The world we live in today continues to evolve, so our brands should evolve with it to stay competitive. This is why 75% of businesses have undergone a rebrand in the past two years! Rebranding is an essential part of maintaining the upkeep of your business. Successful companies rebrand all the time. They understand that the social value of their brand has a big impact on revenue. Remember when Google was ‘Backrub’? Me neither! This is because they gave their audience a seamless transition to their new brand look.
To make your rebrand a success, there are a few key things you need to know.
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How do I start rebranding?
First, you need to understand the core purpose of your company’s rebrand. Make sure you’re not just making changes because you’re bored. You need to have a brand strategy. A good time to rebrand is when you’ve outgrown your original mission. You might be expanding your business scope and diving into a new market. Or, you may have performed a brand audit and realized your brand isn’t standing out anymore. Once you know the purpose of your rebrand, you can start asking yourself some questions.
1. Ask questions
Here are questions to think about when figuring out your rebranding strategy.
- Why does your brand exist? What’s its main function?
- Who are the people that benefit most from your company? How do they benefit?
- What’s your unique voice? What tone, words, and qualities does your brand messaging have?
Answering these questions will give you a solid foundation to build your new brand image. These answers are what will make up the core essence of your business. And, your core essence is what you’ll base all your future branding decisions on.
Once you’ve built a platform to plan from, it’s time to determine how to stand out among your competition.
2. Know your competition
It’s crucial you have an idea of how you can differentiate yourself from your competitors. That’s why you should perform a competitive analysis. Perform market research on what your competitors do and who buys from them. Then, consult with your team about what you do and don’t want to echo from successful brands that are like yours.
As important as it is to know your competition, it’s critical to know your audience.
3. Reestablish your audience
Understanding your brand’s audience is key to a successful rebrand. What’s the point of a strong rebrand if it’s targeted to the wrong group of customers?
You can conduct focus groups or analyze your data to see if there’s been any changes to who’s buying from you. If you notice that your customers aren’t who you thought they were— don’t panic! Your target market can change as your business grows and this is a good sign that it’s time for a rebrand. When you’ve done your research on who your audience is, you’ll be ready to craft your plan!
4. Find your strategy
Remember, you’re not only getting new colors and fonts on your site— a rebrand is about sending a new message. You’ll have to think about how you want to communicate your brand’s new vision.
The new values and vision of your company will be the guideposts of your rebranding strategy. Once you have a solid brand identity and understand who you’re trying to reach, you can launch your rebrand!
5. Tell the world
No matter how fabulous your rebrand is, it won’t mean anything if you never launch it. Don’t try to sneak in your new look and mission, as that can lead to mistrust from your audience. So, plan your launch and make sure to give a story that explains why you rebranded. It’s important your customers feel like they’re along for the ride with your new brand.