Everything you should know about rebranding

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? 

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 If the organizational structure, aims and objectives have changed, or if your company logo has become outdated.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

Step 1: Recognize the rebranding need

Partial rebranding

Complete rebranding

Step 2: Re-establish contact with your target 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

Step 4: Reconstruct your brand's identity

Name: 

Tagline: 

Logo:

Step 5: Create and share your rebranding story

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.