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Why Rebranding Plays A Major Role In Business?

October 12, 2021

Rebranding can make or break any business!!

A brand has the capability to identify who you are and which type of experience you promise to your audiences, influencer’s and your clients.

Thinking to rebrand your business is a piece of good news!!

Aspiring to rebrand is not a bad sign; because most successful businesses do it, from startups to Fortune 500 companies. But, doing a rebrand means that your company has evolved beyond its previous identity & now it is ready to reach new heights.

Many entrepreneurs & business owners consider rebranding as simply modifying or changing the company’s name and logo. However, it is also true that a name and business logo are the ambassadors of a brand, so it’s important that both be strong.

Good branding communicates what your company is & what you serve for them. It helps to establish trust and credibility with your audience and with your clients. And because a brand evolves, many companies rush to rebrand their business.

Even the best enterprises change their brand identity. I.e., Google started the business with the name of “Backrub” It’s not unusual for a business to outgrow its name and look for a fresh, unique business name that helps to grow your business. Maybe it’s time that your company does the same.

Let’s know when rebranding is required and steps to achieve the success of your rebranding

 

Determine Your Present Identity and Decide What Your New Identity Will Be

 

Decide first what will be your new identity & how do you achieve it to bring in presence!

What is running smoothly & what not? And it is the best stage to start rebranding your business.

If you starting a new business or making a plan or rebranding to the existing business, then take your enterprise culture into account by examining how your current brand or building a new brand could fit your needs better. By organizing your dreams and repurpose them.

Before going to rebranding, remind yourself of what your business’s mission statement will be, so decide what outcome you want to achieve from rebranding.

To make the best decision on rebranding you need to consider your loyal customers, audience, and current employees’ opinions to see what concerns and opinions they may have. And another thing is to measure your market to find out how your industry changed since you first started your business and find out where your product or service fits in the industry.

Decide When Rebrand is Necessary

These will be applicable for

  • No decision should be taken without doing any significant research.
  • Planning discussions, and
  • Crafting a strong execution plan with guidance.

Give importance to timing when you’re planning to rebrand. So, if you want to know if a rebrand is the right move, here are seven reasons why it might be.

Here are the four primary motives to play out a rebrand
  • Update Old Images

This variance implies that organizations are often left behind and find themselves stuck in the past. Always make sure to keep branding images as fresh as possible by updating them to new versions very frequently. These upgrades will keep your brand more engaged with customers.

  • Shake Off a Bad Reputation

Rebranding of business will also be a great hit if you are considering acquiring the market to a great extent if your brand had faced significant reputational damage which provides you a fresh start.

Ex: “Capitol Hill” had spent lots of time in the (negative) spotlight & it inspired the social media giant to tell a new story with its branding.

  • Expand Your Market Area

In today’s marketplace, several new opportunities emerge and disappear in a flash. So decide to offer new products or expand into new areas and this process always requires a fresh rebrand.

  • Stay Ahead from the Competition

A brand is more than a logo and a set of guidelines. According to the research, 77% of B2B marketing leaders say, branding is critical to the growth of their businesses.

Companies will often adjust and rebrand their corporate identity in order to put themselves ahead of the competition and connect on a deeper level with their potential audience & with their clients.

Market Analysis and Audience Testing

The first step to rebrand is a detailed analysis of both your audience and the market. Some tools and services help brand strategists gauge public perception of your brand.

Here are some strategies which help you:

  • Run Surveys

Surveys are an excellent way to understand how audiences perceive your brand. Also, apply market segmentation methods to better understand the perspectives of your wide audience.

  • Conduct some research and look into case studies online

Directors can easily conduct opinion analysis by doing online research. And another thing you can do is, visit key audience review platforms to audit how your brand is currently perceived.

  • Consider Virtual Focus Groups to discuss your brand

Virtual-focused groups are a great way to connect with your target audience. These days, many platforms make it easy to discuss your brand.

Update Your New Vision, Mission Statements, and Values

Refine Your New Mission and Values

Your business vision, mission statements communicate the core of your business to your potential audience and clients.

As a 1st step, identify a compelling vision that guides your brand. This vision represents your imaginary world which you want to serve for your potential audience & clients.

The vision statement must be crystal clear and inspiring. Always add ambitious statements to guide everyone’s decisions that you make for your brand.

A mission statement must be more practical than your vision. It gives a view of what your business serves for your clients & audience.

Obtain Necessary Changes to Your Brand Identity

Rebrand leads to updating your brand vision, mission statements, and values by applying each to your company name, brand guidelines, and updated voice guidelines.

  • Consider Changing the Company Name

If you want to change your brand name, choose some name that helps to identify easily to your audiences and remember your business.

To choose an effective name, do some brainstorming sessions by focusing on groups that have your potential audience & your clients. Choose a name that reflects on your vision, mission, and values that you drew in the previous step, including any feedback from the audience, clients.

  • Set Brand Guidelines

If you are conducting rebranding for your business, bring all the Ideas & updates to live by redesigning your site. Branding guidelines incorporate colors, icons, images, fonts, etc.

  • The Power of Voice Guidelines

Always create guidelines that describe how your brand communicates with your clients, audience, and influence people to perceive your message.

In the rebranding process, exhibit strong guidelines that help to bring your brand to life.

Create Updated Collateral Designs for Your Business

 

Once you set up all the guidelines & new identity in one place, the next step will be to bring your ideas to life with a suite of collaterals. And the collateral material includes such:

  • Physical Media Collaterals

You should work on creating some physical marketing materials and templates such as:

    • Flyers
    • Business Cards
    • Brochures
    • Banners
    • Branded Content

Any commodities that you need at events, business meetings, conferences, for employees, or to your audience should be updated with your new brand and design.

  • Digital Materials Collaterals

You also need to manage & create a complete suite of digital materials which includes:

    • Social media icons and headers
    • Logos
    • Fonts
    • High-quality images
    • Website design
    • Landing pages
    • Infographics etc…

 

Focus on the Brand Launch

Now everything is in place, it’s time to launch your brand.

Businesses must be able to conduct a rebrand logically and cohesively. If you blend with your old and new brand at the same time, you’ll confuse and reduce the powerful impact your brand reveals.

Successful rebranding requires perfect planning and patience.

I hope that this piece helps you by giving you a good introduction to the complex and powerful world of rebranding.

While designing your brand, just be honest with yourself, your audience, your employees, and your clients about what changes should happen and how all the changes will be implemented.

Dollarbird helps you with branding & rebranding for your business, we suggest the ideas, strategies, and a way to execute it with the help of our experts. We ensure that we give 100% success in rebranding your business.

For more information contact us at sales@dollarbirdinc.com.

You can also visit our website at https://www.dollarbirdinc.com/

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