve distinctive growth and financial gains. To connect with new locations, companies come up with a new company name and logo that identifies your brand as unique, easy to remember and can be understood in other countries.
- If there is a change in leadership. Companies are tied to their leaders. If a brand changes from one owner to another, a new identity is a way to highlight the transition.
To successfully implement this strategy, you need to study the types of rebranding available and choose the one that works best for you.
There are two types of Rebranding
This strategy is used when you decide to add something new to your current brand without changing it completely. A refresh is necessary when your company's logo and image have become outdated or there has been a slight change in your business goals.
This option is used when your company has undergone a fundamental change such as mergers, leadership changes, product revisions, etc. As a result, your brand needs to undergo a change in brand identity as well as your brand's mission, vision and values. Here is a complete transformation.
You can see Apple logo updates from 1976 to 2013 here.
After you’ ve decided whether you need a partial or full rebranding strategy, take a closer look at the following steps to implement this strategy in your business.
Conduct research to understand your target audience, what your competitors are doing, what is unique about your brand and how it differs from other companies in the same industry.
In-depth research that involves focus groups and data analysis allows you to notice if your customers and competitors don't match your idea. Identify your actual buyers and their preferences. Compare this data with your original target market and audience to discover any differences. Once you have defined your real market and audience, you can continue to implement your strategy.
Every business has three main elements that you need to evaluate: mission, vision and values. Analyze each of these to understand what's wrong.
Vision. Vision gives your brand direction and defines the actions your company should take. Over time, your company's vision may change, and that's perfectly normal. However, it is essential to redefine your vision as soon as this happens to ensure that your employees are moving in the right direction and making decisions accordingly.
Mission. This defines the purpose of your business. Your mission describes your primary consumers, the products you produce and your location. It is your company's roadmap. As your mission changes, your message must also change.
Values. Your company's values explain why you are working toward your vision and why you are committed to your mission. As brands evolve, they may change their old values. So you need to reflect your new values to show your core purpose.
Of course, changing a business name is a serious step because it can cost you brand recognition and organic traffic. However, if you're seriously considering rebranding, make sure you have a plan for recovery after the rebranding.
In general, if your company name still fits your mission, vision and values, it's best to keep it. However, if it doesn't match your identity, it's advisable to change it. Make sure your new brand name conveys your message and is easy to spell and remember. The right name also supports your goals and the growth of your business.
Your goal here is to create a slogan that communicates your company's mission, vision and is also memorable. Consider changing it carefully as it highlights the purpose of your brand.
Of course, customers remember the catchy slogans of famous brands such as Nike's "Just do it", McDonald's "I'm Lovin 'It" or L'Oreal's "Because You're Worth It". To create a good slogan, consider providing instructions, making a statement, becoming metaphorical or using poetic language.
To help you create a good slogan for your brand, here are some simple tips:
keep it short, simple and clear;
use your unique value proposition;
make sure it can stand the test of time;
Consider your target audience and market.
There are several things you might consider changing about your company's brand identity, such as your logo, shapes, images, colors, or instructions. Here are several changes you need to make.
Change your logo
If you've had internal changes in your business and you want to demonstrate them, consider developing a new logo. To update your old logo, use these basics to do it right:
demonstrate your confidence by creating a simple logo;
create a logo that will stand out;
use universal shapes and styles that match your communication channels;
Make sure your new logo supports your mission, vision and long-term values;
Use different colors
According to a study, color increases brand recognition by 80%. Thus, color influences your customers and your brand.
Look at your company colors with fresh eyes to decide if they fit your brand image. Also, these days, it's essential to check how your color palette looks on screen and in print. Make sure it looks the same on different branded materials.
Reconsider your shapes and images
Once you decide to change the visual elements of your branding, consider changing the shapes and images to keep everything consistent. Also, make sure your images and shapes support your brand message.