Rebranding, as defined by Market Business News, is the process of changing the image of a company or product. Businesses who seek to create a more attractive image to consumers may consider a rebrand. Many business owners know that a company's "brand" is more than just its company's name and logo - a brand is the strategic awareness you build, your customer experiences, business identity, and a combination of what you do and why you do it.
As company's evolve, years go by, and times change - so does a brand. So when is it time to rebrand your business? Businesses rebrand for a variety of reasons. This may include recent growth, new management, expansion, or giving your dated image a face-lift. In some extreme cases, businesses will seek to rebrand to overcome bad reviews or press (but this is a very extreme measure).
What are the benefits of rebranding?
Stand out from your competition: let's consider why you got into business, what makes your business better than the competition, and why you are different. If your brand can be lumped into a category with other local businesses without and differentiating products or services, maybe it is time for a rebrand
Breathe new life into your brand: when was your logo created? Does the logo date itself? Has the brand outgrown itself? Consider if you have undergone new ownership, management, or recent expansion. Now is the perfect time to consider a rebrand.
Market evolution: as similar businesses evolve and morph, your business should consider keeping up with the market. How can your brand stand out, reaching new customers and increase sales? A rebrand!
Steps to rebranding success:
Review your business mission statement. Does it need to be updated? Compose a modified mission statement to help guide your brand on it's new journey.
Consider your brand identity. Think about the colors, fonts, and other brand assets that will bring consistency to your new brand.
Complete a new SWOT analysis & buyer persona. Identify your businesses strengths, weaknesses, opportunities and threats today. What is your unique value proposition. Who is your ideal customer, how will they interact with your brand, and how will you capture their attention.
Collaborate with your team. Many small businesses have teams of individuals that make them successful. Include your team in the discussion of the rebrand, how the brand will change, and what they can do to help ensure the rebranding is successful.
Tell the world. If you are going to put in the effort to rebrand, you need to let your community know. Consider sending out press releases, contacting the local news stations, writing blogs, hosting events, anything to tell your existing and potential customers of your new identity.
If you are interested in learning more about rebranding your business, please contact KLG Designs for a complimentary consultation, contact@klgdesigns.net.
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