According to experts, a rebranding strategy can help a business turn around its fortunes. For a long time, businesses have relied upon successful rebranding strategies to reposition their business, target audiences, market, and sales strategies.
A major reason why businesses look to go for rebranding is when they have merged with another business or have been bought by new management. A new ownership or leadership team always tries to bring their own ideas on how to completely redefine a business.
They take a skeletal framework and look to build on the same. In this resource article, we are going to discuss some important aspects of rebranding for businesses.
Rebranding: Meaning and Definition
According to promotional experts, rebranding is a marketing, advertising, and sales strategy that involves changing a company’s personality by-
- Adding a new name, slogan, or tagline to the old name
- Redoing the company logo, color schemes, and digital presence
- Creating a new growth strategy and communicating it to the employees
- Shifting the focus to a new product or service line that is more result-oriented
- Building a new image of the company in the eyes of target audiences
While some business owners understand the need for rebranding to move ahead in the new world, others think that it is an unnecessary solution. However, if you look at some of the world’s biggest companies, they have all successfully rebranded themselves at one point or the other.
Factors to Consider when going for a Rebranding Exercise
In this section, we look at some key factors that businesses and entrepreneurs need to consider when opting for rebranding services.
- Selecting the Best Agency for the job-
A business that is looking to rebrand needs to work with the best digital rebranding services. You need to look at their years of experience in the industry, research their success stories, request them for a presentation, and analyze the prices that they are quoting. Working with the right agency will enable your rebranding strategy to be a major success.
- Have a Clear, Defined, and Detailed Goal in Mind-
Even before you hire an agency to do all the work for you, you need to have a clear vision of the future of your business. Unless you have that, you will not be able to communicate the same to the agency and there will be a lot of errors in undertaking the process. For business owners, the key is to answer the ‘Why’ before going any further.
- Deciding on the Time-Frame for the Rebranding Exercises-
You might think that your complete rebranding should not take more than a week. However, that is not the case. A good strategy that encompasses both offline and online platforms need a longer time. From changing your logo to creating a new website to running a new campaign on social, all this requires an extensive period. You can discuss this with the agency.
Major Advantages of Rebranding your Business in 2021
Rebranding a business can literally give it a new lease of life. For the benefit of our readers, we have tried to list down some of the major advantages of rebranding-
- Rebranding a business can allow it to become appealing and attractive to an entirely new target audience. This can be at both ends of the sales verticals.
- Additionally, it can also help it get into new markets and niches that can help its sales prospects and revenues. This means newer geographies and demographics.
- Typically, rebranding is also associated with a new product or service line. This can play a major role in changing the focus of the business and turning around its fortunes.
- Rebranding can help in improving the branding, recall, and credibility of the brand. It can also help a brand that is looking to move into the digital ecosystem.
- A business can also look to chart its growth expansion following a rebranding strategy. This is something that a lot of businesses already do.
The Final Word
In this article, we have tried to shed some light on what is rebranding. We have shed some light on the major factors and branding tips to consider as well as outline some of the major advantages of the same. If you have any more questions, you will like us to discuss, let us know in the comments section below.