You run a huge business organization, and your brand identity is what can make or break your business success. Your brand is not just a way to connect with your potential business prospects; rather it represents what your business actually offers.
For sure you might have put in constant efforts in researching and creating a perfect brand for your business. However, you are in a constant search of methods and techniques to make it better. There’s a reason as to why so many businesses and companies are going for a complete makeover for their brand—which brings us to our topic.
Rebranding or brand makeover or whatever you name it, almost every business organization and company go through it. Rebranding is all about remodeling the old idea and business model, recreating better business methods and redesigning the brand identity.
To put it in simpler words, rebranding involves more a few changes, its about restructuring the whole well-established organization. Whilst enriching it with better strategies, stronger customer base and improved relations with business prospects. The chief objective of rebranding is to strengthen the values and goals of your business while allowing the whole organization to evolve with the process. It gives a newer, better and more authentic way of connecting your targeted audience with the core values and message of your business.
Timing is everything:
When should you go for a business rebrand? A question that has fogged the future of many businesses—a plague that many business owners have suffered from. There’s no denying that an outdated brand is the biggest hurdle in the growth of every business organization and company. However, rebranding can be expensive, time-consuming and the results aren’t that promising.
Before going for this makeover, determine the factors that need beautification and enhancement. Know what’s holding back your business growth and development and tailor the right methodology to overcome those hurdles with your rebranding strategy.
Rebranding is a daunting task and not knowing the right time to do it can be frustrating. If you see your business struggling in connecting with the targeted audience, failing to attract new customers and you have run out of all the tips and tricks to make it better—you need a rebrand.
Reasons to revamp your brand:
Change is the real essence of human lives, and the same is the case with the business world. As the business grows and evolves, its requirements and objectives also change with time. However, at times we get stuck in a rut. The signs might not be obvious, but if your business growth is stunted, then you should start thinking about a rebrand. Following are some of the tell-tale signs and obvious reasons for rebranding your business:
• Your logo design is either outdated or doesn’t hold relevance with the company’s values and objectives.
• The name of your business is quite similar to your competitor’s trade name.
• Your business has extended beyond its actual scope and the targeted market.
• Your business description doesn’t go with what your business does and offers.
• In the retail business, if a complementary product outsells your own products, then you need a rebrand to define who you are and what you do.
• Your business has now extended to global regions, and the geographical name is no longer relevant.
• Last but not least, your brand image is disappearing, and its reputation is at stake.
If all these conditions apply to your business, then it is high-time to rebrand your venture.
How do you do it?
Stagnation of business is not a good sign of business growth and future development. If your business hasn’t evolved over the years, then rebranding is the only option left to keep your business alive in this highly competitive business world
Running your company, in the same way, will lead you to the road of business collapse. Rebranding is a precarious process, but this journey can offer some refreshing insights. Here’s how you could ensure that this journey is a successful one:
• Welcome change with open arms:
Success is the result of continuous evolution. The first for rebranding is to prepare yourself and business for some huge changes. Amending the ways your company operates requires immediate action.
• Plan your mission:
Conduct a S.W.O.T analysis of your business. Before you embark on this makeover journey, have a clear understanding of the negatively impacting factors. Come up with the rough idea o for solving all those issues and make a comprehensive plan for the mission “rebranding.”
• Interact with your potential business prospects:
No one can provide you with better insights about your business than your business clientele. Ask your customers and clients about the company’s customer satisfaction and support, the factors or products which bring them back to your brand or drive them away from it. Conduct a quantitative and qualitative survey, and you will end up with some valuable insights.
• Determine your market:
The best way redefine your target market is to study the changes in the target market and niche industry and the current marketing trends of your niche industry. Analyze the worthiness and relevance of your offered products in that targeted market to measure the share of your product in the market.
• Seek partners and look out for the competitors:
If you have done thorough market research, you will come to realize that without a few allies your business cannot survive in this competitive business and marketing worlds. Foster your relationship with the retail business for successful product distribution. However, keep a close eye on your competitors. Don’t copy what your competitors are doing, innovate it in your own way and maintain the brand’s uniqueness.
• Expand the dimensions of customer base:
An important aspect of business remodeling is a redefinition of the targeted audience and potential customers. It involves targeting the audience and customers outside beyond the niche industry and demographics. Appealing to a broader spectrum of the audience can help you in expanding your business to global regions and landscapes.
If you have the conviction for the long haul and you are ready for a change, be bold and different and revamp your brand. You might make a few mistakes, but the key to succeeding in rebranding is to realize the importance of revamping and try for it until you get it right.
Khalid Durrani is an Inbound Marketing Expert and a content strategist. He likes to cover the topics related to latest marketing trends, startups, IOT, Artificial intelligence, Cloud Computing, UI/UX, blockchain and much more. He tries to humanize technology through inspirational content. Currently, he is Global Marketing Manager of Design Iconic, an AI-based design agency.