Rebranding your business can be an opportunity to reposition in the market and revamp your image. Whether you want to build a reputation for sustainability or reach a younger audience, rebranding without losing your existing audience is both an art and a science. From modernizing design to doubling down on value proposition, done well, rebranding can be an opportunity to reach new audiences and capture greater market share.
What Is Rebranding?
Rebranding is a marketing strategy in which a company may choose a new name, symbol, design style, marketing message, or some combination of these to improve a brand’s relevancy or market share. Rebranding aims to update consumer perception of the business, differentiate its offerings, and highlight its value proposition in the minds of consumers and key stakeholders. Business owners may choose to rebrand at any time as a strategy for business growth.
What Is the Difference Between Partial Rebranding vs Total Rebranding?
Total rebranding starts with a new logo, identity, and message. While the physical business structure may remain the same, everything appears new to the consumer. A partial rebranding may be a re-positioning of a familiar brand in the market. This can include a brand refresh or a change in design, logo, colors, or even name, but will retain many of the original elements of the company.
Even legacy companies need rebranding to appeal to consumers from time to time. Companies that have done this successfully include Tupperware, Dunkin’, and Domino’s.
When to Consider Rebranding?
Considering rebranding? Here’s when it could make sense for your company:
1. Brand No Longer Accurately Represents Your Company’s Values, Mission, or Offerings
If the products or mission aren’t clearly expressed by branding, a complete rebranding is essential to align values, mission, and offering with the company’s position in the market.
2. Target Audience or Market Has Shifted
If the target audience’s pain points have moved or market trends are shifting, companies should consider partial or total rebranding to effectively address their audience’s needs.
3. Brand Image Is Outdated
Branding also goes through styles, and some branding simply doesn’t match modern needs and values. If your brand no longer resonates or looks “vintage,” it might be time to consider rebranding.
4. There Is a Negative Reputation Associated With Your Current Brand
In recent years, we’ve seen more than a few companies plagued by scandals. If your current branding has a strong negative association or the brand has poor public perception, it’s time to consider a total rebranding.
5. Brand Is Too Similar to Competitors
Branding should distinguish your brand in the minds of consumers. If they can’t remember the difference between your brand and competitors, it’s time to distinguish your company. This can be a fun opportunity to highlight your company’s unique value proposition and offerings.
6. Merging or Acquiring Another Company
After mergers or acquisitions, the smaller company will sometimes merge with the larger company’s branding. However, there are times when this is an opportunity for a unique rebranding to make the new company stand out from competitors in the market.
When Not to Consider Rebranding?
You might not need rebranding but require an undated social media campaign or more interesting marketing. Here’s when not to rebrand:
1. You Got Bored of Your Current Brand
If you’re bored, chances are your clients are bored too. How can you liven up the existing branding, create a new advertising campaign, or improve social media outreach? This doesn’t require rebranding, just some new creativity or a new marketing team.
2. Resistance to Rebranding All Visual Assets
When you encounter resistance to total rebranding, including visual assets that may have strong brand recognition, a partial rebranding can make sense. Weigh whether new messaging or a partial rebranding makes sense while protecting visual assets.
3. New Management Wants to Make a Lasting Impact
While each new management might want to show its lasting power, it’s better to focus on internal changes rather than a total rebranding when new management comes in. Focus on internal improvements, new creative assets, and optimizing existing branding before considering a partial or total rebranding.
4. You Are Aiming for Attention
Rebranding isn’t always successful. Generally, a need for attention isn’t a reason to rebrand. New creative campaigns, viral social media ads, or new messaging angles can garner attention without disturbing the brand’s core mission and vision.
What Does a Rebrand Involve?
Should you rebrand? Before proceeding with this major step, it’s important to consider what it involves. Here’s an overview:
1. Modernizing Design
Modernizing design and creative assets can give the brand a refreshed and modern feel. This can go a long way to attracting new clients and showcasing the brand’s value proposition.
2. Changing Your Logo
The brand’s logo should be easily recognizable and unique. Think of the Nike swoosh or the Starbucks logo. Create a logo that represents your brand’s offering and message while being easily recognizable and unique from competitors’ logos.
3. Shifting Your Brand’s Voice
Shifting your brand’s voice can be a key to the success of a rebranding strategy. Consider how the brand’s voice can resonate with the target audience and the new audience you want to capture.
4. Updating Mission And Vision Statement
Your company’s mission and vision statement is the essence of your company and what it does. Updating your vision and mission statements to reflect the new rebranding will be central to the rebranding strategy and will be one of the first steps.
5. Renaming Your Organization
While not essential, a total rebranding may include a new company or business name. It can also be an adaptation of the existing name, such as Dunkin’ Donuts becoming Dunkin’. The new name should reflect the company, its values, and how you want the consumers to perceive the company.
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How to Rebrand Your Business in 6 Steps?
If you’re ready to start rebranding, consider following these six simple steps:
1. Evaluate and Understand the Current Brand
Analyzing the company’s mission, values, target audience, current branding elements, and how it is perceived in the market. It can be helpful to perform a SWOT analysis of your company’s strengths, weaknesses, opportunities, and threats to discover what is working and where the opportunities for growth lie.
2. Set Clear Objectives and Goals
Once you’ve considered the vision, mission, and opportunities, set clear objectives and goals. This can include increasing brand awareness, targeting new audiences, updating the brand image, or repositioning the company in the market.
3. Develop a Rebranding Strategy
The company’s rebranding strategy should determine the new brand identity, such as logo, colors, typography, tagline, and messaging, as well as redefine the company’s positioning, brand voice, and visual identity. This process will typically involve several teams working together, including the executive, creative, and marketing teams.
4. Communicate and Involve Stakeholders
Once the rebranding strategy is set, it’s time to communicate the reasons behind the rebranding and involve them in the process by soliciting their feedback and input. Communication is key at this stage for buy-in and to ensure that key stakeholders have a voice in the adaptation process.
5. Implement the Rebranding
Once you have buy-in and support from all key stakeholders, and the new vision and mission are established, it’s time to implement the rebranding. This includes updating all brand assets, including the website, social media profiles, marketing materials, packaging, and signage.
6. Launch and Promote the New Brand
Each company will decide how to launch the rebranding to reach its target audience best. This could involve a launch event, PR campaigns, digital marketing efforts, or engaging with influencers.
Rebranding vs. Refreshing
Whether you need a total rebranding, a partial rebranding, or a company refresh, focusing on aligning public perception and consumer-facing company presence with the core vision and mission can be essential for building success.
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How often should a business rebrand?
Some experts suggest rebranding every seven to 10 years or whenever your brand needs a refresh. This can vary widely by business, market, and target audience.
Should you consider rebranding if your business is doing well?
You don’t need to consider rebranding if your business is doing well unless your audience is too broad or the brand is outdated. In that case, consider a partial rebranding to protect your existing customer base.
Will rebranding your business hurt your existing customers’ loyalty?
Done well, rebranding won’t hurt existing customers’ loyalty, especially if you can involve them in the rebranding and convey the new value proposition.
How much does rebranding cost?
The cost of rebranding depends on the company’s size and rebranding strategy. Some experts suggest allocating 10% to 20% of your annual marketing budget to rebranding.
Should you hire a professional agency to handle your rebranding?
Hiring a professional agency can be more effective in rebranding your company if the budget and goals allow you to do so. However, hiring an outside company is unnecessary if you have in-house marketing and branding services.