Your business has already made a setback in the market. The dart has started aiming at the goals set. In such a case, what will be your next step? Did you think about “exploring”? NO, I AM NOT READING YOUR MIND. But as a professional, I can say that you are on the right track. All you need to do is – light a match. The question is HOW? Well, this is the time when rebranding comes in the limelight.
INFORMATION YOU NEED TO KNOW:
-77% of people refer to certain items by brand names.
-10 seconds are enough for people to make an opinion about your logo.
A brand knows how to efficiently gain the attention of the audience. A well-planned brand knows to maintain the trust of the audience. Just like a spark is enough to ignite the fuel, a change in the current scenario of your business outputs can help you move mountains! This change can be in any form. Be it a new symbol, a new logo, a new tag line, a new purpose. This is rebranding. REBRANDING IS BRINGING A CHANGE IN THE ALREADY ESTABLISHED IDENTITY TO SET APART FROM THE COMPETITORS. An active rebranding takes place when a business identifies a new market and changes the course in order to grow to the new opportunity. Passive rebranding takes place when a business has to bring a change in its course in order to survive and tackle the current situation.
There are two different types of re-branding.
Proactive Rebranding – Usually considered when a company finds some opportunities for potential growth or to avoid threats.
Reactive Rebranding – This is considered when as a reaction to the events that have occurred in the company.
The impact of rebranding depends upon how many changes you plan to incorporate? Well, you can stop for a minute and consider the following questions:
What colours and what visual identity would you like to change if you plan on changing your logo?
What other changes are “obvious” if you plan to change the name?
Will it have any impact on your product?
Does the new tagline match with your company’s values?
This is not the end. Just like you require several factors in order to develop a business, there are a few factors that enhance the need for rebranding.
Adapting to the need of the hour.
Keeping it fresh. Outdated is boring.
Keep your competitors away.
Shredding the mistakes and re-establishing your brand.
Limelight is on you.
Here’s a list of reasons stating you should consider Re-branding
You can segregate the reasons of re-branding by keeping in mind its actual objective. Based on the needs, here are some reasons of re-branding:
EXPANDING YOUR TARGET AUDIENCE, INTERNATIONALLY
You cannot just copy and paste your content to the international mark
et. Research is what you require and who can help you better than your own audience? Refreshing your brand with the help of your domestic audience can help you reach the global targets, easily.
Adding some new principles can save you from taking the wrong turns. Re-evaluating your vision and ethics can help to reform the structure of your decision – making policies. A bit of “dynamics” can add more worth to your name and hence can bring you more audience.
Most of the businesses surpass the negative publicity but there are times wherein a certain incident can eventually lead to a total failure of the business. In some cases, rebranding in terms of logo, motto, vision can help to resolve the impact of the catastrophe.
If your business is merging with some other company, rebranding is the most obvious first step. It does not begin and end by simply merging two names. It is more than that. A completely new brand that justifies the two, is the most viable option.
HOW TO RE-BRAND?
Once you are familiar with the reasons, the next step is where you have to apply all these lessons. It may seem a bit scary at first but you can jump off this cliff and have an adventurous victory. Not just the timing and the reasons, but how you proceed also makes a difference.
Do’s for Rebranding:
Update the pros of your business. They are your assets.
Outstanding is what you should be. Knock off the competitors.
Be precise about your target.
Your story is who you are. Keep it authentic.
Dont’s for Rebranding:
Don’t experiment with your ideas. Keep it well researched.
Don’t fool around with a loyal audience. You are here because of them.
Since now you know the basics of re-branding, you should now start considering if and how you desire to re-brand yourselves? Be it redesigning the logo, adding up a few words to your tag line, changing the colours of your website or a complete change for your brand. The above-mentioned points can be considered before you re-brand and get it all done right and wise.