Your brand's health depends heavily on brand recognition; changing it puts you in danger of reducing brand awareness and, as a result, your market share. Rebranding must be done for reasons relating to the mission, target market, or values of your business. A change may be necessary if your brand no longer embodies these key principles. Changing your brand might be a wise move for several reasons, some of which are listed below:
1.) There Has Never Been a Conscious Branding Initiative
It's common when beginning a business to want to just get the concept out there and start generating money. Launching and being active as soon as feasible come before branding. Additionally, as a young business, there may not have been any initial funding available for branding, at least not in a concentrated manner. As your business expands, branding becomes more important, and it is possible to make a more concerted effort to improve aesthetic components and make your organization appear more professional. You can also become aware that your original designs are now out of date as you debate about your brand. This happened with Airbnb, which rapidly altered its identity as it expanded. The business has changed its branding five times since its debut in 2007.
2.) The Intended Audience Has Changed
Your target market should always connect with your brand. You might need to modify your brand to fit current trends if, for example, your consumer base is elderly and you want to reach out to a younger demographic as well.
3.) The Landscape Has Evolved
In this quickly changing digital age, the environment is continuously changing due to new technologies, increasing competitors, and shifts in patterns. Rebranding can be required in your sector if this is the case to remain current and, more critically, to maintain an advantage.
4.) The Modification Has a Legal or Public Relations Justification
With the best of intentions, you may occasionally build a brand only to discover that you are stepping on someone else's toes or that you are connected to something (or someone) that isn't beneficial to your company's bottom line.
The World Wrestling Federation, or WWF, a sports entertainment company, lost a court lawsuit against the World Wildlife Fund, also known as the WWF, which is a well-known illustration of a legal case causing change. The World Wrestling Entertainment brand, which replaced the World Wrestling Federation, has maintained its appeal.
5.) You've Merged With Another Business
A merger of two businesses results in the merger of two brands. Rather than having one firm triumph over the other, it may be preferable to develop a rebranding strategy for the company that reflects both.
Let's examine each step necessary for the implementation to succeed a rebranding effort
Step 1: Evaluate the vision, goal, and values of your brand
If your company currently has a brand vision, goal, and set of values, this is the perfect moment to review them. If you don't already have them in place, this is the moment for your team to get together and establish them. Answering the following three questions can help you develop your brand's vision, mission, and values:
1. Who or what are we?
2. What are our methods?
3. Why do we do it?
Step 2: Conduct market and audience research
You need to be certain that your rebranding initiative will resonate with your target audience and complement the market as a whole. You must first redefine your target market. Check out:
- Your consumers' ages
- What their gender is
- Where they reside
- What they do for a living
- How much money do they make
- What are their interests and hobbies
- What degree of education do they have
- What connections do they have both personally and professionally
Analyze the market's activity next. Are there any fresh branding trends? Look closely at the opponents as well. Is there a brand-new business on the market providing goods and services comparable to yours? Look at what's working for them and their rivals to determine if any similarities might guide your rebranding.
Rebranding becomes less risky when you are well aware of what will work and who to target.
Step 3: Determine what makes you unique
What makes you stand out from the competition? What do you provide that others can't? Here are some methods for figuring out what makes you unique:
- List all of the distinguishing qualities and advantages of your product or service above those of the rivals.
- Determine which features of your good or service cannot be copied, replicated, or reproduced.
- Describe the emotional demands that your service or product satisfies from the viewpoint of the customer.
- Describe the benefits to the consumer.
- Make use of this information to guide your rebranding plan.
Step 4: Revamp your brand
You should make a list of all the aspects of rebranding the company before you start working. Making a list of all the locations and occasions when your clients could encounter your brand can help you pinpoint these elements. Put yourself in the customer's position if you're unclear about what these touchpoints are. Ask:
- Where do I go if I have an issue that needs to be fixed?
- How can I locate the good or service that will take care of my issue?
- How do I choose what to buy?
- How can I communicate with a company after I make a purchase?
A designer will usually update your logo, color scheme, typography, and imagery. Consider your color scheme carefully since a signature color may enhance brand awareness by 80%. Choose colors that go well with the image of your brand by using color psychology as a guide. Whatever color scheme you decide on, it must complement your revised brand identity and appeal to your target market.
Step 5: Introduce your new brand
Proceed with the launch, but ensure all the necessary conditions are met for it to succeed.
Rebranding companies may be a significant endeavor, but a new strategy and appearance can enthuse and re-engage consumers while assisting you in reaching out to new markets.
Talk to our rebranding experts today! Call (312) 442-0352 or email Contact@siteitnow.com
