Brand building is about creating a strong reputation associated with your company name and gaining recognition among your target audience. But every business reaches the moment when some change is needed, and this is where rebranding comes into play. Here are 7 things you should to know about the rebranding process.
1. Save Time and Money with Digital Tools
You have several ways to go when you need to adjust visual brand identity to new realities: to contact a specialized company, hire a freelancer, or do everything yourself. The latter option will help you embody your idea exactly as you see it. Thanks to the Internet, you get access to dozens of sites and programs that will make it easy for you to update your corporate identity in the shortest possible time.
Use an online logo maker to freshen up your logotype and avail of multiple templates and layouts for creating branded documents and promo materials. If you plan to change the design of your corporate pages on social networks, you will also find the necessary tools online.
Also read: How to become a successful digital marketing consultant?
2. Run a Business Audit
Well, before you start to bring it all to life, analyze your products and services. Think about what has changed in the company since its establishment. What are your benefits, and what seems to be outdated?
Create a “portrait” of your customers and think of their needs. Review your promotion strategy and information on your corporate site and profiles on social media platforms. After such deep, comprehensive analysis, you will be able to look at the company from the outside and understand where you want to go and what results you wish to achieve.
3. Find the Reason Why
You should have a strong reason behind your rebranding. The following are the most common causes of developing a new identity:
- Shift in a target audience. First, you may have noticed a decrease in the activity of your customers and, thus, you want to restore their interest. Secondly, you plan to radically change your target customers. Third, you just seek to expand your influence, for instance, to another age group.
- Discovering new horizons. You have successfully started to win fresh markets, which can include both the expansion in your country and promotion in other countries.
- Change in product type and price. You update your marketing strategy, which results in a change in your pricing, for example, switching from the middle-class to the premium segment or vice versa.
- Corporate restructuring. There can be a merger of two companies, an acquisition, or a change of ownership that requires adjusting the current marketing strategy.
- Fixing damaged reputation. Some scandals spoil a company’s image to the extent where you need to disconnect from the old brand.
Also read: How to start a business with no money and make it successful?
4. Define the Essence of Your Brand
You should clearly define the following points by answering the questions:
- Purpose: Why does your company exist?
- Vision: What kind of future do you want to create?
- Mission: How do you create this future?
- Values: Who are you? How do you work?
These elements will influence every aspect of your rebranding process. As such, you need to make sure that you have a clear understanding of each point. And since the old formula doesn’t work anymore, it is time to reevaluate your brand’s essence and ensure that it accurately reflects who you are and what you are trying to achieve in the future.
5. Study Your Competitors
Take a critical look at your competitors’ brands. The information collected can prompt you the direction you should move in. For instance, if your competitors use a specific color or logo shape, you should avoid repeating the identical elements when rebranding to be easily differentiated from the competition.
6. Involve Your Team
A company is an integral whole. To ensure successful rebranding, it is important to check that at least all the members of your core team are on the same page. Everyone should know why rebranding is needed, understand what the new direction is, and work together for achieving the established goals.
Write a summary of the project and share it with your team. If there is a disagreement or misunderstanding among your staffers, the process may not go smoothly. Therefore, seek advice from your team, ask for their opinion, and explain that their participation is essential for success.
Also read: Meeting Minutes | How to prepare minutes with 30 powerful samples
7. Cover Online Space
Once you start to work on the changes, you should apply them in all areas. And if you take into account the fact that social networks are now playing a decisive role in business development, they cannot be ignored. Create SM accounts to promote your updated brand, change the design of your corporate website, and do everything possible to make a new audience remember you.
Conclusion
There may be many reasons for rebranding, but regardless of your motivation, it is a profitable long-term investment. The work you do to express your idea more clearly will go a long way and help you enhance your brand integrity and, ultimately, strengthen your market position.
Leave a Reply