In today’s ever-changing business world, image is everything. If you feel like your business needs an image change or a freshened-up look, rebranding might be the answer. It can show that your company is evolving, it can shift a customer’s perception of your brand, and it shows your company can keep up with the times.
Signs You Should Consider Rebranding
One sign a rebrand might be a good idea is if you’re trying to tap into a new demographic. If your company is trying to appeal to a younger demographic for example, you need to take time to do research on that market and cater advertising, packaging, or products to catch their attention. Another sign a rebrand might be in order is if your company’s name is the strongest part of it. Having a well-known name can help, especially in a crowded market, but what that says is you need to refocus your efforts on the products too. That way when people buy your product, they know they’re getting quality to go with a well-known name.
Reasons to Rebrand
But why rebrand at all? Why is it necessary? There are actually several good reasons, not the least of which is updating your company’s image. If your company’s image doesn’t really represent the packaging, products, services, or mission, it needs updating. A new image will make your company look fresh and maybe even appeal to a wider audience. If your company has developed a bit of a bad reputation in recent years, a rebrand can be the perfect way to restore and rebuild your company’s image. Rebranding can also be helpful if your company’s packaging, image, or even what it does is too similar to another company. Take a look at McDonald’s and Burger King for example. They essentially offer the same products and services, but they have distinctly different ideas and branding. That’s what your company should be aiming for.
How Often Should You Rebrand?
Rebranding doesn’t mean that your company is out-of-date or unsuccessful. Even the most well-known brands need a fresh coat of paint every now and then. Studies have shown that many established brands have gone through a major brand overhaul once every seven to 10 years. Some changes are big, like a company’s mission, building design, or its logo. Other changes are more subtle, such as packaging or signage. Consider that in recent years, Pepsi has revisited its branding 11 times and companies such as McDonald’s and Walmart have made many changes, both big and small, several times. If your company is considering a rebrand, you need to think about who you’re trying to reach with your products and services and how to separate yourself in the marketplace. Once you’ve honed in on a new logo, new packaging, new products, or whatever it is, you can create a rebranding strategy that’s going to stick.
Keys to a Successful Rebranding in 2021
So what does a successful rebrand look like in the 2021 marketplace? By focusing on these five factors, you can successfully rebrand your company:
- Redefining the company vision and mission
- Renaming the company
- Rebuilding a brand identity
- Reestablishing the brand’s market and audience
- Reconsidering the brand’s slogan
To reestablish your brand’s market and audience, you need to take a look at who’s buying from you. You also need to look at who they’re buying from other than you. Knowing who’s buying from you will help you hone in on your target audience. When reevaluating your company’s mission, vision, and values, you need to ask several questions. What is your company doing? Why are you doing it? How are you doing it? Your company’s vision is the compass by which all your decisions will be guided. That includes everything from hiring to a website redesign.
Changing a company name can be a big undertaking, even a risky one. But if the name fits your company’s mission and values, it will catch on. Using a location in the name, modifying a word’s spelling, making a new word, or literally saying what you do in the name, are just a few ideas to come up with a new name.
For your slogan, you want something catchy that matches company values. To come up with a slogan, consider making a claim, complimenting customers, or use poetic language to get started. For rebuilding brand identity, look at your company’s logo, the color, and even the typography to create a logo that goes with your company’s new image.
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