Experienced business owners and entrepreneurs know that brand identity (all things visual about a business), is crucial. They also understand that a company may establish a powerful brand and brand identity only by making deliberate decisions and avoiding the trap of leaving branding to chance.
Designing and developing a brand is required when starting a new company, as well as when aiming to improve it. The issue many existing establishments face, however, is how to do so when not wanting to remake everything.
What Is Rebranding?
As one of the main representations of a business, a company’s public image is among the most important components of its existence. It essentially defines the organization’s values, objectives and message, and is likewise responsible for accurately conveying it to the public.
Over time, it is only natural for some businesses to feel as if they should embark to revamp their style and messaging, in an effort to reach more people or access potentially untapped markets.
A company’s corporate image or organization may be rebranded through the use of a new name, symbol, logo, and/or other visual assets like marketing materials in order to improve its public perception. The objective of rebranding is to establish a new and distinct brand identity in the minds of customers, investors, prospects, rivals, workers, and the general public.
A corporate rebrand can be an utter failure if a company does not manage to properly plan for it. In order to avoid common mistakes when rebranding, this article will present some key points that every business should consider before heading towards a new image. Since there are no specific standards that can fit all types of businesses, the tips outlined serve simply as suggestions and should be used with an organization’s given needs and circumstances in mind.
Why Do Companies Rebrand?
Branding and branding changes are common occurrences that businesses must face in order to stay competitive.
This happens for many reasons. For example, a company might not find effectiveness in its logo, or your brand aesthetic. Alternatively, it might be expanding its business scope and deciding to enter a new market in which the name of the company may be too limiting.
Rebranding can work magic for any organization aiming to modernize, stand out from their competition, or more effectively reach their target demographics.
It’s not all easy, however. Many businesses are reluctant to start a rebranding initiative, appreciating the potential value of updating company identity but fearful of changing key values or outlooks. The great thing is, that although rebranding can be daunting and does pertain some risks and expenses, it can easily be employed in a way that works in favour of a company’s core values and original concept.
The right rebranding approach can invigorate your business, but it must be consistent with your overall marketing and sales strategy. It’s crucial to carefully assess whether a rebrand is right for your business, and whether or not the rebrand matches the image it should.
Rebranding doesn’t need to be an entire overhaul either. For example, you don’t necessarily have to change your business name to successfully rebrand. What you really need to institute meaningful change and success in the process is to make thoughtful decisions and adaptations through which to build a new brand identity, that revolve around your company’s actual values.
The key in such an effort is to focus on not simply changing business appearance and aesthetics, but rather employing better means through which to convey your company’s true nature. It’s very possible that while your existing marketing may pertain to your original business, it’s not the most effective way possible to communicate its message. Really, rebranding doesn’t have to involve changing a business at all, only the level of effectiveness to which it is represented.
Examples Of Successful Rebrands
A great example of a successful rebrand is Airbnb. The property renting platform underwent an overhaul in 2014 with an objective to better align with and reach its market.
The company’s old logo was changed into a new one. They replaced the logo’s font style and instigated the use of a unique colour called Rausch.
That specific colour was named in reference to the actual street where Airbnb started, effectively conveying both the identity and style of the brand.
Their new “A” shaped icon, “The Bélo” was used to represent four main principles of People, Places, Love, and Airbnb. This rebranding meant defining a clearer brand image that would be more applicable, understandable and attractive to its audiences and simply conveying their existing brand values in a more efficient and meaningful way.
Another amazing example, a successful rebrand gave Energizer a more accessible and approachable look, and likewise a chance to better stand out from its competitors.
Energizer emphasized the use of its notable pink bunny mascot and put a fresh spin on its branding approach to make it seem more reliable and understandable. The makeover itself is relatively subtle, the brand’s bunny is slightly different in appearance with more facial expressions. With this, the company has a fresher take on its campaigns, through visual branding and messaging that conveys a new hop and more of a human expression.
Things To Consider When Rebranding
If you’re currently in the phase of discussing business rebranding with your company, below are certain factors that can be taken into account to ensure a smooth transition.
Business Values
The first part of rebranding is having an understanding of your company’s true values. Consider and evaluate what makes your firm unique. Why is your business in existence, and what values are important? Such values are often integral aspects of one’s business identity, and having a strong consensus and relationship to them is pivotal.
Reputation
Along with values, it is imperative to assess your current standing. What are the current perceptions of your company among business partners, consumers and the public?
A rebranding effort can be useful in depreciating damaging images or establishing new ones for a company; however, this process requires an unprecedented commitment to authenticity and transparency.
Culture and Community
How do you engage your employees? How does this engagement affect your business and the public perception of it? Also, how does your company reach out to its community and facilitate connections with it?
A rebranding strategy should include a plan for promoting goodwill between the company and those that support or interact with it. Otherwise, it will cease to be effective in relating to its market or local base.
Products and Services
How should the rebranding strategy reflect your company’s attempt to stay current with industry changes? What can it do to modernize the business, especially in relation to technology or other advancements? A successful rebranding effort will feel right at home with its customers. If your customer base or industry has evolved, it’s paramount to consider how the company will not only keep up but become a leader in this change.
A rebrand is a public statement of your business’s commitment to higher development. It gives you the opportunity to remodel and refresh the company’s primary point of contact with its consumers. Of course, before you embark on this journey it is imperative to know exactly what you want to do and why. Change is never simple, but it can certainly be beneficial to business.