A business cannot keep on running the same way forever. Change is the need of the hour. A brand that may have been a big giant at one point of time, may not necessarily stand in the same position forever if it does not update itself, and this is where rebranding comes into the picture. Rebranding is a way used by businesses who want to grow through change: change of message, colors, image, values, etc.
Not only it helps in repositioning the brand but also in healing from a bad reputation if there is any. The idea to rebrand a company is to make it look different in the market and to embark on a new image in the consumers’ minds. Rebranding is basically creating a new name, term, symbol, design or concept with the intention of developing a different identity of the brand for customers, investors, shareholders, and of course the competitors.
A brand isn’t just about a logo or a slogan. There’s a lot more to it. For instance, McDonald’s is McDonald’s not only because of its tagline but also for the combo meals that it offers. But when you are rebranding, be prepared to accept the change both mentally and physically. There must have been perfect instances in your organization, but if you are not willing to let go of it – the impact of rebranding will not serve the purpose of its full potential.
1. Know your position
Self-awareness is the key to successful branding. If a company, all by itself knows what it is and what position it holds in the market, a lot of time and money will be saved while rebranding. It will be easier to analyze the end results and adopt the necessary strategies. It is at this stage that you figure out and comprehend if you would require an external consultant for market research or your own team can pull it off. Since market research is crucial.
2. Keep updating
Lead generation is with sales one of the ultimate goals of a business. But before rebranding, one needs to figure out if its current strategies fit the needs and wants of the current customers and if they want to attract a new section of the audience or dazzle the same set of consumers in a new way.
Surveys and focus groups can help the company gather information which in turn will help them to align with the intended audience. With technology gaining massive pace, companies can quickly lose its name in the market. But rebranding can stimulate growth with the amendment that it carries with it.
3. Stand out from the crowd
A company shouldn’t try to appeal to everyone, everyone is not your consumer. Your focus should be on the needs of the targeted audience and serve them with an unmatchable buyer experience so that you cannot be intimidated.
4. Don’t lose your focus area
What’s the whole point of rebranding if you lose your focus along the way? After all, it’s a game of patience and hard work. You must be crystal clear about your prime focus, prime goal, and side goals. Your business can anytime hit the lower tip of the graph if you dare to lose the focus anytime around.
5. Secure mutual agreement
You can’t take this decision alone. It’s a big decision, and every party who would be affected by this decision must be on your team. It is necessary to take the opinion of the board members, employees and sometimes also the customers. Employees are the wheels of your business cycle. They deserve an opportunity to share an opinion that might change the whole perception of the company. In fact, you must infuse the excitement among the employees as well as customers with the new ideas which in turn will keep their enthusiasm on the skies.
6. Make public appeal
The public launch of the new brand must be quick and decisive. It will not be a good idea to keep the general public waiting. You must also consider to break-out to the public as to why you want to rebrand so that there remains complete transparency between the customers and the company. Social Media can be your biggest help to breakthrough any announcement or promotion. Instagram and Facebook Stories work really great and they are not even so complex to create.
7. Seek feedback
None of the above tips are as imperative as this one. Feedback is one way to assemble all of the above steps in one – you get to know the customers’ views or perception and well, that’s what you need and intend to change. Conducting some online surveys, distributing feedback forms, or sending out emails will give you a detailed insight into the impact of your rebranding.
Feedback is one thing that almost all of the companies follow today because to them, customer satisfaction is the most important thing. Taking feedback may also be beneficial in many other ways such as connecting to existing customers, improving the reputation, regaining lost interest of the customers. As it’s said, the customer is the king and you need to know what the king thinks of your kingdom.
8. Innovate and create
The age-old proven techniques of rebranding like issuing press releases or press conference is undoubtedly impactful, but brands have been employing new techniques to communicate the message and it’s been working almost 10-times faster and better than the outmoded techniques.
For instance, release a YouTube video, or draft a fun meme and let it out on social media, or maybe create suspense with a series of ads. Do anything that the world has not seen yet, infuse your own personalized ingredient in the process of rebranding – believe it or not, the world loves the personal essence to everything.
Final thoughts
Evolution is inevitable and rebranding might be what your brand needs. It marks a new exciting face in the life of the business. If done correctly, the company might land up in a strong position in the market. Rebranding is a game-changer, not just new glitter, coated on the same old products – so it either makes you or breaks you, so put every step with thorough research and keep going one step after another.
