Running a business is no simple process and it requires the ablest of minds to successfully lead it through rough slopes and carry it over the highest mountains. With an ever-evolving economy, your business’ evolution is almost premeditated.
Even businesses that have survived on the market for years upon years are being ousted off their positions by newer players in the field. Quite predictably, companies that have managed to diversify and spread their skills have performed far better through the changing business world than companies that have stuck to a single product.
This is a reason why you will need to rebrand your business ever so often to keep up with the trends and stay on top of your opponents.
So how exactly does one go about rebranding?
Rebranding is a marketing strategy in which a brand new name, term, symbol, design, concept, or combination of these is created for an established brand with the intention of developing a new, differentiated identity in the minds of consumers, investors, competitors, and stakeholders. This frequently involves radical changes to a brand’s:
- Logo
- Name
- Legal names
- Image
- Marketing strategy
- and Advertising campaigns
These kinds of changes are typically aimed at repositioning the company, occasionally to distance itself from negative connotations of the previous branding, or to move the brand upmarket. These may also communicate a new message a new board of directors wishes to communicate.
Major companies in several different situations often employ these strategies. However, they can just as easily be applied to smaller companies.
When should you rebrand your business?
Rebranding your organization may be done for hundreds of different reasons, but here are a few that can quite seriously affect the future of your establishment:
Your mission has evolved:
It often happens in the business world that individuals or companies start out with a definite plan in mind. Over time, this may change depending on market dynamics, demand and supply, worker and owner skillset, and human greed or need.
When such situations arise, you may end up building your company towards such goals instead of your aim.
Sometimes, these companies find themselves deviating off the path you initially worked towards. This is one situation where you will need rebranding.
Another more prominent case is that where the company has achieved its initial mission and thus, sets on a new one.
Your logo is misleading:
Starting your company with a clear plan in mind need not mean that you have a predefined logo or company name and might simply make one up on the spot. This is true especially in the case of older companies.
Thus, a change in brand name and logo may be required in order to appeal to the right userbase.
Changing your logo even with a free logo maker can completely shift the direction of your business when used correctly.
Your brand is undergoing a business transition:
When your company is undergoing a business change, whether you’re merging with another company, acquiring another company, or altering your product or service entirely, you might need a rebranding.
This is normally ordered by the board of directors when a merger is completed, this may be simply in the form of legal and public names but may also be much more drastic.
Your brand logo is too common:
It often happens that when you change your logo, you end up using an overused design or accidentally copying some other brand’s design. This can give your brand a very negative reaction and thus crush any chance of progress for your brand.
Your brand feels outdated:
Most old and well-based companies, Coca-cola, Pepsi, Google, even Microsoft had made and continue to change their brand identity and logo based on what kind of symbol would fit the modern era the best. As times change, so do people. Thus, changing your brand identity and advertising strategies every few years is essential to appeal to the right target group of customers.
Remember that a good brand will never go out of style, by updating your brand to the interests of your audience, you will gain a lot of attention as well as customers without having to overly spend on advertising.
These few points encompass only a fraction of the total reasons you will want to rebrand your business. Never fear rebranding, although it may have negative consequences if used unwisely, correct usage will bring nothing but good fortune to your company.