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Everything you should know about rebranding

Posted by Shivali Anand

December 1, 2021    |     5-minute read (933 words)

Maybe the company was acquired, and the owner wants to change the company's name to one that reflects both the new and previous management. Or perhaps you've gone through a difficult time and want to start over with a new moniker. 

Entrepreneurs may need to rename their businesses for a variety of reasons. We discuss in this blog why a firm might want to rebrand and how to do so in a way that achieves the intended outcome.

Why is rebranding done? 

Entrepreneurs may rebrand to boost their company's overall value. Rebranding can help strengthen your market position, promote your brand's reputation and reach new clients and markets. In any of the following scenarios, rebranding may be the best option.

  1. Companies may rebrand to differentiate themselves from their competitors if a new competitor enters the market with products or services that directly compete with theirs.

  2. If your business's goal, mission, values and market are no longer viable.

  3. You may need to review your brand if you wish to grow into international markets.

  4. If your firm is acquired or combined with another company, rebranding might help avoid customer misunderstanding and establish confidence.

  5. If the name of your company is generic and similar to that of other companies.

  6. Businesses might rebrand to broaden their product offerings, target a new market or appeal to an entirely different client profile or demographic.

  7. If your current branding strategy is no longer relevant or you wish to eliminate negative associations with your company.

  8. If you're dealing with a significant transformation in your target clientele, business strategy or introducing a new service line.

  9. If the organizational structure, aims and objectives have changed, or if your company logo has become outdated.

  10. Business ownership changes, such as mergers, acquisitions or demergers, may necessitate a rebranding right away.

  11. Changes in the market or digitization may force businesses to reinvent themselves.
How to rebrand a business the right way

The five stages below can assist entrepreneurs in successfully rebranding their firms.

Step 1: Recognize the rebranding need

Begin by gaining complete knowledge of why the rebranding is taking place. Determine whether your brand needs a partial or complete rebrand. The following is the distinction between the two:

Partial rebranding: A partial rebranding can help you maintain brand loyalty while changing the visual brand identity to fit new offerings or markets. Make sure to consider the existing brand assets if you're undertaking a partial rebranding. Partially rebranding means you're adjusting to market changes while keeping your priorities the same.

Complete rebranding: For scenarios such as organizational restructuring, product overhauls, or mergers and acquisitions, a total identity shift or change in a company's mission, vision and values is often required.

Step 2: Re-establish contact with your target audience

Before you rebrand, take the following steps to rebuild your brand's target market and audience:

  • Conduct research to determine which demographic you can reach with branding.
  • Do your homework on what your competitors are up to.
  • Figure out how you may differentiate yourself from your competitors.
  • If you're trying to break into a new market, do some independent research on your potential customers.
  • Learn what your customers want from you and what they anticipate from you.
Step 3: Redefine your organization's vision

Once you've identified your new market and audience, revise your company's vision, mission and values as soon as possible to ensure that all decisions are made with that vision in mind. Your company's image will influence everything from your website redesign to your hiring process.

When you change your company's vision, mission and values, you must also change how you communicate your company's message. To effectively communicate your message, involve sales and other departments from the start to understand how a rebrand will affect them and what support they will require.

Step 4: Reconstruct your brand's identity

Create the visual elements that will communicate your rebranding, and make sure to use them consistently across all marketing materials. Here are a few common changes to consider as part of your rebranding strategy.

Name: If your name still works after rebranding, your best bet is to keep it. However, if you want to rename your company, make sure you have a recovery strategy in place as part of your post-rebranding strategy.

Tagline: A good slogan represents your company's mission and vision while also increasing brand recognition. Unlike changing its name, changing a company slogan requires less marketing effort, but you should still think about it carefully.

Logo: After rebranding, create a new version of your logo to support your company's vision, mission, values and purpose. Change visual elements on your website or app, such as artwork, typography and shapes, to support your brand message.

Step 5: Create and share your rebranding story

Plan your launch carefully to promote the story or reason for the rebranding. Emphasize how the changes you've implemented will benefit both existing and new customers. Then, to reinforce your rebranding, create marketing materials to express your brand messages and reinforce your rebranding. This could include things like:

  1. Internal training materials to communicate the changes.

  2. Use your website's content and imagery to notify all of your followers.

  3. SEO phrases and keywords.

  4. Your search results in directories.

  5. Explain the change in a blog post or the news.

  6. Reminding customers about your rebranding with social media updates.

  7. Brochures and fliers, to name a few.

  8. Business cards, letterhead, envelopes, and any other relevant goods.

  9. Email signatures and the data they include.
After that, send updated logos, descriptions and taglines to your affiliate partners. Re-create advertising, videos, product demos and email campaigns to let your customers know about your rebranding.

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