Rebranding is the process of redesigning the corporate image of an organization to better resonate with its audience and enhance its market position. Today’s market landscape is ever-changing, evolving, and saturated with competitors. In this cluttered market, staying relevant is the paramount challenge that companies face. Thus, begins a struggle not only to gain a footing in the market but also to adopt strategies and tactics to have a firm footing and stay on the ground, giving way to competitors. Rebranding comes into the picture at this point.
Initially, when gaining footing and market share, you are more concerned with establishing a brand identity. However, once a brand is established, you must focus on the feedback and impact of your branding strategy. If you feel that the result is not as per your expectations and the goal that you have set for yourself, the branding strategy changes, and this process is called Rebranding.
WHAT IS REBRANDING?
In the simplest words, Rebranding is the revamping of brand identity, often involving changes in visual elements like logos, product offerings, fonts, brand voice, brand positioning, brand USP, product packaging, etc.
Rebranding can give you a fresh start and may help you regain your lost charm. But before being too enthusiastic about rebranding, you must first be sure that rebranding is necessary. Rebranding must be seen as the last resort, and it is important to keep in mind that not all problems need rebranding as a solution. Let us consider situations where rebranding can be avoided.
Also Read Building A Strong Brand Identity: 7 Steps To Follow
WHEN YOU SHOULD NOT REBRAND?
1. SLOW PROFITS OR LOW SALES –
Usually, when companies go through a phase of low sales or profits, they take to rebranding. But this is not the right trajectory of action. Sales do not necessarily spike at all times. There may be times with low sales, and these can be dealt with in other ways, such as by conducting market research to know the reason behind the situation or developing a market strategy to tackle the problem, etc.
2. WHEN A COMPETITION HAS RECENTLY REBRANDED –
Rebranding must be done when needed, but the reason should be the rebranding of any competitor’s brand. The situation of your brand and your competitor’s brand in the market is very different, and it is very unlikely that you both will need to rebrand at the same time. Apart from that, rebranding at the same time as your competitor may not give you the attention that you deserve or want.
3. YOU WANT FRESHNESS –
Just because you are not growing day and night or because you have maintained the same brand identity for a long time does not mean that it needs a change. If a brand identity is not doing wonders for you, it may be due to other factors. Hence, it is suggested that you not go for rebranding just because you feel bored.
WHEN YOU SHOULD REBRAND?
There are a few major reasons for rebranding. Some of these are mentioned below.
1. EXPANSION OF THE BRAND –
Rebranding may be needed when a company needs expansion from a local brand to a bigger level, from a domestic brand to an international brand, and so on.
2. MARKET REPOSITIONING –
You may want to rebrand when launching your scope of production, which changes your target market and customers. Changes in price, place, product, etc. may also prompt rebranding.
3. WHEN YOU ARE IN YOUR ESTABLISHMENT PHASE AND DISSATISFIED –
Rebranding can be considered when you are still in the establishment phase and not sure of the brand identity that you have established. It is easier and ideal to rebrand in the starting phase rather than doing it once it has been established for years.
4. NEW IDEOLOGY –
With the change in times, the values and philosophy of a company may evolve as well. Due to a change in the philosophy of the company, rebranding may be needed.
5. MERGERS OR ACQUISITIONS –
Rebranding becomes crucial when companies merge with other companies or acquire other companies. With each integration or division, there may emerge a need for rebranding.
TYPES OF REBRANDING –
Depending on the needs and situation of the company, rebranding can be of different types and scales. Majorly, rebranding is of three types, these are:
1. PARTIAL REBRANDING –
This may include making a few changes to the brand and not necessarily building it into a new one. For example, Starbucks updated its logo by removing the word ‘Starbucks Coffee’ and retaining only the Siren image, hinting at its expansion beyond coffee.
2. MERGER REBRAND –
Merger rebranding takes place when two companies merge and there is a need to make changes to represent the ideas and values of both companies. For example, when Vodafone India and Idea Cellular happened in 2018, the resultant was Vodafone Idea Limited, commonly known as VI.
3. COMPLETE REBRANDING –
A complete rebranding includes rethinking almost all the elements of your brand. It helps to change the entire perception of a brand. For example, the Hindustan Times underwent a complete rebranding, introducing a new logo, visual identity, etc. to appeal to a younger audience while retaining its legacy.
HOW TO DO REBRANDING IN 7 EASY STEPS –
1. CARRY OUT AN ASSESSMENT OF THE EXISTING BRAND –
Before you start building a new brand, it is important to conduct deep research into your existing brand to know about its strengths and weaknesses. It also gives you an idea of what exactly it is that you need to change.
2. RE-ESTABLISH YOUR BRAND’S MARKET AND TARGET AUDIENCE –
When rebranding, reconsider your target market. While rebranding, you have the option to target a larger or different kind of audience. To do this, you need to conduct research to know about your target audience, their preferences, needs, etc., and develop a user persona.
3. RETHINK YOUR BRAND’S PURPOSE, VISION, AND VALUES –
Rebranding gives you the chance to redefine your purpose for existence, your mission, or the end goal that you want to achieve, and the underlying values that will be your guiding principles.
For this, you need to ask yourself, what is it that you are doing, why are you doing it, how are you doing it, etc.
4. RENAME YOUR BRAND –
It is most likely that after making changes to the elements mentioned above, your previous name can be a misfit. If you still feel that your previous name rightly represents you, you can retain your old brand name. Otherwise, you need to think of a brand name that accurately represents you. For naming a brand, you can make up a word (Google), use old or metaphorical words (Oracle, Amazon), use a word that means what you are doing (Netflix, Master Card), modify existing words (Tumblr, Reddit), use words from other languages (Uber, Sony), join two words (Microsoft, Facebook), etc.
5. USE A NEW BRAND LOGO –
A slogan is what people often remember. Hence, a lot of consideration must be given before changing your slogan. If you are sure that you need to change your slogan, try to make it catchy, capture your mission, value, and purpose, and reflect your identity. You can use rhythmic words and metaphors, make a claim, give instructions, or tell something special about yourself in your slogan.
6. RE-DESIGN YOUR BRAND IDENTITY –
While rebranding, you can also consider changing the visual elements to communicate tangible change to your customers and market.
This can include making changes in your logo, such as changing the font, color, size, design, and other elements, but try to retain a unique, recognizable factor, stay minimalistic, and not complicate the design too much. You can also change your color palette, keeping in mind your target audience, the overall brand personality, your product, etc.
7. GET FEEDBACK ON YOUR NEW BRAND IDENTITY –
After you have planned satisfactory changes to your brand, it is very important to get peer reviews and reviews from seniors, competitors, customers, sellers, etc. to get an overall idea of what sentiment is generated by the change. If the feedback shows that something is still lacking, you must not shy away from making further changes. Once you are completely satisfied with the changes you are planning, you can prepare to launch your brand.
Another very important factor is to use the right ways to communicate your change. Being creative with your communication may induce a better and more enthusiastic acceptance of the changes.
To conclude, you must remember that rebranding is a very crucial step that you will take for your brand. Hence, do not make any choice in haste. Careful consideration of all the mentioned aspects is very important. The aforementioned steps must be diligently followed with the right approach and mindset. You must also be careful not to go overboard with this change-making and give due importance to feedback and analysis.
