Contemporary marketing is overwhelmed with gazillion concepts every day. There are new ideologies making their way into the market in complement to previous learning. One of those would be rebranding. What is it though? Well, it is a step taken by a company that is backed up with the marketing strategies to create a unique and rather distinctive idea in the consumer’s mindset. For this reason, several gigantic brands undergo rebranding in various ways; touching different dimensions. Such as;
- Changing brand name
- Terms and conditions
- Modifying Slogan
- Changing logo
While most of the brands think of such an impact on the consumers alone. There are other connecting and external stakeholders like the environment, society, and suppliers. Who also have to take the hold of rebranding. If you are looking to do the same for your brand then simply browse for affordable logo design services for branding and marketing to make your process hassle-free. Similarly, in this blog entice yourself with the 6 steps to rebrand your business.
1. Begin with the questions
In terms of questioning, the first aspect coming across one’s mind would be the purpose and use of rebranding. All companies work differently and therefore, each would have a different reason for opting for it. If you genuinely give this a thought, you might wonder why an established company would go for it. Well, sometimes because of certain scams and rivalries a brand is often affected with a negative image by the stakeholders and in order to recover their value in the market with some respect. They are obliged to go for this option.
Other times you could do it for the sake of competition; for instance, you are initially an FMCG and now you are working towards the services as well which means you have added something to the list.
2. Understand the competition and target market
If you are doing everything in the air without rationality, it is certainly worthless because it won’t reap any benefits. Therefore, it is rigorously significant to understand what is going around you in terms of competition. The more you get used to this it is when you understand the scenario better. At the same time, it is also crucial to know the competitive environment in your company. What does it mean? Well, you need to highlight the expert individuals who work with you and see if they are ready to go for a change considering the given elements and resources.
And similarly, your audience also plays a pivotal role in rebranding a company; as you need to know about their expected reaction. There have been times in history when brands have had multiple changes in their brand at once. Which has resulted in a loss of revenue and also losing massive chunks of their customers.
3. Pick one and pass the rest!
To stay aligned with what was previously mentioned, it is immensely important to pick any one factor for your rebrand strategy because giving an all-rounder change at the degree of 360, is not something advisable. For instance, if you intend to change the logo then do that however in case you want to modify the slogan and launch the two changes together that is not a fair option.
This stage requires and demands robust research because you need to be as close as you can to your customer’s mindset. There has to be some backed-up information when you are making a decision that makes you go back to the first stage; if you are still unclear what needs to be done at this point this means you haven’t yet cleared your direction.
4. Update the rebranding aspects
Now that you have finally made up your mind for the change it is time to bring that change to your products and other offerings. Sometimes companies devise the change in their cash cow product, which contributes the most in their sales in terms of product positioning which means a wider audience needs to be alerted.
In other words, think twice before taking the steps for example, which color scheme should be the choice, which logotype has to be introduced or replaced, and so on and so forth. As a branding team, you need to invest time into this thought process and keep other departments integrated so that they know you’re following the right path.
5. Market the change
Before you make your way into the market in front of the customer’s eyes you have to modify the documents you had formed of your company in the first place. Inform the rest of the employees, within the company and notify your stakeholders. So that they aren’t oblivious and don’t consider it as abrupt changes.
At the same time, the marketing of the rebranding elements should also be implied in the best possible way. So that your customers are not misled under any circumstances.
In a Crux
Rebranding can be a positive move for brands if it is implemented in the right way at the right time. Make sure the tool for rebranding is also appropriate.
