4 Feb 2022, 09:30 — 4 min read
There will come a time when you think that rebranding your business is a necessity to continue. However, being impulsive with this change should not be your reason. So if ever you start thinking that it’s time to take this step, think of all the valid reasons for the need of rebranding.
To rebrand a company or a product takes a great deal of time, energy, and resources. Thus, it is a decision that should not be made lightly because every rebranding is different. So, it is of utmost importance that you know precisely why you’re doing it.
Rebranding is a critical move wherein the company declares its serious intent to inform the market that it upholds its commitment to progress and development. It is not merely jumping into a massive change without considering the reason/s why:
1. Seeing competitors doing it. You don’t have to do rebranding just because another brand is doing it. However, if you think that your brand is no longer as distinct, to consider changing some aspects may be helpful and for the market to quickly identify your brand.
2. To leave behind a bad image. Indeed, no company would want their name to be synonymous with something damaging or dreadful. So, with rebranding, you may let the market know that you do not support such destructive behavior or criticism.
3. To reach out to a new audience. Every business has a target market in mind. However, one way of expanding the company is to tap into a larger market that may be interested in your products.
4. The urge to expand your brand. Brands in the market for many years have developed and introduced additional products. As years go by, the branding of a company should look and feel current. Have you noticed how many times Coca-Cola has changed its logo? It is to adapt with the changing times.
5. The company’s mission has changed. It is possible after many years, the company may find that it is time to make some alterations to the representation of their company. For example, what used to be a printing company may now be digital technology. Thus, a rebranding is in order.
6. The need to align with the company’s values. In some ways, a company’s evolution may leave them entirely changing, which may no longer reflect their values. Thus, ensuring that the company sticks to what they truly represent and upholding the core principles would best be done in rebranding to create a stronger brand.
7. The company went into a merger or has been acquired. It is almost automatic that rebranding is a must to represent both companies so that the market would see them as a much stronger brand.
Having stated all the reasons why there is a need for rebranding, you should talk to your team about how you may make this possible. Ensure that your team understands the cause, as it will also influence every decision they will make. Follow best practices to avoid rebranding mistakes. Look around and see how others have done it. There are tools online that can help you make it easier. However, the team can come up with something that may honestly present the company.
It is like starting again, mainly if the rebranding did not come as strong as expected. Remember that the market should still feel it is supporting the same company, and that it will still get the same kind of products and services—or even better.
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Posted byButz Olivares Bartolome
Business Franchise Guru to MSMEs since 1993