There are myriads
of reasons why a particular company will choose to rebrand. Rebranding your business happens when a company decides to
change a prominent aspect of its brand.
This change will be hard to miss; it can be their logo or brand
name. It is an essential process for the
business; however, it can be expensive and risky. There are times that rebranding will affect
the loyalty of the customer. Reasons for
rebranding can be separated into two categories; the Proactive and the
Reactive.
Rebranding Your Business: Proactive Rebranding
There are times when
rebranding your business is the solution to take advantage of an
opportunity or protect the company from an impending threat; these are called
proactive rebranding. This situation can
happen under the following circumstances.
Preparation for an Expected Growth
When a company predicts
an impending growth, especially international growth, services, and products, rebranding
your business will consolidate your company's branding campaign. It can promote the consistency of your brand
and save money and time. This reason for
rebranding is also conducted to foster brand unity.
Entering New Business or Industry
Once a company
decides to penetrate a new field or open a new line of their business that is
not unified with their current branding, rebranding your business is the
answer. Apple was once considered as
Apple Computers, which makes it too restrictive. A simple deduction of a word opens a diverse
opportunity for their company.
Attracting New Set of Audience
When the company
is looking to attract a new audience, business
rebranding may be needed. It
doesn't necessarily mean that they are required to change their logo or their
brand name. They can execute a subtle
change in their branding, such as the company's message. For instance, if you
used to target young adults and you are now planning to extend your reach to
young urban professionals, change is necessary.
Improving the Relevancy
When the company
notices that its company is no longer relevant to the customers, rebranding
your business will prove to be practical.
The rebranding of the Yellow Pages is one of the examples. With the decline in the interest in the
printed directory, Yellow Pages created a digital platform to make them
relevant once again.
Reactive Business Rebranding
There are
instances that rebranding also occurs to react to a significant event. Here are some reasons why a company will
undergo a reactive rebranding.
Acquisition and Merger
When a particular
company acquires or merges into a new company, it must undergo rebranding. It is one of the most common reasons for reactive
rebranding.
Legal Issue
Numerous legal
issues can prompt the company to undergo rebranding. For instance, one of the most common legal
issues would be the Trademark. It is why
intensive research and securing of rights regarding your Trademark is needed
before launching your business.
Rebranding
your business is
suitable for a growing company. Realizing
the perfect time for the company to undergo a business rebranding is necessary to welcome the opportunities and
growth for your business.
The Top 5 Tenets of Company Rebranding
Every company will only have a
single chance to market its product. You only have a restricted amount of time
to create a lasting impression in the audience's mind. This is why branding is
a key essential for every business. Company
rebranding can impress investors and prompt them to invest in your industry.
Creating the foundation of your branding needs to be carefully laid out; it
should be specifically designed based on a well-built foundation that will
produce a desirable result.
Top 5 Principles When Designing Your Company Rebranding Strategy
Effective branding goes beyond
the advertising campaign; your resources
should also be kept in your mind. It means so much more when you plan to create
a personal brand for your business. In earlier years, branding is like using a
symbol to mark the ownership. Companies develop logos that will distinguish
their product from the industry. But the value of branding has been diminished.
Launching an advertising campaign to deliver effective company branding will no
longer suffice. Here are the five principles for creating your company rebranding.
Identify Your Business
Before you even proceed with
your company rebranding and marketing
campaign, you should first successfully determine your business and what you
want it to be. You should have a clear perspective on your objective, values,
target audience, etc. Is it designed to provide a solution to the audience's
particular problem, want, and need? Identifying your business is a key
essential to market targeting.
Understand the Existing Value of Your
Business
Look at your existing company branding. Do you think it
requires some rebranding? If it does, you need to be assured that the decision-makers
are prepared to take this path. Before you even approach the decision-makers,
try to conduct comprehensive research to support your concept.
Be Bold
Your branding recommendation
may create an uncomfortable feeling for some of the key people within the
organization. However, you still need to focus your logo branding on the
audience and not on the key people of your industry. Be ready to be bold with
your company rebranding.
Get Approval from Your Brand Ambassador
Before you even get the public's
approval on your branding, you should first try seeking the insight of your
employees. Your brand ambassador needs to embrace your company branding
fully.
Creating a Ubiquitous Brand
Your company branding should
not only have the capacity to resonate the message on your constituents, but it
should also have the power to function on different media. Analyze your company rebranding and see if your logo
adheres to these principles. Your branding should be something more than just
spreading the word out; it should be able to amplify your company's presence.
Importance of Proper Company Rebranding
As opposed to the
common concept about branding, the proper company rebranding is beyond
just the logo and the custom graphics. When you are executing the right
branding, you want to highlight the whole customer experience, including your
customer service, social media platforms and website, and even your staff. When
someone looks at the extensive definition of 'proper branding,' it can easily
get overwhelming. Because of that, most companies failed to emphasize their
company branding, which ultimately affects their business. Here are some
reasons that stress the importance of proper branding.
It Increases Your Presence
Branding increases
your visibility and familiarity with the customers. Remember that consumers'
loyalty is affected by their understanding of the business. For those who have recognizable
and consistent branding, people will feel comfortable and at ease in buying
products or acquiring their services.
It Makes You Unique
Proper Branding
separates you from the rest. It sets your identity apart from the rest of the
competition. This is highly essential for the company that is competing
globally. They need to stand out from the crowd that offers the same products
or services. Company Branding gives them that unique and special
identity that allows them to be different from conventional businesses.
It Conveys the Message
Proper Branding can
deliver the story of the company. It gives the consumers an idea of what to
expect should they decide to purchase their product. The graphic elements will
tell them what kind of company they are. Ultimately, branding puts them at ease
since they know what to expect from the company.
Remember that
branding represents your company. Everything that relates to your business is
your brand, from marketing materials and staff to executives and managers.
Think about it, do you think your company rebranding is sending
the right message to the consumers?
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