Does Your Company Need A Rebrand? Here's Why, When and How You Should Do It. Rebranding can help your business or organization stay competitive and relevant in today's ever-changing marketplace.
By Adam Horlock Edited by Maria Bailey
Opinions expressed by Entrepreneur contributors are their own.
Why does a business or organization need to rebrand?
Rebranding is a process whereby a business or organization changes its name, logo, identity and image.
There are many reasons why a company might choose to undergo a rebrand. A brand may have become stale and no longer accurately represents the company's purpose or values. Or, there may be a change in ownership, and the new leaders want to put their stamp on the organization.
Rebranding can be an opportunity to refresh and update a company's image, making it more relevant and appealing to consumers. It can also be a chance to launch a new brand strategy that better aligns with the company's goals and objectives. Rebranding can help a business or organization stay competitive and relevant in today's ever-changing marketplace.
Related: Does Your Company Image Need a Refresh? What to Do When It's Time to Rebrand
What to consider before you rebrand
Rebranding your business is no small undertaking. It requires a significant amount of planning, strategy and research. Done correctly, however, it can add value, market share and customer engagement. Rebranding can be a way to signal to investors that you are serious about growth or to address negative associations with your current brand. Rebranding can also help you to stand out from your competitors.
It can also be a way to tap into new markets or change the way your customers interact with your product. However, rebranding is not a decision to be made lightly — it can be costly and time-consuming, and there is always the risk that the new brand will not resonate with your target audience. As such, it is essential to consult with branding experts and conduct extensive market research before rebranding. Only by planning and executing a new brand strategy carefully will you be able to maximize the benefits of rebranding for your business.
To successfully rebrand your business, you must analyze your current brand comprehensively. This will include an evaluation of your brand identity, brand equity and brand positioning. Once you clearly understand your existing brand, you can begin to develop a new brand strategy. This strategy should be based on your goals, target market, and unique selling proposition.
Once you have developed a detailed brand strategy, you can implement the changes. This process will require developing new marketing materials, a website redesign and potentially even a new logo. Rebranding your business is a complicated and time-consuming process, but if done correctly, it can be efficient to differentiate yourself from your competitors.
Related: The 8 Must-Follow Rules for Rebranding Your Company (Infographic)
The dos and don'ts of rebranding
Think about the rebrand long-term. Avoid new names, titles, copy and other brand elements that will one day be outdated or not the core business. Naming with the future in mind can save you the trouble of another rebranding effort in the future. Likewise, consider how the brand might evolve and build flexibility into the design. A well-thought-out brand strategy will help ensure that a rebranding effort is successful today and tomorrow.
If not done correctly, a rebrand can cause a brand fracture, where old elements of your former branding start to creep back in, or your brand becomes inconsistent. That's why stopping brand fracture is essential right after a rebrand. The faster you can get everyone on board with the new look and feel, the easier it will be to stay consistent going forward. By taking decisive action and being vigilant about enforcing the new standards, you can avoid brand fracture and keep your rebrand on track.
Related: Facebook's Rebranding To Put the Much-needed Spotlight Back On Creation Of the Metaverse
Maintaining consistency in purpose and messaging
The brand strategy should include a clear purpose and message for the rebrand and a plan to consistently communicate the new branding to the key audience. Once the purpose is clear, it's also essential to ensure that the messaging is consistent across all touchpoints. The last thing you want is for your customers to be confused about your brand. A successful rebrand will have a clear purpose and consistent messaging that resonates with the target audience.
In addition, the brand strategy should identify the customer journey experience and how the rebrand will turn customers into advocates for the company. By taking these steps, you can ensure that your rebrand is successful and builds long-term brand equity.
Related: When to Consider a Rebrand (and How to Do It Right)
Communicate and maintain trust with your customers
Rebranding can be a massive undertaking for any business, large or small. It can be daunting and expensive, but it can also efficiently breathe new life into a company. When done right, a rebrand can help attract new customers and bolster existing relationships. However, it can alienate customers and damage your bottom line when done wrong. That's why it's so important to communicate with your customers throughout the rebranding process — letting them know what changes are happening and why they should maintain trust in your business.
After all, your customers are the lifeblood of your company, and without them, you wouldn't be in business. So don't underestimate the importance of keeping them in the loop during a rebrand. It could mean the difference between success and failure.
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