What do eBay, Urban Company, The Bay, and Zomato have in common? These popular brands did not launch with these names originally. Fact is, countless brands throughout history have undergone a rebranding process where either the title or the company’s logo was changed.
Rebranding is a process that lets businesses change their brand and create a new identity. The change can come in different forms; a new name, logo, or design for an already well-established brand.
Business cards, employee uniforms, website design may seem like unnecessary tactics, but they’re not. Even if you provide excellent services, these aspects play an important role in building your brand’s image. Let’s be honest; most of us have also judged a business on some of these factors, if not all!
Research shows that 77% of customers make purchases because of a brand name alone. In other words, a poor brand image is bad for business. Having a consistent brand image and striving to serve your customers will help you get recognized.
There’s a reason why you can spot a McDonald’s outlet from afar. It has created a brand image over the years, which distinguishes it from others.
What Is A Brand?
A brand may seem to incorporate the name, logo, tagline, or symbol used to distinguish a company from its competitors. However, it is a lot more than that.
Many cell phone brands offer the same features, and some are more reasonably priced than others. However, according to a consumer survey by Statista, 44% of the respondents said that their primarily used cell phone was Apple, and 31% said the same about Samsung in 2019.
Why are Apple, Samsung, and other brands like these more sought out than others? A brand is not what you build on face value because that will only take you so far.
Successful brands like Apple and Samsung inspire trust by delivering on the promise of quality and innovation that gets recognition and appreciation.
These examples show that a good brand prioritizes its customers and works on building good customer relationships. Combining the initial brand promise and relevant marketing strategies helps a brand establish itself as an expert in the field (Erdern and Swait 1998). Deliver on your brand promises and connect with your customers by explaining how you achieve your goals. This is the best possible way to ensure that your brand image will continue to improve for years to come.
When Is It A Good Time To Rebrand?
When you are an established business with loyal customers that continue to grow with time, it’s easy to get comfortable with the way things are going. However, you must never get complacent about your business.
Here are a few reasons to consider rebranding your company.
Stand Out From Competition
It is very easy to build similar products that offer the same features and benefits. But your brand will get lost in a sea of other comparable brands, even if it was the talk of the town when you launched it.
In such conditions, it can help you to rebrand your company. Rebranding can come in any form depending on why your company is sharing the attention with its competitors. It can highlight why your company is different and better than the rest.
One of the best ways to stay relevant is to adapt to new market trends. The world is quickly changing, and your business may not hold the same appeal it did when it was first launched.
It might be possible that the font or color palette that looked amazing in the ’90s looks outdated to the customers now. Keeping up with the same old strategies can make you look tone-deaf.
Your best bet is to rebrand.
Even successful businesses like Airbnb undergo logo variations over the years to keep a fresh look!
All in all, rebranding helps the customers know that you are still on your feet and looking out for new ways to attract them. An impressive logo ensures the consumers that you are changing with the time and their needs.
Outgrow A Public Relation Crisis
Bad press happens even to the most successful brands. Your brand might fall victim to a scandal that you never thought was possible. It is best to rebrand, outgrow the poor image, and come out stronger in such cases.
However, rebranding during a crisis can be tricky. Your customers are most probably stressed and angry at this time, and your rebranding should have complete transparency to regain their trust.
Grow or Evolve Your Business
Often businesses get a chance at expanding into a new market. When this happens, new customers and their expectations should reflect your brand identity. Rebranding in such a case can help appeal to the new market, which is in a new geographical area.
For instance, Pabst Blue Ribbon was a low-priced American beer brand. However, it was introduced in the Chinese market at $44 a bottle because the new market was unaware of its original reputation! This helped them get new customers and make significant profits.
How Should You Rebrand Your Company?
We have discussed what rebranding is and its usefulness in certain situations.
Now we will take you through some important things you should consider if you are rebranding your company.
Stick To Your Vision And Mission
Rebranding may seem like the best option for your company, but it needs to be done properly. Before rebranding, it is important that you understand and agree with what your brand stands for and what its core values are.
Something about your company makes it special and different, and you should keep that in mind before you start to rebrand. You can’t compromise on your values, or else the rebranding won’t serve a purpose.
Partial Rebrands Can Be Effective, Too
Rebranding won’t happen overnight. Many companies don’t have the resources and finances needed to rebrand completely.
The good news is that if you are thinking of rebranding, you don’t have to start from scratch. Rebranding partially while keeping the previous branding strategies in mind can help you retain customers through consistency and gain new ones.
Old Spice, the men’s deodorant company, went through a partial rebrand in 2008 by retaining its old image while redefining its position in the market.
Do Your Market Research
It is important to research before you decide to rebrand. If you are trying to set yourself apart, you should find out what your competition is doing. Noting your brand’s true value propositions and how they are different from the rest will help in the rebranding process.
While appearing fresh and relevant is the key, your new idea should not rely on the current trends. It should have your brand’s core values, or else it’ll look like any other brand doing everything to fit into the current market.
Incorporate Team Feedback
Employees make a company as they work tirelessly to help your brand grow. They understand your business, and that’s why their feedback and opinions should hold importance.
Including your employees in voicing out their ideas can help out. You never know where the next best idea might come from!
Manage Everything Carefully
Rebranding isn’t as easy as it may sound. It can be a very lengthy process, and if it is not done right, it can quickly go down the drain.
Make sure you have a proper plan of action before you start it. Set deadlines for the projects and get professional help to manage the process.
Launch The Rebrand
Rebranding won’t do you any good if you don’t announce it to the world. You’ve rebranded yourself to cater to the changing needs of the consumers.
Launch your rebrand and be prepared to cater to confused customers, and tell them why you rebranded. They should know what you are doing differently this time to pique their interest.
Rebranding can play an important role in helping your company grow and make it more appealing. It is always risky to change and adapt, but do it anyway to let your customers know that you are willing to grow with the times.