Apple and Starbucks have successfully pulled it off, while Gap and the 2012 London Olympics crash-landed with theirs. I’m talking about company rebranding.
Some businesses use a brand change as a marketing strategy to attract attention. In a standard rebranding project, a company or business may change its name, logo, design or a combination of all three with the intention of recreating how the business works.
Rebranding a business is a crucial decision because if this is not carefully crafted, it may lead to the downfall of the company. Rebranding should be able to lead old customers into the right direction and not make them rethink if the business still has greater things to offer for them.
Does your company need a rebranding?
Businesses consider rebranding for several reasons, some of which include the following:
We have witnessed how many times Starbucks has updated its logo but was still able to remain stable because the quality of service that the company has provided over the years remains the same.
Realignment of business goals
The growth of the business may have inched itself away from its original concept. After all, expansion is good if it produces a positive outcome. However, as the business grows and develops new products, the existing branding may no longer be congruent with how the company wants to move.
Failure to achieve sales results
In maintaining a business, the company should already know the right target market for their products and services. Unfortunately, some businesses fail even if they implement outstanding SEO strategies in their websites. If the company does not reach the right audience, it should consider rebranding.
Guidelines in Rebranding your Business
If you’re seriously thinking about changing your company branding, here is a quick guide to make sure that it does not kill your business:
Write down your vision
Before taking the step of recreating or reconstructing your brand, you should have a clear vision of what you want to achieve for your business.
Consider your budget
Changing your brand may require you to spend a significant amount of money. Make sure to create a balance between your annual advertising budget and your rebranding project. You don’t want to lead your company into bankruptcy just because you poured everything into an epic rebranding fail, do you?
A rebranding process does not only mean having to change the design of a company’s logo. It also includes redesigning the uniforms, letterheads, business cards and company vehicles. You may even have to change your website design to keep up with the new company brand.
Determine areas for rebranding
Rebranding will involve a radical change in all marketing materials, and all documents where your logo should appear. This may also involve a website revamp, as well as changes in tv or radio advertisements.
See how your rebranding affects the entire business
Take a closer look on each aspect of your business so you may be able to determine which ones are affected by the brand change. You may need to do some adjustments in the process.
A rebranding process does not guarantee the success of the company, but it can boost your marketing and business plans if you pull it off correctly. On a final note, make sure to plan everything before embarking on a company-wide rebranding project.