“We want to go for a Rebranding Strategy!”
How often have marketing and sales professionals raised this statement in meetings? Chances are that if you are a business owner or a CEO, you might have heard this a lot of times.
In this digital day and age, if there is one thing that businesses hate to be, it is static. With so many new avenues and opportunities on offer, businesses may choose to rebrand.
From Uber, Mailchimp, Dunkin Donuts to We Work (now We Company), Slack, and others, all of them have pursued a rebranding strategy. In this resource article, we look at the five golden rules for rebranding your business successfully.
Why a Company should go for a Rebranding Strategy?
According to leading business and marketing experts, a company can go for a rebranding strategy for several reasons-
- The target audience of the geographies of the business might have changed and you want to set up the business’ objectives accordingly.
- The company has been bought over by a different entity and the new company wants to go for a rebrand.
- The existing company has merged with the new company and they are looking to create an entirely new and exciting firm.
- There are talks of establishing a strong digital presence with Ecommerce, Social Media, and more. the present offline branding will not keep pace with the same.
- Escape from a Business Crises. This may include an IPR lawsuit, Copyright Infringement, or any other legal cases that the business wants to avoid.
All this together with a lot of other reasons can influence a company to go for a complete rebranding strategy.
List of 5 Golden Rules for Rebranding your Business Successfully
- Rebranding should be about your Company’s Purpose-
Most businesses think that rebranding is just about making cosmetic changes to your brand’s identity. This includes changing the logo, color schemes, etc. However. Experts suggest that rebranding requires a lot more. This includes redefining the company’s purpose, values, belief systems, and brand story. This is a difficult process and requires a lot of thought.
- The rebranding will take a lot of time to be successfully implemented-
There are a lot of trials and tribulations which usually go into a successful rebranding strategy. You cannot expect it to get over in a week or a month. If you want the process to be successful, you need to invest time, energy, effort, and money for the same. Hence you should do your research and stay it in for the long haul.
- Build the Rebranding Strategy with an eye on the Future-
If you are rebranding your business in 2021, you need to make sure that it will stay relevant till at least 2025. This means that the logo, color schemes, tag lines, etc, should age gracefully and not come across as cheap a couple of years down the line. This would also give you the opportunity of adapting to new changes like digital transitions.
- Take Help from Leading Experts in the Industry-
It is always a good idea to seek guidance and direction from experts that have done it before. This is why most businesses look to work with companies that offer digital pr service. With so many years of experience in handling businesses with successful rebrands, taking help from experts can remove doubts and mistakes that a brand might end up making.
- Allow Team Members to Voice their Concerns-
As a marketing head or CEO, you might be too invested to understand what you are doing right and wrong. This is why you need to give space and opportunities to your employees and managerial team about their inputs and concerns. This will ensure that everyone is on board concerning the rebranding process and are committed to the same.
The Bottom Line
A well-thought-out and formulated rebranding strategy can go a long way in improving the sales and revenue generation of a brand. In this article, we have tried to list down some of the golden rules and shared branding tips with the readers. If you have any more questions, let us know in the comments section below.