Branding plays an important role in the success of a business. Apart from increasing brand recognition and boosting the value of the company, it also generates new customers and enhances employee morale. It's possible for a brand or parts of it to become irrelevant. There are times when old branding fails to support your business goals, and hold your business back.
''The main purpose of the branding process is to create a brand identity that will appeal to your customers and make your brand stand out from the rest. It is possible to achieve this objective in a number of different ways.''
So how do you know when a rebrand is needed? You should keep an eye out for the following:
Outdated Branding
You've expanded beyond the brand of your business
There is no authenticity to your brand
A company merger, acquisition, or change of ownership occurs
Rebranding presents organizations with an opportunity to improve service delivery and connect with audiences in a more engaging and relatable way.
Is it a good idea to rebrand my business on a regular basis?
Businesses rebrand every 7 to 10 years on average. It's impossible to expect styling and communication trends to last forever. Eventually, your brand will look stale, since the world will have moved on significantly. Even traditional or classic brands can fall victim to this problem.
You may need to rebrand within a short period of time in some situations. It may be necessary to rebrand sooner than expected if you make a big change to your business.
Rebranding has no set schedule. Ideally, you should respond to the market and your customers.
‘’Successful businesses have strong brands.’’
Identify the foundational elements that underpin your brand and ensure they align with your strategic direction, growth strategy, and target audience.
To do this, you must answer the questions of what you're doing, why you're doing it, and how you'll get there, as well as what customers can expect from you along the way. The following should be included:
Foundational brand elements
Company Vision - Your overall vision for the future
Mission - Describe what you will do to achieve your goals
Brand Purpose - What it is and why it is important?
Brand Promise - How you will meet the expectations of your customers
Brand Values - Your beliefs and how they impact your daily life
Brand Personality - How your brand is perceived by your customers
Brand Voice - Your brand's style of communicating with your target audience
Brand Hierarchy - How multiple brands in one corporation add value to each other
Brand Story − A brief history of your company and brand
What is the best way to announce a brand refresh to my customers?
There should be a clear timeline for your rebranding project. Your staff needs to be informed about the changes before you inform your customers.
A brand change that surprises your staff as much as it does your customers is the worst thing that can happen. Make sure your team is prepared to capitalize on the new branding by preparing them before announcing it to your customers.
As soon as all your internal stakeholders are onboard with your rebrand, you can start communicating with your existing customers. Informing them of the upcoming change and letting them know that the service will remain the same can be beneficial. New looks can prompt a flurry of questions and undue concern, so be upfront about what's coming.
After you have completed this step, you can approach all your potential customers with your new look. Offering a big sale or promotion is a good way to accomplish this. You can instantly create a positive association with your new brand by combining it with something that appeals to your customers.
Don't forget to utilize your social media marketing channels when launching your new brand. Communicate the reason for rebranding to your target audience. When you tell your audience why you are rebranding, you will develop a stronger connection with them.
Perhaps you conducted a survey to better understand your audience and discovered that their needs changed as a result. Maybe your brand didn't reflect your business anymore. Rebranding your business is a great opportunity to demonstrate how you have now met the requirements of your audience, whatever the reason may be.