The brand is the predominant aspect of the company that gives an identity to your business. The customer identifies the product by its logo, designs and packaging, so it is crucial to make it unique and creative which makes your brand stand out from the crowd. The first impression is the last impression, so the first thing customers notice about your brand is the logo and the name.
It makes 0.05 milliseconds to form an opinion about the brand. Hence, it is necessary to rebrand your business according to the change in times, audience’s tastes and preferences. Experts say that every brand requires rebranding every 7-10 years either partially or totally. If you are considering rebranding your business, always keep in mind that your new logo, name or any other thing which you are thinking to change stands for the company values. 89% of customers stay faithful to brands that share values.
THE MISCONCEPTION ABOUT REBRANDING
Earlier companies used to hesitate to do the rebranding of their brand, but nowadays, companies rebrand their logo or product designs with thorough market research. Generally, there is a misconception that the need for rebranding arises when the company is going through some kind of crisis, for example, if the company is facing any losses be it financial or controversial.
Let’s understand the situation with examples of some of the famous brands that have gone through rebranding in an attempt to give their identity a fresh look. In 2018, Dunkin Donuts officially changed its name to Dunkin’. The strategy behind rebranding was to focus more on beverages and add a wider range to its menu. Another reason for the name change was to keep the brand name simple which goes in tune with the company’s increased focus on simplifying the business further. The company kept its original orange and pink colour in the logo. It gives Dunkin’ a refreshing and modern look while still maintaining its original identity.
The few other top brands that went through the rebrandings are Domino’s, Tinder and Zomato. Earlier Zomato was known as Foodiebay. These big companies prove that rebranding can be the right tool if done strategically and after doing thorough research.
NEED TO REBRAND
If you are wondering why is it important to rebrand even if a company already has its existing brand, the answer to this question is to connect and keep up with the market’s trends and audience.
Repositioning Of Market
If your company is looking for a new product launch or making changes that might bring changes in the target audience then you can consider rebranding your identity. It should make the new audience connect while still holding the existing customers. The fresh look of the brand creates curiosity towards the company and it may attract the customers.
Change In Market Location
When a company expands its business in other states or countries, there will be changes in the culture, values and ethnicity of the target market. In order to gain the market’s confidence, the need to show respect through your brand arises. Rebranding, in that case, can be the perfect opportunity to emotionally connect with the target audience.
Acquiring And Merging
When two companies merge or are acquired by the other, there is a shift in target audience and market. Hence, to maintain the current customers and market of both the companies, rebranding helps. The new identity of the acquired or merged company should be such that fulfils the value, aims and ethics of the customers of both the companies.
STRATEGIES FOR REBRANDING
Rebranding strategy is a critical step and if done carefully it can help you to get the desired results. The aspects which should be kept in mind are market research, the latest trends and if there’s any shift in the taste of customers or target audience. After you have done extensive research and got a fair idea, you can go ahead with the process of rebranding. Let’s now take a look at some things you should consider while rebranding:
Stay True To Your Brand
While rebranding, it is important to stay committed to your root values and strategies. Do not pretend to make your brand what it is not. In the words of Simon Mainwaring (CEO of We First, Inc.) “Define what your brand stands for, its core values and tone of voice, and then communicate consistently in those terms.” False promises or statements can prove a major drawback for the brand.
Restyling The Logo
For rebranding, many companies prefer to make changes in the logo. It gives the logo a more modern look and keeps the company connected to modern customers. The logo is not just an amalgamation of image and colour but it should represent the company’s ideas, and ethics and specifically visualise the product or services. So, while creating a logo, it should be kept in mind that the logo itself talks about the brand.
The logo should be unique, creative and stand out, which instantly connects to the customers. The logo should be attractive enough to catch the customer’s attention. The study shows that image fascinates the customers and helps them remember the brand by 80%.
Change the Slogan
If you are rebranding your business, make sure the tone of the brand also aligns with the thought of the new branding. Consider changing the slogan either completely or making it such that it should keep the mixture of both the new and old identity. Just remember to keep the root values in the brand.
Once you are done with the rebranding, make sure the new and revised Brand reaches out to the audience and adds more value to it. Advertisements are a perfect way to reach out to the audience. With so many options available nowadays, like social media, TV advertisements and newspapers, companies can convey the message behind the rebranding. Creating awareness on social media platforms is considered to be the most crucial step, it can improve the sales revenue by big numbers. These ads should be expressive in nature so that they can be the voice of the brand.