When a company has spent a good amount of time in the market, it may struggle to stay relevant. This could be the result of new, fresh businesses coming up, or a change in the customer demand. What has worked for you in the past will not always work for you in the future.
To maintain one’s standing in the market it becomes inevitable to re-brand. This means changing the corporate image, and the marketing strategy. To re-brand means to develop a new identity, one that is more familiar, and more effective to the current market and to the target audience.
A lot of big, established companies have gone in the direction of rebranding, and have flourished as a result.
As the times change, so does the need of the consumers, and that shapes a very different market. It becomes important for these businesses to step back and re-evaluate their position and image, and decide how to change it for their own benefit. Tailoring themselves according to the market makes them relevant again, and helped them re-establish their stature. It brought a lot of companies back to a profitable state.
This is the power of re-branding. Its importance is not limited to the size of the business, but rather to the nature of the market. Every brand needs to keep reminding their audience of its importance to makes sure that they remain important.
How to rebrand successfully?
1. Differentiate from competitors
Each business should thrive on its core competency to create a distinguished image in the market. Differentiation is important because the market in every industry vertical is too saturated. It plays a vital role in attracting more customers and it is also an effective way to draw good employees. Differentiation provides meaning to target audience and helps regain the market share.
2. Have a 360 degree strategy of branding
Rebranding shouldn’t just be focused on one aspect of the brand. The changes should focus on all the collateral of the brand. It should focus on changing the entire look and feel of the brand. A consistent and cohesive strategy that covers all brand elements, channels and platforms of the brand should be devised. During partial rebranding, the new elements must coincide with the existing elements of the brand.
3. Stay relevant
The rebranding shouldn’t occur as the company has changed. It should connect with the existing and old customers as much as the new target audience. It should stay relevant to all its stakeholders. When company changes its business direction or industry, it may be forced to rebrand but it must stay consistent to the old brand image – that can be done by adopting a few elements from the old brand identity or creating something similar.
4. Promote your new branding
Once you are done with the whole exercise of rebranding all the collateral, make sure you go public with the new identity. Considering the size of the brand and your market share, the rebranding should be done strategically to garner as much attention and news as you can. For example, when slack changed it brand identity (logo) there was a negative uproar on Twitter but Slack handled it calmly with their presence and comments.
Rebranding can be used to gain traction and publicity, it is also a way of engaging with customers that you have long lost touch with. Send emails, run teaser campaigns, launch. Keep it creative. Also, don’t forget to explain why you chose to rebrand and how it will benefit your customers.
The services by idesire communications in are redirected towards the efforts of rebranding. We provides services that help businesses, start-ups and companies in various industry verticals to create a strong brand identity in the market. Our services include
B. Brand Logo Design
C. Stationery and Initials Design
D. Marketing Collateral Design
E. Website Design, Content and Development
F. Digital Marketing
G. Social Media Promotions
Rebranding can be used to gain traction and publicity, it is also a way of engaging with customers that you have long lost touch with. Send emails, run teaser campaigns, launch. Keep it creative. Also, don’t forget to explain why you chose to rebrand and how it will benefit your customers. The best rebranding strategies can help your business, startup and company to connect with its prospective target audience / customers and build marketplace visibility by increasing goodwill.
If you feel like the message behind your brand is disappearing, or losing its significance, or you see a change in the market trend that you’re not being able to keep up with, or simply disassociating or merging with another brand, it’s time to re-brand.