Do I Need A Rebrand?
Rebranding soon? Find out what it implies, if a change is necessary, and the next steps.
Small and medium-sized firms frequently hold divergent views regarding the significance of branding.
A brand strategy seems like a no-brainer to invest in, both for the now and, most importantly, so you can look to the future with clarity, given the times we’re in, the fiercer competition, and the extra value a brand personality delivers (link to web page on brand personality).
However, it is frequently simple for businesses to get caught in the rut of “we’ve always done it this way” and struggle to find the will to change course. While some organisations view branding as a luxury only afforded to big businesses with plenty of resources, others disagree.
Because of this, businesses frequently underinvest in developing and subsequently enhancing their brands, which is unfortunate because SMEs are most in need of strong brand recognition to differentiate themselves from the competition and stay competitive. After all, your brand gives your company direction and a clear sense of positioning to clients, enabling them to decide whether they can trust you and what you stand for (and so become loyal customers).
Therefore, every company, regardless of size, should take some time to evaluate how it is doing and take control of its future. To avoid falling behind in the race to win the consumer relations fight, this entails embarking on an introspective, self-critical journey to determine whether, when, and how a rebrand is required.
What does rebranding include, and what does it aim to achieve?
Rebranding is essentially a marketing strategy used to change the identity of a brand.
It may include a number of things, such as the company’s logo, tagline, company values, nomenclature, visual identity, mission, and target market.
This extensive list of elements emphasises an important point: rebranding involves more than just updating your logo.
The emotional components, experiences, and values that make up a company—far more than just the visuals found on its marketing materials—make up its brand.
Major businesses frequently attempt to shift their position in the minds of consumers without altering their logo or tagline, for instance by introducing a new narrative approach or reorganising their internal structure to focus on certain areas. Changing a logo is considerably easier than reevaluating the entire identity of the business, therefore many small businesses wrongly believe that doing so will solve all of their difficulties.
If you want to successfully rebrand, it is critical that you have a clear understanding of your goals. The ultimate goal is to strengthen or change how consumers perceive the brand. According to research done by the business publication Forbes, you have just seven (!) seconds to establish a strong first impression. Since this is the beginning of the customer/business relationship, your brand identity—or, more specifically, whatever it is that distinguishes you from the competition—must be immediately recognisable. Therefore, rebranding should try to alter the associations consumers have with your brand on an emotional and mental level. You won’t have a strong foundation to build long-lasting relationships or differentiate yourself from the competitors until then.
How can I tell when to rebrand my company?
Understanding when to start the rebranding process is the first, by no means simple, step. Without a doubt the best way to describe it is as follows: The inverse is also true: rebranding when it is unnecessary will just waste resources and result in a myriad of issues. You must first conduct a thorough analysis of your existing condition and ask yourself a few crucial questions before deciding whether or not to rebrand:
- Can your customers distinguish your company from its rivals? People must be able to recognise your brand from every other brand for it to be successful. A successful rebrand raises brand awareness by making the business stand out, defining its positioning, and cultivating client loyalty.
- Are you preparing for a significant shift in your approach? You’ve done some in-depth study and realised that your company needs to make a major change in direction, but you’re aware that your brand identity won’t be strong enough to support this new endeavour. This is the perfect time to rebrand since you can redefine the brand’s distinguishing characteristics and make sure the company can effectively express its new direction. Clarity both inside and outside of the company is one of the traits of an effective rebrand.
- Is your brand progressively becoming less relevant? Your brand’s growth has been sluggish or perhaps heading backwards for some time, according to the statistics you analysed. This may indicate that your brand identity is failing to pique interest, and you immediately need to create a strategy to make sure you’re moving in the right path and to support you in keeping your clients’ relationships.
Where should I begin when reevaluating my brand?
Once you’ve decided it’s time to make a change, there are five essential stages to follow to create a new brand identity:
Who are you, and what goals do you have? Knowing your brand identity before making changes is crucial since you need to know what works and what doesn’t. Review the ideas in your goal and vision again, examine your company culture, analyse your product and every step of the production process, all the way to your distribution procedures. To avoid modifying something that already functions well, you must examine every single factor. You should conduct a qualitative study of the participants in addition to a quantitative examination of the data. Speaking with your most devoted consumers and staff to get their ideas and point of view is one of the greatest strategies to decide which rebranding path to go. Additionally, consider your market niche and how it has evolved over time. What new requirements has your audience? And what are the industry’s top selling products?
List the components that require upgrading. It is now time to decide on your strategy and to write out your intended activities as a result of your overall study. The aspects about your business that don’t function, solutions for each issue, and a schedule should all be included in your strategy so you know how long it will all take.
Investigate your target market carefully. Customer relationships are the lifeblood of any company. Knowing the buying habits of the target market can help you determine who you should be speaking to and whether your target market should change as part of the rebranding. This doesn’t necessarily entail changing your company’s procedures to accommodate new requirements; rebranding can also involve focusing on a larger audience.
Make staff members brand advocates. Although they may not realise it, employees are an integral part of any rebranding effort. Promoting your updated brand will be greatly aided by including your workforce in this change of direction, which will also enhance the working environment and employee satisfaction levels.
Declare your new alias. Once you’ve completed all of these tasks, get ready to announce it to the world! Before you choose a debut date for your new identity, you must ensure that your staff, website, physical store, and social media outlets are all prepared for the changes. A brand storytelling plan that details the transition and explains how the consumer experience will be different from before may be helpful at this point.