Every so often, businesses rebrand. It’s a tricky choice to make; after all, your brand is how your customers connect with and recognize your business, but done successfully, there are many benefits to your business. The principle motivation to rebrand is to boost profits, but should your business take the leap?
What does rebranding entail?
Rebranding is about creating a new business identity. To effectively do so, you need to undertake thorough research to identify the best direction to take your business.
A rebrand involves giving your customers a new visual experience, typically by changing the logo and website. A service to utilize is website design Lanarkshire services; they are comprehensive in that they offer a full range of web design and development experts along with graphic design and branding under one roof, making your rebranding seamless and convenient. However, this is partial rebranding. More complex and complete rebranding includes changing the business name, products or targeting a new audience.
As with all major business decisions, you need to have a defined rebranding strategy in place with defined objectives and goals. The rebrand should be orchestrated to make the greatest impact. You only have one opportunity to relaunch your business.
Why do businesses choose to rebrand?
- Ownership
Businesses often rebrand when a change of ownership occurs, either through mergers or acquisition. Or, in the case of small businesses particularly, if one of the partners leaves the business. Rebranding sends a clear signal to customers that the business is now in a new era of ownership and development.
- Bad Reputation
Rebranding is an effective response and strategy to overcome a negative reputation. Think about McDonald’s. Since Morgan Spurlock’s ‘Super Size Me’ documentary of 2004 associated the chain with obesity, they have had to rebrand. McDonald’s has successfully rebranded and are now champions of salads and relatively healthy eating. Reputation is a key influencing factor that can severely impact on a business’s success.
- Evolution
Over time, like everything in life, businesses change. Market conditions and a change in audience can make the existing brand redundant and ineffective. This is often applicable to startups once they have been established a while and reach maturity. The original message does not apply to the business, and so a rebrand can mean that the business is represented in a more audience relevant and meaningful way.
Rebranding is a way of drawing a line and starting afresh with new and improved culture, products and ethos. It’s a way of making your business stand out from the crowd and separating your business from the competitors in your industry. You should:
- Give your brand a story. Why does your product or services currently resonate with customers?
- Be aware of your brand’s equity. Customers associate with brands because they represent reliability and trustworthiness.
- Streamline your brand. Consumers don’t need to be confused by over complex organizational
It’s a bold step to make, but a new brand can reinvigorate and motivate a company and its employees to achieve growth and success. A rebrand is more than about making more revenue; it’s about understanding your customers’ needs and wants and understanding where you want to take your business in the future.
