An organization’s brand is often associated largely with its logo, colors, and design aesthetic. However, a brand’s identity means so much more. It’s the style and language a business consistently uses to deliver messages and build customer relationship. It is also essential to a company’s culture as it helps define and shape the internal relationships as well.
To build a powerful brand, you must have a distinct purpose, a clear direction, and a value proposition that you are consistently sharing with your audiences. But when your mission and vision need to expand as your prospective customers evolve, a rebranding might be a viable approach to evolve with it.
Why is Rebranding Necessary?
Rebranding happens for many reasons including:
- You might no longer like your logo, or your brand aesthetic is no longer aligned with your business values and products.
- You might be expanding your business and entering into new markets.
- Or, you might have realized that your brand is unable to differentiate you in the marketplace.
Here are the five most effective rebranding strategies you can use to stay afloat in today’s fiercely competitive marketplace:
Determine Your Existing Identity and Decide What Your New Identity Will Be
This is where you ask yourself hard questions about your organization in the process of rebranding. Identify what’s running smoothly and what’s not? This is the best way to start when making changes. Also, take your organization’s culture into account by asking how your existing brand could fit you better. Layout your key goals and repurpose them. Remind yourself of your business’ main vision and mission before you decide what outcome you want to accomplish from rebranding. Make sure to assess your market to understand how your industry changed since you launched your business and identify where your products or services fit in the industry.
Audit Changes to Be Made
Once you are done with your rebranding strategy, you need to document the proposed changes. This will make it easier for your employees to understand the objective of the rebranding and their role in it. Start by making a list of all the marketing elements of your business that are needed to be updated such as website, signs, colors, logos, social media, invoices, and more. Competitor analysis is a great way to a great way to decide what changes need to be made to give your brand a new identity.
Understand Your Consumers Better
Since you are making a change, look into your customer base and identify if the rebranding is targeting a new section or market. Approaching a new demographic helps you get a whole new slew of loyal customers and expand your customer base. Reaching out to a larger customer base will affect your bottom line productively and accelerate your growth. If you rebrand your business without understanding your customers’ needs and preferences, then it becomes hard to achieve the desired result.
Convert Your Employees into Brand Ambassadors
Get your people excited about the rebranding of the business by including them in the process. They are the most important part of your company culture and brand identity. Take this chance to brand your new logo and designs by making company t-shirts, caps, and sweatshirts that your employees, clients, and vendors can wear to promote your brand. This is a great and cost-effective way to market your business.
Initiate Changes and Communicate Your New Identity
Before launching your brand’s new look or identity, make sure all your internal and external people are comfortable and up to speed on the changes that are going to take place. Make sure that your teams live up to your brand’s new identity. Set a date to officially launch the new identity and circulate the news prior to the event via press releases, social media and email. Make sure you effectively convey your message to your target audience.
Rebranding is an organic process to change how your organization is externally viewed. Follow the strategies discussed above to successfully rebrand your business.