Rebranding is a standard process that many brands usually have to make. They are either falling behind on their competitors or struggling to expand their customer base. Regardless of the circumstances, you must add modifications in a couple of years to benefit your brand.
If you are taking your business in a new direction, you need to start considering the following things when rebranding.
1. Why Are You Rebranding?
Always start with this fundamental question. What are the factors that led you to rebrand in the first place? There can be a myriad of reasons. The answers to these questions will justify your rebranding prospects and make you more confident in your decision. The point is to focus on your main goal.
Are you rebranding to acquire a broader audience? Are you hoping to create a new product or service? Are you hoping to maintain the relevance of your brand in the ever-changing market?
Regardless of your reasons, you must maintain focus once you have gained an answer to these questions. It’s better to have trust in your judgment before you meet your objectives.
2. Keep A Close Eye on Your Competition
It always helps to keep a close watch over your competitors. Analyze what is working for them and what is not working for them. Please do your research into their activities diligently. Your main target is to stand out and turn their weaknesses into your strengths.
This will also give your insight into what to avoid in your rebranding, thereby giving you leverage over your opponents.
The point is to stand out concerning your logo, name change, or even tagline. If you notice some aspects of a brand that your competitors are lacking, adopt it into your brand. This research process gives you a second chance to learn from past mistakes and establish a more competitive field.
3. Know Your Audience
Your main goal is to message an effective brand for your target audience. Rebranding is reinventing yourself to retain your customers. If you believe that you are losing your routine customers, then rebranding is a requirement. If you know your audience and realize that their tastes are changing, you can accommodate that through your rebranding and retain their trust and loyalty.
You can attain information about your customers by getting their input through interviews and statistics. This will help you modify your approach when rebranding. If you proceed without the necessary audience information, you will most likely land a hit and miss opportunity.
4. Your New Mission
Your previous brand already had a mission statement that anchored your company and showcased your principles. Sadly, it is time to abandon your primary mission to replace it with a new one during the rebranding process. The creation of a new mission is an agonizing process that requires a complete reevaluation of strategy. If you rebrand and the new mission does not complement one another, it is best to abandon the mission. You can continue to introspect how you can acclimate your core message with your brand. The point of this new mission is to introduce yourself to your audience once again but with a fresh outlook.
5. Know Your Budget
It is common for businesses to rebrand themselves. But it requires proper investment to proceed with the rebranding endeavors. You will require ample capital for your social platform, digital marketing, and advertising. You need to have a budget in place to launch your new brand with increased impact.
Always look to areas which you can afford in your rebranding process. If you are falling behind in some areas, it is best to delay that project’s mechanism. You can procrastinate for a limited time until you acquire the budget for your entire rebranding prospects. If you overlook any aspect of the financial requirement, the price will be high.
6. Necessary Changes
Do not discard all the things that are available in your prior brand. If there are some areas where the brand is still significant, leave it at that.
Focus on the mandatory changes that serve as a hazard and threaten your corporation’s very existence. For example, your logo could be outdated and requires some modification, or your slogan could be irrelevant and requires improvements. However, if your website design is functioning correctly and remains user friendly, you can add little changes to it but not too much. Sometimes less is more in this scenario. Not everything in your rebranding process needs to be changed. Just add the elements where necessary and wrap up your strategy.
7. Design Team
The chances of your rebranding process sinking are high if you choose to wrong design team to refresh your logo or update your website. You need to implement a vigorous vetting process to hire the essential team members you need. They have to be experienced and produce a proven record of brand project participation. With the right team in place, your rebranding development will move swimmingly.
8. Rebranding Checklist Accounts For ROI
The ROI (Return on Investment) is a crucial part of your rebranding. It would be best to evaluate how much capital you will gain from collaborating with new businesses and reinforcing customer retention. Regulate the areas where your ROI can experience a decrease and improve upon it.
9. Marketing Your Brand
The direction you take for your rebranding is a sensitive one. It depends on how both your competitors and customers will react. Remember, your competitors are also keeping a close watch on you. It would help if you created a specific modus operandi to give them news of your gradual changes so you can avoid any backlash or customer loss. Avoid going for the element of surprise.
10. Rebranding Again
There is confirmation of what the future holds for your brand. If your rebranding efforts go fruitful, then it paves the way for you to rebrand it again when the time is right. It may require a couple of years to make such changes. But once you gain experience from your first rebranding efforts, you will get the gist of it to execute the next one.
Rebranding is an intimidating and risky task, which is why it is better to opt for a month graphic design service that provides its services for a Flat Graphic Design. If you wish to make your rebranding efforts to go smoother, it is preferable to gain professional services to do the job.
Irtiza Nadeem Digital Content Producer for Designster. He develops and implements content strategies for Designster, along with aligning business goals with content marketing activities. He actively contributes articles related to digital and content marketing.