What is Rebranding?
Rebranding is a marketing strategy where your business receives a new name along with a new look. This strategy then includes a radical change in brand name, logo, advertising concepts and marketing strategies.
Rebranding is usually done to move your brand upmarket, launch your business amongst well acclaimed competitors, and communicate a new message that would trigger your potential audiences according to the board of directors and marketing experts.
However, businesses need to understand that rebranding does not always work and one must know when to trigger this marketing strategy to get its fullest. Usually, rebranding includes huge investment and if the things get wrong, million more need to be spent to get it to square one. So, how would you decide whether there are reasons your company needs rebranding?
Top Reasons Why Your Company Needs Rebranding
There are several reasons why your business needs a corporate rebranding. Below are some of the most common amongst them:
- Rebranding in order to respond to internal or external issues
- Stay updated and ahead of the competitors
- A marketing strategy to hide any negative connotations from the past
- Generate future economic benefits
Apart from these there are numerous other factors that need to be considered before triggering corporate rebranding. Let’s see a few of them below:
#1 Competitive Advantage
Your brand acts as the face of your business. A well planned and manages corporate rebranding can allow your business to gain competitive advantage, reflect current market dynamics and accelerate performance thus becoming a leading voice in your industry.
With proper rebranding for your business you get competitive advantage in sidestepping the competition and increase your market share.
#2 Stimulate Growth
The corporate rebranding can help you stimulate growth of your business by effectively targeting the current customer demands. Your business portfolio might be complex at present and would be engaging fragmented audiences. Thus, an effective rebranding campaign can help you improve your impact in a competitive market.
#3 Long-term Market Expansion
Rebranding is providing the public with an expression of company’s evolution. If your business has evolved over a certain period, it’s time to rebrand it and reflect a larger and more sophisticated picture of your business. If your business refrains from branding itself, it’s curbing down the possibilities of long term market expansion.
#4 Introducing Innovation
Technological innovation and business are two inseparable parameters of a company. Just as your business’s brand must reflect changes in size and market position, it must also reflect changes in technological innovation. Thus, any brand associated with technology must keep pace within its sector and consider corporate rebranding to reflect changing trends.
#5 Your Brand Had Become Bore
Even if your last branding for super cool, it’s time you need a rebranding. Competition in each and every industry has increased upto several folds past a decade. If your competitor has recently triggered an overwhelming rebranding of their business which is something super cool, it’s obvious that your brand becomes bore in near future.
So what? Should you rebrand your business each time some competitor rebrands themselves? Hell No! But ensure when you trigger a rebranding campaign, it’s the best in your industry and cannot get bore very soon. Come up with some authentic theme, apply some creativity, create a story line that will delight people.
#6 Global Acquisition
Global acquisition is a yet another reason for corporate rebranding. Many times it happens that a brand name or logo is set to be something regional during its inception. However, with evolving time and business you brand is all set for an international recognition. However, you brand name and logo might conjure some wrong associations. Thus, your business a global corporate branding if it’s all set to go international.
If your business has demoralized or generated bad reputation amongst the customers, rebranding is one of the best options to get your business back to normal. Such corporate rebranding helps in washing off your bad reputation and starting off with a new image and marketing strategies.
Hope the above points give you ample reasons why your company needs rebranding. Corporate rebranding if done in a proper way can take your business to new level of success. However, if not done appropriately it can land you again at square zero that too with a huge chunk of investment.