Have you ever thought about Rebranding?
Whether you are retail business, service business, or any other type of business, you have a brand. But, what is a brand, exactly? If you look up the basic definition of a brand, you will find a definition like this: A brand is actually intangible and is a concept that people associate with a company, product or individual. A brand is not just a logo, slogan, or other mark as these items are marketing tools to help promote the brand itself which may consist of goods and services. If you have had your brand for a while, do you think it is time to do a little rebranding?
Rebranding: Why, When & How
Once a brand has been established, it is not uncommon for the brand to be rebranding. Rebranding is the process of establishing a new brand identity or updating and improving the existing brand. Rebranding may include a new logo design or color scheme, but it also can involve the creation of a new name for the company. Company rebrand for a variety of reasons. Some reasons include: a new generation enters the family business and modernizes the company, the company has expanded the product line, or maybe an organization offers new services. When a brand has expanded it is important to ensure that the existing brand identity is not limiting.
As exciting as rebranding may be, it is important to be careful. Consumers are comfortable with certain brands and recognize them, if the rebranding is so different that it causes the company to lose customers, it may want to be reconsidered. For example, when Uber changes its logo, its customers no longer recognized the company. However, Walmart has redesigned its logo many times over the years. Today, even the Walmart symbol is recognizable.
Rebranding should be considered only when their are benefits to the change. If the vision, mission or company values have changed, it may be time to consider rebranding. If the branding is outdated or limiting, updating can be beneficial to reach a larger target audience. If companies merge into a single larger company, rebranding should also be considered. The idea behind putting effort into updating a brand image is to stand out from competition and stay on the cutting edge.
As fun as rebranding may sound, it is not always necessary. If you are board of your company’s brand, it does not mean that your customers are board of it. Just because your competition is rebranding, it does not mean you should. Slow or stagnant sales does not mean the brand is the problem, it could just be your advertising. Updating your advertising ideas is a great way to get your existing brand out in front of customers. Consider educating your customers with POP material, designing new promotions and even updating your website.