A brand is a distinctive design, symbol, sign, words, or a combination of these, combined in creating an image that identifies a product and differentiates it from its competitors.
Now that we have an idea of what a brand is, how about we dive in deeper and decipher the term “Re-Brand”. Wikipedia beautifully states that “Rebranding is a marketing strategy in which a new name, term, symbol, design, or combination thereof is created for an established brand with the intention of developing a new, differentiated identity in the minds of consumers, investors, and competitors”.
Your brand is your company culture. It is the identifying mark of who you are and what type of experience you promise to offer your consumers. When deciding to rebrand, there are some key things you need to consider, such as how it will affect your customers and your bottom line.
Is it important for brands to rebrand?
To be honest, a company that is strategically branded enables buyers to easily identify their offerings and creates a need for engagement. Once a brand is developed, it provides an umbrella under which many different products can be offered and this in turn will aid in the provision of monumental economic leverage and awareness in the marketplace. Is your organisation going through a slow time where sales and the amount of new customers are decreasing or are you are losing loyal customers? It may be a good time to consider rebranding your company.
Rebranding is enhancing your organisation’s identity and repositioning your organisation in the market. It doesn’t matter if your organisation is a local business, charity, church, school or government agency, as long as your organisation has a target market, branding is a necessity.
Rebranding is a good way to change your target market, so if you feel that your company isn’t appealing to your target market, spice things up! Reintroduce your brand to your target audience!
Rebranding is a good way for any organisation to stimulate growth, expand, increase profits, strengthen its workforce, and gain a competitive advantage. However, rebranding requires exceptional commitment & creativity.
Before you take the steps to rebrand your business, make sure you have:
- The time
- The workforce
- Innovation & a creative agency that understands your brand values
One of the best ways to decide what kind of changes need to be made to your business is to talk to your loyal customers and current employees to see what concerns and opinions they may have. Make sure to measure your market to find out how your industry changed since you first opened your doors and find out where your product or service fits in the industry.
Here are a few questions that you need to ask before activating a rebrand:
- Why should we rebrand?
- What problem are we attempting to unscramble?
- Is there any change in the market that is impacting our growth potential?
- Has our customer profile changed?
- Does our brand tell the wrong (or an out-dated) story?
- What message do we want to convey? To whom?
- Why should anyone care about our brand?
- Is our brand associated with something that is no longer meaningful?
- Is our brand out of step with the current needs and desires of our customers?
- Are we leading with our brand direction?
- Are we following our brand direction and are we implementing our brand values?
Upon answering the above-mentioned questions your organisation will be able to determine if it is necessary to carry out a rebrand.