There are many reasons why you may need or want to rebrand your business, from a shift in products or services you offer to engaging with new markets or simply refreshing a tired, old brand. In times of dramatic global events, responding to new circumstances makes rebranding more pertinent than ever. Many companies are needing to pivot their businesses right now, and rebranding is an essential part of any pivot.
However, when you’ve decided it’s time for a rebrand, how do you go about making that happen? Here are some top tips for rebranding your business.
What is Rebranding and Why Should I Consider it?
Rebranding is developing a new aspect or perspective on a business’ brand, or completely reinventing it. It typically involves new brand colours and design elements such as a revised company logo, as well as visual assets and marketing materials. A rebranding may also involve more fundamental changes to the business, including changing the business’ name.
Rebranding can be a very successful way to reinvent and modernize a brand that has grown stagnant or stale over time. It can also be helpful to recover from a scandal or simply a lack-lustre company reputation, and allow the company to standout from their competitors in a positive way. When a business shifts its focus in terms of the products and services it offers, or the demographic or geographical location that it is targeting, a rebranding can be needed to ensure that the business is successful in this new focus.
Rebranding can involve significant costs, however, so should not be undertaken unless it is necessary, or unless the benefits outweigh the costs. It can also be detrimental if your current branding is serving you well and you shift to a less successful brand identity. On the other hand, when warranted rebranding can have many benefits for businesses and put you in a stronger position to be successful.
How to Successful Rebrand your Business
If your business has carefully considered all factors and decided that it’s time to rebrand, it is important to follow certain advice to make sure that this process is effective and will deliver the maximum benefits for the company.
1. Revisit your Vision
Any business’ branding should closely reflect its mission, vision, and values. Therefore, the first step to achieving the best rebranding strategy is to check in with your company’s vision, mission and values. It is possible that your current branding has drifted from what you originally intended, or perhaps your core values and what you want to achieve have evolved over time. Either way, make sure you have a clear picture of these elements before moving forward.
2. Research your Market
The next step in your rebranding journey is to undertake thorough research. Good market research will allow you to understand your target market, know the current trends and see what your competition is doing. This, in turn, will allow you to make sure that your new branding will put your business in a position to best capture your target market, make more sales, and grow your profits. Keep in mind that although it is important to follow current trends, you also want to look at the long-term rather than fads. After all, you want your new branding to serve you for a while!
3. Talk to your Team
In considering your business assets as part of your business’ rebranding: your staff. You team are some of the people who know your business the best, as well as people the people who will help you to build and sell your new brand. As you develop your rebranding strategy, be sure to consult with your team and get their ideas for brand elements and strategies. Be sure to also clearly communicate your new brand direction and make sure that everyone is on board.
4. Consider your Old Brand
In most cases, unless you’re looking to do a complete rebrand for extreme reasons, you do not want or need your rebranding to be a complete departure from your current brand identity. Therefore, you should consider your existing brand assets as you build your new brand strategy. Rather than reinventing the wheel, make sure that you create something that works within the framework you already have. If you are keeping any brand elements, make sure that your new branding will work with these. Otherwise you risk ending up with disjointed brand elements and inconsistent branding, which can be detrimental to your marketing and PR.
5. Develop a Marketing Plan to Launch your New Brand
There is no use having an amazing new brand for your business if you do not promote it to your target audience. Plan out the marketing materials you want to use to promote your business, whether creatively-designed stickers, flyers, business cards, signage, or something else. You’ll need to design and print new materials with your fresh branding in order to represent your business’ new branding.