Reasons for Rebranding Your Business

 

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?