Before we start talking about rebranding, we need to understand what brand means. Many people mistakenly think that a brand is just the company’s name, logo, and slogan. While these things are important, it is not quite a full definition of the brand as a concept. Essentially, your brand is the experience your company provides to the clients and the relationship that has been established with them over time. This means that if a company's voice or tone evolves, it would be logical for your brand to evolve along with it. Today we will talk about the importance of rebranding. In this article, you will understand whether your business needs rebranding and the reasons behind this.
When we talk about rebranding, we can think of a few essential reasons why the business might need it.
To be different from the competition
Your company should not be too common or similar to the other businesses because it would only hurt your brand, just like a generic logo that looks way too similar to your competitor hurts your brand too. Of course, ideally, your logo should not come from stock art, however, feel free to incorporate some of the art stock details into your original logo. Let’s say however that nothing similar came up during the research before you came up with the name and logo for your business. Upon launching your business you realize that something similar already exists and it’s quite successful. What are your chances of becoming more successful than that brand if your logo or name is very much alike? A good way out of this situation would be rebranding your business. By the way, it does not only apply to the above-mentioned situation. Sometimes, companies are rebranded a few times before they become successful, and sometimes businesses just outgrow their names and start looking for something unique that truly matches the brand identity and its audience.
Rebrand outdated branding
A few years after the initial launch, some brands already have an outdated look and feel. It’s quite hard to come up with a logo that will serve your brand for dozens of years. That’s why even some of the most popular businesses freshen up their brands, slightly or fully change their tagline, add or remove a few things in their logo, and sometimes they would even go for a big change like Nuri (formerly known as Bitwala), which positions itself as the world’s first cryptocurrency bank account, stating that they have evolved beyond their former name. Rebranding does not mean a lack of success, especially when we’re talking about the time when you have outgrown your original mission. Imagine, at first you were selling personalized t-shirts, and then you added mugs and accessories. If the name of your brand is too narrow (e.g. T-shirts for Everyone) then potential customers would not know that you also sell a bunch of other customized things they might be looking for. That’s why you shouldn’t make your brand name too narrow, make some space for future growth and development.
Rebranding helps overcome a company’s poor reputation
Probably every business has faced a few mistakes on its way to becoming a successful and recognizable brand. Some of the small mistakes would not hurt the business that much, but there are times when one mistake can cost your business a reputation that had been built over the years. Rebranding could be one of the best ways to find your way out of this situation and save your business.
Rebranding as a tool for evolving companies
Imagine your business expanding to a new market. You would have to see how your new prospective customers can connect to your brand and whether at all it fits that new market. Sometimes this process requires small changes here and there, and sometimes your business might be in need of a full rebranding. To understand whether this applies to your company, you may want to answer the following questions. Do you have to change your products and services to stay relevant in the new market? What are your main competitors and what are they like? Are there any important aspects that might have an impact on your business in the new market?
To wrap it all up, take a look at the five questions below. These will help you understand whether the time has come and you need to rebrand your business, or everything looks great and you should continue rocking this world with your products and services with no worries about radical changes in your brand.
What thoughts do you want your brand to be associated with?
Do you have a target market? Hint: if you don’t, it would be a good time to decide.
Take a look at your marketing strategies? Do you target the right audience?
How can your customers benefit from your brand? How do you express that in your campaigns and design?
Are your logo and motto memorable and unique enough? Can you think of a business that might have something too similar to your design?