Rebranding your business can seem like an opportunity for a fresh start or a risky venture that could damage the accomplishments you’ve already made. Both of these ideas can be accurate. Rebranding a business isn’t a decision to be taken lightly, and it certainly isn’t something to be done often. It can be expensive and time-consuming. The decision to rebrand your company should ultimately come down to the timing and the reasons behind your choice.
Rebranding: It’s Probably Not What You Think
If you’ve considered rebranding, you probably have some idea of what you think the process entails. Unfortunately, many marketers make big mistakes in this area. The Cambridge Dictionary defines rebrand as changing the way an organization, company, or product is seen by the public. Market Business News goes on to add that rebranding is a marketing strategy that involves changing a company’s logo, name, symbols, or a combination of all of them. What neither of these definitions asks you to do is to scrap everything you’ve already put into your business and start all over again.
Rebranding is a way to change the look or personality of an established brand. As a business, you’ve already established a brand that your loyal customers recognize and relate to. Whether your reason for rebranding is to increase your customer base or grow the company, it’s important to avoid alienating your existing customers. Rebranding isn’t the act of creating a new brand to replace your existing one; it’s improving the brand you already have.
5 Reasons You Should Consider Rebranding
While there are many reasons to avoid making big changes to your brand, rebranding is often a path to greater success. There are many reasons a business may be rebranded. These reasons fall within two main categories.
- Proactive Rebranding – When a company rebrands to grab a growth opportunity or avoid potential threats to the company.
- Reactive Rebranding – When a significant event occurs within the company that naturally creates a change that the original brand doesn’t cover.
If your company is experiencing one of these 5 changes, it might be time for you to consider rebranding.
1. Potential Growth
Perhaps your company has experienced a boom in popularity and you’re ready to make your products available internationally. A cleaner and more universally recognizable brand can make your business feel cohesive across multiple nations. Additionally, rebranding can be more inclusive to potential new consumers while staying loyal to your current customers.
2. Additional Products
Sometimes, a brand fits a small company, but when that company expands to carry additional product lines the brand no longer fits. If your brand was designed to showcase a specific product and you’re expanding to include additional products under the same umbrella, rebranding is a great idea. Instead of going through a major design change, subtle changes to your logo and name might be the fix you need.
On the other hand, some businesses create products with little or no similarity. In these instances, creating separate brands for each product likely makes more sense. Depending on the size of your expansion, your original brand could serve as the parent company for smaller product brands.
If your business is merging with another company, recreating a brand that brings the companies together is a natural next step. Unfortunately, many businesses rush through this step and simply smash two names together. Failing to consider how two brands fit together can cause both brands to suffer. This type of rebranding can sometimes be accomplished by a blending of brands. Conversely, an entirely new brand could emerge.
4. Negative Publicity
While every business sustains some negative publicity, there are events so significant they can destroy a business. A company, or portion of a company, that’s still viable can survive such catastrophes by rebranding. In the age of the internet, a bad reputation could potentially live forever. Rebranding your company with a new mission statement, name, and motto could allow your business to stay afloat.
5. Outdated Imaging
Consumers are always looking forward, and if your company looks like it belongs in the past, it might soon end up there. As design trends and concepts evolve, consumers who always have a smartphone in hand expect to be dazzled by updated eye-catching imagery. Whether it’s your design scheme, a company name that fails to roll off the tongue, or a color combination that belongs in the last century, anything that’s not modern is outdated. Just look at how fast-food restaurants like Taco Bell or McDonald’s have changed their looks over the years to keep up with the times.
Luckily, this type of rebranding might not require drastic changes. Shortening the name of your company can make it more appealing on your website or social media channels. Tweaking a logo with subtle design or color changes can offer the update you need without making your company unrecognizable.
How to Rebrand
Now that you have a clearer understanding of what rebranding entails and the reasons you might want to take the plunge, you’ve likely made your decision. You know what your company needs but taking the first step can be scary. After all, what happens if you make a bad decision or your idea disappoints your existing customers? Just like the timing and reasons for your rebrand, the way you go about the process makes all the difference.
Do This When Rebranding
- Update assets for a modern look.
- Stand out from the competition.
- Be authentic to your brand’s story.
- Be clear and concise.
- Target your audience.
Don’t Do This When You Rebrand
- Don’t destroy what you’ve already built.
- Don’t alienate your loyal customers.
- Don’t make decisions without proper research.
No matter your reason for rebranding, a professional image is vital for the success of any business. Rushing into a change can lead to disaster if it’s not thought out, but a calculated change often leads to success. Of course, if you need help remixing those logo assets or designing a new brand profile for your team, Design Pickle has your back.
You can also check out Design Pickle’s solutions for entrepreneurs to find out more about how a creative subscription can contribute to your brand’s growth.