Planning to expand your product line? Or Want to introduce some variations in your brand logo design? Or You might be planning to target new customer profiles. Did your company acquire another company? Whatever it is, rebranding is needed. In this blog, you’ll learn what is rebranding, the major reasons to rebrand your company, and how to do rebranding successfully.
Table of Content:
- What is Rebranding
- Is Rebranding a Good Idea?
- Rebranding Vs Repositioning
- How to do rebranding
- How does rebranding affect a company?
As we all know that branding is not done in a single day. It requires time and resources to establish your brand successfully. And, when you decide to rebrand your company, all that process needs to be repeated again. This is because you’re going to brand your company but in a new way.
Before going further, don’t forget to check this ultimate guide on how to create a brand identity.
So, what is rebranding all about?
What is Rebranding?
Rebranding is more than just renaming your brand or changing or modifying your brand logo.
Rebranding is a marketing strategy that involves establishing a new brand identity in the mind of your stakeholders and customers. It could be changing your company logo, business name, location, tagline, color scheme, and anything that relates to your brand identity.
Recently, Vodafone and Idea rebranded them to VI.
Another example you can consider is Hero Honda. This profitable venture ended in 2011 and the company decided to go for rebranding with a change in its logo and slogan.
Is Rebranding a Good Idea?
Although rebranding can boost business growth and assist you to reach new customers, the path is full of challenges. If done wrong, it could backfire your business reputation in the market.
Hence, when should you rebrand and when should you not, this question needs to be answered first.
“Rebranding might be the right decision when you think that your company’s vision, mission statement, values, and actual identity are no longer being represented by your brand.”
Consider the following seven major reasons for rebranding:
1. Business Expansions: Maybe you’re planning to expand your business to international markets or planning to expand your product lines.
2. Targeting New Audience: You might want to reposition your business in a new way to the new audience.
3. Mergers and Acquisitions: When two brands come together, they should come up with a new brand identity that clearly reflects the vision, mission, and value of the new entity.
4. Change in Brand Message: When you think that your brand name or tagline is not able to reflect the right or complete message, you should consider rebranding.
5. Change in Company’s MVV: If you have made changes in your company’s MVV, i.e., mission, vision, and value, it is crucial to announce these to your stakeholders and customers.
6. Differentiate From Competition: You may consider rebranding to stand out your brand from the market competition.
7. Overcome PR Crisis: Although it’s not a good idea, you may consider it if you think this might create a positive impact.
Rebranding Vs Repositioning
Most of you have heard about Volkswagen, a German automaker, headquartered in Wolfsburg. Earlier, its logo was very clunky and industrial.
They redesigned it to make it a little bit more friendly and come up with a new visual attitude. The new design is more flexible, open, flat, contrasting, focused, and easy to use. This is how it looks like now.
This is what rebranding is. That means changing the brand identity whether completely or partially as is the need of the company.
Now, let’s consider another example.
Love Cadbury Dairy Milk? Yeah…it’s ?!
Till a few years ago, consumers have a perception regarding this chocolate brand that it is only meant for kids and is unaffordable for middle-class families. In 2003, this brand went under a PR crisis that this is unsafe and healthy which is obviously a big shock to the brand’s reputation.
But, then, in 2004, Cadbury introduced the “Purity-Sealed” three-layered packaging which points out that it’s healthy and safe. Amitabh Bachhan was chosen as a brand ambassador who positioned the brand in the mind of all category people: teenagers, children, adults, whoever it is.
The message delivered was:
- You can celebrate each moment with Cadbury.
- Small things can also deliver happiness.
- “Kuch Meetha Ho Jaye” encourages people to celebrate each small or big event with the significance of love.
Ultimately, the brand has associated itself with emotions, cultures, traditions, achievements, celebrations, and occasions and has positioned itself with a positive impact in the mind of all.
This is what brand positioning is all about. That means, changing the perception of the target audience about the brand.
How To Do Rebranding Successfully
Okay…now, let’s learn how to do rebranding in the right way. The following steps can help you achieve your rebranding goals easily:
1. Partial Rebranding Vs Total Rebranding: What is right?
First of all, decide whether you want to go with partial rebranding or willing to do total rebranding. This question needs to be addressed first only then you can prepare your rebranding strategy in the right way.
Partial Rebranding: Minor changes to the brands’ look and feel.
Total Rebranding: Creating a new brand identity. The changes include a new name, new logo, mission, target market, and/or product service/lines.
So, what’s your plan?
2. Redefining Your Target Market
When you have developed your brand for the first time, you have already identified who will be your target audience. It might be based on particular demographics, their geographic locations, their attitude or preferences.
And, now you’re going under the process of rebranding. That means, somewhere you’re not satisfied with your current target market or the results-driven from your old marketing strategy. Although the results are not satisfactory, this will help you a lot in planning your rebranding strategy.
You need to analyze from your past work that:
- Were you targeting the right audience?
- Did that audience has bought your products or services?
- Are they preferring your competitors over you?
- Would you like to target a new market?
Once you find the answers, you’ll be ready to move on to the next step.
3. Redefining Your Company’s MVV
Every brand has its own mission, vision, and values according to which it works in the industry. Hence, you need to redefine all these now. You have to make it clear to everyone that what are your goals, why would you like to achieve them, and how will you be going to do that.
Don’t forget that your company’s decisions, be it a small decision or a big one, will be based upon your company’s MVV.
- Vision: Define “WHAT”. That means what are your goals and objectives.
- Mission: Define “HOW”. That means what will be the roadmap.
- Value: Define “WHY”. That means why are you dedicated to your vision and mission.
4. Redefine Your Brand Voice
While rebranding, the vision, mission, and values of your company will go under change. Hence, you need to also redefine the way you communicate your brand message. Your brand voice (vocabulary, tone, and medium) should match your brand message.
And, your brand message should be crafted in accordance with the vision, mission, and values of your company.
5. Research Market Competiton
Before moving further, it is advisable to research the market competition. Carefully analyze what your competitors are doing, how they are strategizing their business plans, how they are engaging your target audience with their brand.
Also, figure out the loopholes in your previous brand strategy. Compare what you have done and come up with outcomes with what you should do and should be the standard outcomes.
A careful and in-depth analysis is required!
6. Rebuild Your Brand Identity
Now, you’re ready to craft your new brand identity.
- Think about whether you would like to change your brand name or be satisfied with the current name.
- Try to come up with a catchy tagline for your brand.
- Be creative with your new brand logo design and color scheme.
- Be consistent while using fonts for brand messaging.
- Make sure all the brand elements are supporting your core brand message.
- Redefine your brand guidelines.
Make sure everything discussed above should be aligned with your vision, mission, and statement.
How Does Rebranding Affect a Company?
Rebranding can affect your company in either of the two ways— Positive or Negative. Let’s take a look at each of these:
Positive Impact of Rebranding
The main purpose of rebranding is to improve the company’s image in the market. Hence, it offers the company many benefits such as:
- Gaining new customers
- Winning customers’ trust
- Gaining market share
- Increasing brand engagement
- Communicating the brand message clearly
Negative Impact of Rebranding
The possible issues you can face if rebranding goes wrong are:
- Confusion regarding your brand identity
- Loss of loyal customer base
- Change in overall branding strategy can increase your cost.
That’s it for today. We have covered everything that you should know about how to do rebranding for your company. It’s your turn to consider how you want to go. Still, have a doubt on how to start? We encourage you to get in touch with our brand consultants. We have creative solutions for every branding problem.
From logo redesigning to a complete brand overhaul, these steps will help you to plan your strategy for building a brand.
What’s your thought on it? Eager to listen to you!?