Businesses need to pivot themselves from time to time to remain relevant in the excessively competitive market. This rebranding might have more than one purpose. Your company might need to revivify itself or attract a new set of target customers - whatever the reason might be, this rebranding aids in differentiating your business from your rival companies. Take the help of a branding service provider to rebrand your company.
What is Rebranding?
Rebranding is when a company changes its corporate image by doing redoes or transforming brand elements viz. brand name, logo, motto etc. Rebranding might also involve restructuring of the brand. This can include internal changes along with external ones.
Types of Rebranding
We can categorise rebranding into different types -
Brand Refreshing: This pertains to changes which are only minor in nature. This can include slightly changing the name, shape or colour palette of the logo.
Partial Rebranding: When you add something new to your business but do not change it totally, then it’s called partial rebranding. Giving your brand a new look without fully taking away its old charm comes under partial rebranding.
Total Rebranding: You change everything about the company in total rebranding. Everything gets updated right from the logo to the brand name to business objectives in total rebranding.
Advantages of Rebranding
- One of the prime benefits of rebranding is that you’ll be able to create network and engagement with new audiences. Rebranding helps in rejuvenating a brand needed for growing in the market.
- Rebranding may bridge the gap between your product/ service’s shifting demographics and their customers. Rebranding might reflect a movement in your strategy to indicate a transformation in your company's philosophy, values, and expanding expertise.
- When you hire a branding agency like Digital Polaris, you can stand out in the market from the competitors as well as be relevant. You'll be aware of how your product/ service compares to others in the market, which is an important component of any brand strategy.
- Rebranding is extremely important to improve the perceived value of your product. Your brand name, and logo will play a huge role in this. That is why rebranding is so important as it can make or break your company.
When is it the Right Time to Rebrand?
There are a lot of risks and costs that are involved with rebranding. You should make meaningful changes that would create a huge impact for your company. Otherwise, there would be no meaning for rebranding. Rebranding might be needed for the following purposes:
- It’s essential to rebrand your business if you are entering into a new market or an uncharted territory. This aids in reintroducing your business to the new group of customers. So, changing demographics would need rebranding.
- If your current branding strategy fails to create buzz then you should consider rebranding. Many times a branding strategy might hurt the business instead of helping it to grow. Rebranding becomes necessary in those cases.
- If you have a product/ service that is not differentiated enough from your competitors, you’ll need to rebrand. Also, if your company has gone through restructuring (M&A, management change, new policies etc.), rebranding is a great way to tell your audiences about your brand’s evolution.
How to Rebrand Your Business?
- Hire a Branding Service Provider: The first step for any type of branding strategy is to hire a professional branding service provider. You’ll need a team of experts to do all the needful. Hiring a team of professionals helps you to have an outside perspective for your business.
- Understanding the Business Goals, Mission, Vision & Values: Consider and evaluate what makes your organisation unique. What is the purpose of your organisation, and what values are essential? Your brand's language, tone, and voice must be consistent with your messaging. These serve as the foundation around which you will create your new brand.
- Think About the Consumer, Market & Competition: Find out what your competitor does and what you do to differentiate your product or service. Establish what is the value proposition your brand is giving. Be informed of what's popular, and make sure you're following a trend that makes sense for your business. Your new brand image must be current and relevant, but not so current that it becomes antiquated too fast. It is far too easy to make a mistake during rebranding and lose market share if your rebranding approach is flawed.
- Experiment with the Target Audience & Discover What’s Working: After assessing everything, the branding services you hire should have an idea of how to rebrand. Collect data from your target consumers to get better insights. With the help of ‘User Test’ you can connect with the customers directly.
- Focus on the Launch: The branding company will create some excitement and suspense before going public. Teasers and previews, as well as scheduled events and contests, can be released in the weeks leading up to your formal launch to garner more interest. If you're working with other sponsors or influencers, you may ask them to join as well.
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