Successfully rebranding a business involves much more than simply changing a logo or updating a motto. It requires a complete overhaul of a business’ image so it aligns with a new marketing strategy.
When performed correctly, rebranding should dramatically change how a business is viewed by consumers, deliver true market differentiation, and provide the business with some exciting new opportunities. Here is some information on businesses rebranding and how it is achieved.
Why Do Businesses Rebrand Themselves?
Refurbishing an old brand
Businesses that have been around for many years may have brands that feel a bit tired or dated. They can use rebranding to give the company a new lease on life and change the public perception of the business. Companies like Shell Oil, Walmart, Pepsi, and Volkswagen have for this reason.
Escaping a bad reputation
Rebranding is very useful for businesses who are dealing with a backlash caused by a bad reputation. It can help a business quickly change how it is perceived in the minds of consumers and encourages consumers to give the “new” business another try.
McDonaldsis perhaps the most well-known example of a business rebranding to escape a bad reputation. The company rebranded itself with new in-store colours and menus to escape a reputation for only serving bad food. It was very successful and many people now visit McDonalds because to pick up healthy items like salads and wraps.
Rebranding allows businesses to change how they are perceived by consumers. This can make it useful for repositioning a brand within the marketplace, making it more attractive to a certain demographic of consumers.
Some businesses are forced to rebrand when they move into foreign markets. This usually occurs because their current business name or a product name is already taken by another company in the region. In some cases, the change may be caused by other competitors having brands that are similar to what your business already has.
Mergers and acquisitions
Rebranding is essential for businesses that are dramatically changing as a result of a merger or acquisition. The businesses in question might create a brand that is a combination of their previous brands or try something completely new.
Refining your business’ identity
Businesses that have poorly designed logos or confusing names often turn to rebranding to tidy up their image. They can create a completely new brand that clarifies what they are offering to consumers.
Rebranding can be used to differentiate a business from other businesses with a similar name, logo, colours, or motto. Making the brand stand out more in the market can dramatically improve how well the business performs.
The Rebranding Process
Before deciding on the colours of your logo or your business’ new motto, it’s important to take another look at the nature of your business. Ask the following questions:
1) Why does the business need to rebrand?
Start with this simple question first. Are you trying to escape a bad reputation? Is your current brand quite dated? Are you moving into new markets and looking for differentiation? The answer to this question will tell what your new brand needs to achieve with the rebrand.
2) What is your business about?
Businesses have different origin stories and different missions. A local restaurant may have been established to simply provide good food to the local community. Their mission is very different to a major energy company that hopes to transform the world’s energy markets. Reflect on the reasons why your company exists and what you hope to achieve in the future.
3) Who is your target audience?
To be truly successful, your brand must be accepted by your target audience. To ensure this occurs, it is usually a good idea to perform some market research. This can often take the form of demographical research and surveys. Once you have several brand prototypes available, you can even test them using focus groups.
4) What industry is your business in?
The appropriateness of your brand will often depend upon the industries your business works in. After all, a business in the financial sector will need a brand that is very different to a business in the fast food industry.
Take a closer look at the other businesses operating in your industry. How effective are their brands? What will you need to do to fit into the industry while simultaneously differentiating your business’ brand?
5) What is the core focus of your brand?
Identifying several core themes or emotions that you want to convey in your brand will help you define it. Do you want to convey reliability and security? Or fun and excitement? Also consider the core beliefs and ideals behind your business and how might be represented in a new brand.
6) What do you offer?
Finally, think about what your business is selling and look for opportunities to use that within your brand. In some cases, you can directly add your product to your brand, like McDonalds and Burger King do with their logos (which look like French fries and a burger respectively).
You should also think about any aspects of your business which set it apart from your competitors. Do you provide better value-for-money? Better warranties? Do you take great pride in speedy delivery? These elements may be incorporated into your new brand.
Creating the brand
After considering the questions above, the brand creation process can begin. This involves several steps including:
- Creating a logo
A logo is an important visual representation of your brand. A well-designed logo should be simple, memorable, and visually striking.
- Choosing brand colours
The colours that you associate with your brand can have a huge impact on how it is perceived by consumers.
- Selecting typography
Even the fonts that you associate with your brand can have an impact on its effectiveness.
- Creating other assets
Assets like images, advertisements, and style guides may need to be updated to match your new brand.
- Building a website and online presence
Virtual assets like websites, graphics, and social media profiles, need to be updated to reflect the new brand.
- Creating physical assets
Real world assets like signs, posters, and stationary need to be created with the new brand.
- Launching and marketing the brand
The brand needs to be launched with a large marketing campaign to help consumers recognise the change.
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