Rebranding without the right strategy and purpose can be a big disaster. Beyond the sketches & designs, company rebranding needs strong company alignment & flexibility to go ahead with your rebranding process with help of digital rebranding.
Business owners with very little experience generally under-invest in their branding. But, some business owners & entrepreneurs believe that the business’s brand identity is not beyond the business’s name & logo. The name of your business and logo are important ambassadors for your brand, so should be strong and unique.
What Are Top Reasons to Consider Rebranding?
The motivation behind the rebrand is the combination of many different factors. So, here are some top reasons why companies consider digital rebranding.
- Changes in the brand positioning & brand promise of the company will result in the rebranding to make this transformation visible to stakeholders
- Changes in business ownership like mergers & acquisitions, or demergers generally result in the immediate rebranding
- Changes in the market situation and digitalization demand firms to reinvent to fit their current digital age
- Changes are important if organization plans using the brand internationally
- Changes are done to increase the business returns & save costs
- Changes in an organizational structure like the appointment of the new CEO
- Changes made to remove the negative association with the brand
Besides the given reasons, there’re many other reasons for digital rebranding that you need to consider. No matter what the reason, it’s very important you make the right selection. In addition, you might need to convince the stakeholders in the organization to go for the rebrand. There’re some major reasons that you will consider the rebrand, which includes:
New places — you may have to refresh the brand if you are expanding to the international markets that will not identify with the current logo and messaging.
Market repositioning – Some brands are made to connect the companies with customers, thus if you reposition the business to target the new customer profile – no matter whether through the product, price, place, and promotion – the brand will have to follow the suit.
New philosophy — Business’s mission, goal, and values must govern each decision that you make – which includes brand decisions. Suppose your MVV is pivoting and shifting the direction of the business all along with it, you will have to reevaluate the brand.
Mergers & acquisitions — Two companies when coming together, 2 brands are formed. Suppose your company was joined or acquired with another firm, you cannot let both the brands fight it out. Finding a new brand, which reflects this new entity can prevent confusion & build trust.
Understand your vision, mission, and values
Before thinking of rebranding, you must understand the company’s vision, mission, as well as values. You must consider & assess what makes the company special. And why does the company exist or what values are important? What’s your company’s brand? Words, tone, or voice you are using for the brand should match your messaging. All these form foundations that offer you a solid base for building the new brand.
As a business leader, you need to be confident about the entire rebranding mission and strategies. This means understanding what is at stakes and how you are going to effectively get everyone onboard. This is one of the major elements that LHH leadership training imparts when CEOs, Heads of departments and business owners undertake their programs. A decision like rebranding can have multiple implications across different verticals of an organization. If you are not adept in addressing them then the rebranding might not be as big of a success as you had thought it would be.
Companies must rebrand if they outgrow the original mission
Perhaps your business started selling the personalized t-shirts, now you wish to expand the market share & product offerings and add some customized coffee mugs or product offerings. Suppose your branding & brand strategy revolves over t-shirts, then your target audience will not know they will look for mugs, as well. It creates an identity crisis, which you many s very easily. Thus, you must regularly ask if your user profile has changed, or when it has, to target the new customer profile.
The advantages of rebranding won’t just impact the overall marketing attempts, but also make the company profitable. Reaching the new potential clients and standing out from the competitors, showcasing the expertise, as well as expanding your products & services influence are important benefits that you may enjoy just by giving the brand a new and different look.
This said, there’s so much to consider when you are rebranding. It needs the commitment to your clients, culture, as well as the bottom line. Thus, seeking the help of a professional rebranding company will help you to make the important transition trouble-free.