Branding for a business at its startup is paramount to its beginnings, its character and success. A distinct brand image conveys value to prospective clients and investors, a value that propels the business forward into the public’s eye. But what if a business needs a revival?
What Is Rebranding?
Rebranding is a complete transformation of the business with a fresh perspective that affords the company a new identity for potential customers, investors and competitors. It shifts the company to a new image that influences the existing perception of the business for the purposes it wishes to conceivably fulfill. It may include a new logo, a name change, image positioning, new advertising strategies or special marketing tactics. In the concept of rebranding, there needs to be a vision, careful thinking and strategic planning regarding what needs to be accomplished and acted on, which delves deeper than just implementing logo or name changes.
Several reasons to rebrand are relevant at any time in a business’s existence. Consider these:
- Introducing new products and services
- Innovative technology
- Modernizing operations in today’s fast-paced society
- Making radical changes or delivering a complete overhaul to the business brand
- A shift in company ownership or organizational structure
- Obliterating negative associations
- Creating a new target demographic
- Fine-tuning and further defining a renewed vision and direction for the company
- Rebranding vastly helps in thrusting those businesses to positions of importance and relevance for consumers to actually see, and may be critical for a company to move toward expansion in profits and recognition
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When to Rebrand?
Every business is either alive and moving forward or empty and dying off. Most companies are not comfortable with being stagnant. As Joan Welsh declares: “If you’re coasting, you’re either losing momentum or else you’re headed downhill.” Every company should continually evaluate at intervals what its progression is, where its vision points to, the direction it’s headed, and what new items it may be introducing to the public. Considering that rebranding takes time, effort, finances and resources requires any company embarking on this journey to keep the vision of the company in front of them as well as the benefits of rebranding. Knowing when it is time to rebrand is a key to success and certainly provides a means for a company to stay dynamic and to expand.
How to Rebrand?
- “The best brands are built on great stories.” – Ian Rowden, Chief Marketing Officer, Virgin Group
- Truth be told, great brands are equivalent to great stories. The following questions can help guide your rebrand strategy.
- What is your company about? And what is it not about?
- What do you offer?
- What do you wish to convey to your target market?
- What story would speak to your demographic?
- How can you capture your audience in an emotional, personal and impactful way?
- How can your business make a powerful connection with consumers?
Rebranding efforts are not always easy. It is imperative that a business launching a full-fledged rebrand keeps the vision and direction of the company in front of them, as well as the benefits of rebranding as the motivation to keep the project alive and moving forward. Whether the rebrand is radical or a slower development to be initiated, both are valid and can triumph. In either case, however, there must be some careful considerations of the planning, timing and implementation of the rebranding efforts for it to be successful. Making a list of which things need to be changed, doing the research, evaluating the company as it stands today, setting up a time frame for implementation and delivering a plan of execution to the company on all levels affords greater chances of success.
With a renewed vision and goal for your business, a plan of action, a strong team and a schedule of execution, rebranding grants a business an innovative approach, a new personality and a fresh perspective which equals increased profitability, extraordinary recognition and a new image. Perhaps now is the time to get out there and go from good to great!
The following link points to a provocative article on successful rebranding campaigns that are worth the time to read.