Years will pass, technology will even improve, people’s mind becomes open on building a business, discoveries will evolve, your customer’s preferences will change, their satisfaction may also take into the next level.
There is nothing permanent in this world including the business industry. And as you go along, you will be encountering different situations or happening that your business needs to adapt, and you should always be ready. But there’s one way to suit on this, and that is through business re-branding.
What is rebranding?
According to Wikipedia, re-branding is a marketing strategy in which a new name, term, symbol, design, or combination thereof is created for an established brand with the intention of developing a new, differentiated identity in the minds of consumers, investors, competitors, and other stakeholders.
But how will you know if there’s already a need to innovate, reinvent, or remodel? Check out below pointers to know when its time to have a business re-branding:
1. Companies should re-brand to better differentiate from the competition.
Thousands of entrepreneurs open businesses every year, and due to competition, there are tendencies that new ventures look like or just as similar as yours.
Others may tweak your business name or logo, resembles your product; an almost identical packaging, size, and color schemes. Some imitate existing idea, and then they innovate. And truth be told, this is normal and it is now happening.
According to Paul B. Brown, “It’s always easier when you’re starting a company to try to improve an existing idea.” Thus, you cannot control other people’s mind or their next step. And when you notice that your business is already affected, your only means is to create a more superior plan that is better and separate you from the competition.
Let your audience know that you are unique and offers a better experience than anybody else despite the competition.
2. Companies should rebrand to give new life to outdated branding.
When your company has been in the industry for around twenty, forty, sixty, or a hundred years already, more likely, you go after the trends during those years. Maybe your fonts are already old and no longer suits the taste of your target audience or the digital society.
Changes come from time to time including every element of a brand. Below are several examples of branding element trends before and now:
- Fonts. There are only static fonts before, but now there are already living or variable fonts.
- Logo. There are only static logos before, but now variable and 3D logos are already available. Wordy logos are created previously, but now, some shifted into a single word or a symbol that encapsulates the whole brand.
- Packaging. A plastic pouch or glass is used even now, but sustainable materials are being loved by the customers lately.
- Marketing. Commercials, billboards are the only resource before, but now, social media, websites, affiliate marketing are already in providing great leads.
Those are only a few of the many and a year, or five years from now; different trends will emerge again. There will be a continuous change in the market, and you need to remember to be relevant and fresh as always.
3. Companies should rebrand to outgrow their poor reputation.
According to Warren Buffet, “It takes 20 years to build a reputation and five minutes to ruin it.” The brand and trust you gain from your customers can easily be swiped away in a single snap, especially in this digital world where everything is just one click away. There are times along the business that you will be encountering situations that may cause an imprint of a poor or bad reputation.
Here are several causes of having a bad reputation:
- Low customer satisfaction
- Data Breaches
- Low employee morale
Failure on customer service
While here are the effects of having a bad reputation:
- Creates bad customer reviews
- Lost of revenue
Employee retention problem and higher cost of hiring - When there’s a hiring rate increase, training cost will also increase respectively, and the whole business expense will follow
A bad reputation can cost a Million or even Billions if you do nothing. And as we have said, in this world of technology, everything is shareable and can quickly spread. Even small issues can turn into a large one, and a single mistake can sound multiples or thousands.
4. Companies should rebrand when their business evolves.
Time will come that your business will no longer sell a single item only. Maybe you are just trying to market a Burger before, but now you have the Chicken, Pizza, or even Pasta. Perhaps you are just into coffees or drinks, but now you would like to sell other snacks. Or you have a kiosk, but now you would like to expand on dine-in shops.
As your business explores new ventures, you also need to let your customer know with the move that you are doing. A burger-like logo of your Burger Shop will look weird if you’ll still use it while you are selling other items. Your additional brand or expansion will not be even noticed if you don’t make a move, announce, and have a brand refresh. Make sure to conduct a brand audit consistently for you to decide whether business rebranding is already needed.
And once you’re already decided, here are the types of re-branding that you may consider according to Kimbo Design Inc.:
- Brand Refresh. As the name implies, this is only a refresh of an existing brand. This includes improvement on the logo, image, font, website, packaging designs, color pallets, fonts, or a slight change mission or goals.
- Brand Merger. This happens when there’s an acquisition or purchase of a brand and combine it with the existing or when the company becomes under new management.
- Full Re-brand. This works on the whole branding perspective, wherein great shifts will be done. This includes an expansion to a different sector and serving an entirely new market, creating a new personality, or if your old marketing methods are no longer working.
No matter what the reason for your business re-branding and the strategy that you’ll be using, make sure to execute it properly. Re-branding without proper execution may let your business fail and just cost you much. Always ensure that you are on track on the process and on your people who will be helping on the whole operation.
Conclusion
Time will come that you need business re-branding. It may be tedious at first, but be reminded that it is a declaration, and commitment of your will on the continuous growth and improvement that your company can still offer.
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