The process of branding is essential to a business and may draw the most important lines on its way to success. Once you manage to create a strong brand for your company, your mission as the owner is only halfway accomplished. The efforts that follow this success are always just as big as the brand establishment itself. And if the success brings more and more clients, increased popularity and new horizons to explore, a rebranding phase may be in order.
But when is it the best time to rebrand? And what are the main reasons companies decide to go through this process for? Let’s take a closer look.
Out with the old, in with the new
Rebranding is widely defined as the marketing strategy in which a new name, symbol or design is created for an already set up brand, with the purpose to develop a new identity in the minds of the public, possible investors and why not, the competition.
Often, rebranding involves drastic changes to a brand’s logo, name, image, marketing strategy and advertising strategies. Such radical changes aim to gain a fresh look for the business and sometimes to distance itself from negative connotations.
Sooner or later the time comes when your brand identity no longer reflects your company’s visions or philosophy. This is the time when you need to recognize the signs and take a bold move to reinventing who you are. Here are a few good reasons for your business to initiate rebranding.
Good Reason to Rebrand No 1: Growth
There comes a time in a business’ life cycle when it will inherently start to experience growth, sometimes planned, other times unexpected and surprising even for the most optimistic ones. Either way, when your company starts to spread its wings internationally, rebranding becomes a crucial step that you have to start taking seriously. Any products or services that had been left ‘unattended’ will need to be reconsolidated and aligned with the new prospects of your business.
Good Reason to Rebrand No 2: Spring cleaning
The world’s most popular brands teach us that we need to seize every opportunity to refresh our company’s identity, no matter if the business is big or quite small. There is however no rule to the time when this spring cleaning needs to be done, so if you want to stay fresh you need to constantly check the pulse on the market and step in with a new look at just the right times.
Sometimes complete rebranding is not an option, so you can go for an up-brand, a refresh of the company’s identity — whether it’s colors, typeface, or logo treatment.
Good Reason to Rebrand No 3: New public
When a new type of public is opened to your business, you might want to consider rebranding. This rebranding doesn’t necessarily have to include a name or logo change, but can stand in the details and particularities that you want to focus on. Maybe your products and service are starting to appeal to adolescents as well, so you can try to add a special blog section for them, a new feature or anything that might seem of interest to your new audience.
Good Reason to Rebrand No 4: New Line of Business or New Market
Similarly to being introduced to a new type of audience, your business may enter into a new market that no longer resonates with the existing brand identity. This is one good reason to rebrand if we think about how Apple Computer changed into simply Apple when the company went from computer building to much more than that. When your current brand becomes too restrictive compared to your future plans, when your brand is ready for new growth and new opportunities, rebranding is in order.
Good Reason to Rebrand No 5: Staying Relevant
Everything changes on the business market, including your clients, along with their behaviour and way of thinking. In order to remain relevant for this ever changing environment, you need to keep the pace with the changes and possibly think about rebranding. You might want to increase the level of convenience or improve your technology or even create a better price offer for your services — any of these may actually keep you proactive, which in the long run is more efficient than struggling with client retention once your audience has changed.
Good Reason to Rebrand No 6: Consolidation
Sometimes, along with the growth and expansion of a business, many products and services are created and many more are associated with the brand itself. This way, at some point, a kind of confused brand clutter is starting to form, which eventually works against the success of your company.
Through rebranding, however, you can achieve a reconsolidation of your brand’s priorities, products and services and you can transform the clutter into an effective marketing tool.
Good Reason to Rebrand No 7: Merger or Acquisition
Rebranding is a common practice when a company is merged with another company or when it gets acquired by another business, for various reasons.
This is how some big names like Pricewaterhouse Coopers, were born.
Good Reason to Rebrand No 8: Negative Reputation
There are cases when your company name gets involved into less pleasant situations or it gets associated with not so good reputation. In response to negative publicity that may be or may not be your own fault, rebranding can be quite an effective strategy in order to get a clean slate.
Good Reason to Rebrand No 9: Relaunching a product or service
In order to stay relevant for your public and always keep in touch with their needs and requirements, sometimes it’s a good idea to go back in the past and relaunch one of the most successful products or services.
This may be viewed as a rebranding phase, especially when your business profile has changed a lot in the past years and going back to that specific product or service would mean a noticeable shift in your approach.
Good Reason to Rebrand No 10: Rebranding through product differentiation
Companies can use rebranding as a means of retaining an original product brand, while launching a new product in a different market segment.
Also, you can use the product rebranding strategy to sell a product which has been manufactured by a different company.
Like every other aspect of your professional journey, rebranding has its risks and challenges. One of them is that it can be quite expensive to go through the entire process and the second one is that you don’t have any assurance that everything will turn out the way you want it to. Also, there are instances when your own employees have troubles accepting the rebranding, not to mention your customers. Rebranding is supposed to give your employees the chance to get involved in the creation of a new, fresh business, but it doesn’t always work this way.
What you need to keep in mind is that whatever your reason for rebranding, your company’s brand must remain consistent with the latest and greatest your business has to offer. Also, you need to offer a whole new level of support to your people, you need to be able to give them all the info they need to feel secure and constant feedback to all their concerns.
In a way, rebranding is like a change of wardrobe — getting a new, fresh look will open up a new state of mind, new horizons and opportunities.
Anyway you slice it, rebranding is an extremely important process and should not be taken lightly. Knowing when to refresh your brand isn’t an exact science, but the first step is to embrace change and recognize the need to evolve.
The change the rebranding will bring to your business should help you better communicate a more intense and relevant brand promise and differentiate the business or service in the minds of their target market. Done at the right time, with the right mind, rebranding can be one of the most rewarding undertakings a flourishing business can make.
TRISOFT is at the time in the process of rebranding. We have a new logo and a new website, which is almost ready to meet its fans all over the world; we have new team members and new hopes and dreams. What we have kept tough is our will to be the best and our dedication to show our clients the respect and consideration they need and offer them the quality services they have been looking for.