There comes a time when you feel that rebranding your business has become necessary. But before you take the plunge, think if you have valid reasons to rebrand.
Rebranding a company or a product takes a great deal of time, energy, and resources. Rebranding is a critical move wherein the company declares its serious intent to inform the market of its commitment to progress and development. Therefore, it is a decision that shouldn’t be made lightly. Every rebrand is different. Thus, it is of utmost importance that you should know exactly why you’re doing this.
Here are a few reasons that may make you consider rebranding:
1. Competitors are doing it.
Just because Brand A is doing it, doesn’t mean that you have to follow suit. But if you think that your branding may no longer be as distinct, changing some aspects may be helpful. Changing the color or logo may help the market more easily identify your brand.
2. Leaving behind a bad image.
No company wants their name associated with something dreadful as this can actually destroy the company. Instead of just letting it all collapse, giving the company a “facelift” would definitely be a wise move.
3. Reaching out to a new audience.
Every business has a target market in mind. However, one way of expanding the business is tapping into a larger market that may be interested in your products.
4. Expanding your brand.
Brands that have been in the market for many years develop and introduce additional products to the market. As times go by, the branding of a company should look and feel current. Have you noticed how many times Coca-Cola has changed its logo?
5. The company’s mission has changed.
After many years, A company may find it is time to change how it is represented, particularly if there has been a shift in the kind of products and services that they offer. For example, what used to be a printing company may now be digital technology. Hence, changing their name would be appropriate.
6. Aligning with the company’s values.
As a company evolves, so do its values. A company needs its core principles upheld, thus, rebranding to create a stronger brand is essential.
7. Merger or acquisition.
It is almost automatic that rebranding is a must to represent both companies in a way that the market sees them as a much stronger brand yet still offering the same products and services.
After thinking of the reasons for rebranding, you should talk to your team about how you can make this possible. Ensure that your team understands the reason as it will influence every decision that they make. Follow best practices to avoid rebrand mistakes. Look around and see how others have done it. There are tools online that can help you make it easier. Although, it is best that the whole team can come up with something that can truly present the company.
Remember that the market should still feel that they are supporting the same company and that they will still get the same kind of products or services, or even better.
For more information, you may contact Armando "Butz" Bartolome
by email: firstname.lastname@example.org
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