A company’s brand influences how people perceive the company, how it interacts with customers and what values it emphasizes. But brands are not static; they can evolve over time. When that happens, a thoughtful rebranding strategy can ensure effective communication and rollout, enhancing a brand’s reputation and minimizing customer confusion.
Reasons to Rebrand
Taking a proactive approach to changing public perception about your company can help you build or maintain customer engagement, as well as emphasize or minimize particular aspects of your existing brand. Knowing when to take the plunge into rebranding can be difficult, but there are many reasons to rebrand.
Your Business Is Being Overlooked
Sometimes, whether due to a poor reputation, an outdated image, lack of customer engagement or something else, a brand can be overlooked by potential customers. Business can suffer due to lack of attention. A rebranding strategy can help reposition your business to gain the attention it needs and take advantage of it in a constructive way.
Your Business Wants to Enter a New Market
A company known for making computer software might want to expand into manufacturing computer hardware as well, for example, but that business’s reputation for quality software doesn’t necessarily translate into the hardware arena. Going through a rebranding process can help you translate some of your business’s reputation in one field into another and establish for customers that you are now a competitor in that field.
Your Business’s Current Branding Is Inaccurate
Maybe your business wants to shift its focus to another product or service. Maybe your original marketing had some mistakes that conveyed the wrong idea. Maybe you’re about to expand into an international market, but cultural or linguistic issues are creating confusion about your brand’s message. You can use rebranding to bring your brand’s message back in line with your company’s values and convey that message in a way that is accurate and that resonates with consumers.
Your Business Is Launching Something New
Your business might be eager to try something new, changing its portfolio to serve an entirely different market. This could be related to products and services, but it could just as easily be oriented around new leadership or company culture. Pursuing a rebranding strategy can help you message this new venture in a way that benefits your business.
Create a Rebranding Strategy
Creating a rebranding strategy is a complex process, one that requires a methodical, well-researched approach. When going through a rebranding process, follow these steps.
Establish a Reason
Before you do any of the work of rebranding, it’s important to know why you’re doing so. Pursuing a rebranding strategy is not without risk and, done for the wrong reasons, can do more harm than good to your company. What do you hope to gain from rebranding? How will it help your business?
Create a Mission Statement
Whether you’re rebranding your company or starting from scratch, every good brand begins with a strong, clear mission statement. Your brand’s mission statement conveys your company’s core values in a way that will resonate both with employees and consumers.
Do your research. How is your brand different from your competitors? Why should consumers come to you instead of someone else? Why should employees work for you and not a competitor? Ensure your mission statement answers those questions.
Set Major Goals
Once you know your new brand’s mission statement, you’re ready to set goals. Ensure these goals are clear, actionable and measurable. Your goals for rebranding might involve creating a new marketing strategy, revamping your website or coming up with a slogan that encapsulates your brand’s ideals.
Develop a Timeline
Whenever setting goals of any kind, know how long you expect those goals to take. Rebranding is often quite time-sensitive; taking too long can make your brand less relevant or cost you money in the short term.
Set a Budget
Rebranding isn’t free; companies need to invest a significant amount of time and possibly need to purchase new tools to help with the strategy. Be realistic about the costs involved, and develop budgets based on that information.
Delegate and Execute
Start assigning tasks. Keep communication active throughout the rebranding process, and ensure that everyone’s working toward the project’s goals. Build your rebranding strategy around consistency and sustainability, so you can ensure that you can maintain your new brand once it’s put in place.
Track your progress and check in regularly. Ensure project goals are being met and that timelines and budgets are being adhered to. Be willing to adjust your plans as necessary, but evaluate the process on a continuous basis so that you’re making informed decisions. Evaluate your brand on a continuous basis after launch.
Rebranding isn’t easy, but with the right information, it can be successful. An online business management degree from PhilaU can help you learn to create and manage brands. Learn online in a convenient, flexible environment.