2022 REBRANDING IDEAS FOR BUSINESS
Written by Divya Vibin @studiostandLTD
Image Credit by Divya Vibin
Rebranding is when your company rethinks your marketing strategy with a new name, logo, or design, with the intention of developing a new, differentiated identity in the minds of customers and other stakeholders.
To remain competitive, businesses must evolve their brands and branding. This thought will be the after result of any of these:
Brand look or logo may no longer reflect the vision, mission, values, products and or services of your business.
Company name may be too restrictive as you grow your operations and penetrate into new markets.
Brand just isn't doing enough to set you apart from the Image Credits by SBREC competition.
Rebranding may be a thrilling effort. It offers you the chance to increase your bottom line, boost reach, solidify your market position, and/or freshen your image.
Rebrands are complicated too and involves various risks. In the end, being aware of the dangers associated with rebranding will help you decide whether or not you're undertaking it for the appropriate reasons.
Following table clearly highlights the external and internal factors for rebranding:
Image Credit by Author
Key Questions you need to ask before making the decision to rebrand are:
1. WHY do we need to rebrand? Is there a strong business case for rebranding?
2. WHAT currently works and doesn’t work with our current brand?
3. WHAT kind of short- and long-term results do we want from the rebrand? Image Credit by SBREC
4. HOW will we measure the outcomes of the rebrand?
How to Rebrand your business?
Start by understanding mission, vision and values of the business. Perform a detailed brand audit and understand every thick and thins the brand will lead to. Then, have a complete rebranding strategy that works with your existing branding. Consider the target market, audience and the competitors. Collaborate with the team to design the brand by renaming the business and rebuilding the brand identity. Then launch the new brand and tell the world. Be prepared to explain why you rebranded. Narrate to the customers a story they can follow to learn the motivation behind rebranding. This increases brand recall and customer loyalty while bringing customers along for the ride.
Image Credit by SBREC
Rebranding can be a significant undertaking, but a new strategy and appearance can enthuse and re-engage customers while assisting you in reaching out to new markets.
Establish your rebranding goals and the appropriate strategy using this advice, then follow the instructions to put a plan into action that will help your business grow.
Image Credit by SBREC
Source and Image credit: Small Business Research + Enterprise Centre - City of London (SBREC)