A Guide to Successfully Rebranding
Read Time: 3 minutes.
Your brand is more than just a logo, name, or visual identity. It’s your company’s heart and soul. It encompasses the entire perception of a company, product, or service in the minds of the consumer. A brand is a unique combination of tangible and intangible attributes that differentiate it from its competitors and evokes feelings, emotions, and associations.
However, there comes a moment in a company’s lifetime when the current brand no longer aligns with who the business is/who it wants to become. Rebranding is the process of changing the corporate image, name, logo, or overall identity of a company, product, or service. This is a strategic marketing initiative aimed at altering the perception of the brand in the minds of the public.
Why Rebrand?
When a business decides to rebrand, it usually comes with various reasons. Here are some common motives behind the decision:
Modernization: To exchange an outdated brand image for one that better aligns with current trends, aesthetics, and preferences.
Mergers and Acquisitions: When companies merge or acquire others, they may choose to create a new brand identity that represents the combined entity.
Negative Associations: If a brand has faced negative publicity, rebranding presents the opportunity to distance itself from past problems.
New Locations: When a company decides to globalize or open new locations, it may choose to rebrand to resonate better with new audiences.
Legal or Trademark Issues: A company may not always want to rebrand, but if it runs into legal/trademark issues it is often forced to.
What to Consider?
Rebranding is a big decision and risk for a company to make, there are many things to consider if this is the right move for your company. If you're considering a rebrand because your company's vision, mission, values, and market are no longer reflected in your brand, then a rebrand might be the right decision.
Reasons for Rebranding: Before you begin the process, clearly define the reasons for the rebranding effort. Whether it's to modernize the brand, expand to new markets, or resolve reputation issues, having a clear purpose will guide the entire process.
Market Research/Competitor Analysis: When you decide it’s time for a rebrand, one of your first steps should be market research. This helps you to fully understand your target audience, their preferences, and perceptions of the current brand. Simply put, you should know your market like the back of your hand. Additionally, you should also analyze competitors' branding strategies to identify gaps and opportunities for differentiation. Your rebrand should set your business apart in the marketplace.
Identity: What does your new brand look like? Determine the elements of the new brand identity, including the name, logo, colors, typography, tagline, and overall visual language. These elements should be consistent with the brand's values and positioning.
Brand Positioning: Ask yourself these questions: what does my brand stand for? What does it value? How will it be positioned in the minds of consumers?
Budget and Resources: The rebranding process takes money and resources. Allocate the necessary budget and resources for the rebranding effort. It may include design and creative work, marketing materials, website updates, and more.
What Should I Do?
Once you know your brand needs a rebrand, you must decide how to execute it. Your rebranding efforts might include:
Changing Your Look: Updating the brand's visual elements, such as the logo, color palette, typography, and overall design, to give the brand a fresh and modern look.
Changing Your Name: Changing the brand's name can be a powerful move to better align with the brand's new direction, target audience, and values.
Creating New Advertisements: When you know what your new brand looks like and stands for, it’s time to adjust your marketing around it. Let the world know what your new brand is!
Update your Digital Presence: Remember to update your brand's website, social media profiles, and digital marketing materials to reflect the new brand identity.
Host a Launch: Hosting a launch or event can be a great public relations and marketing move to update the public on your new brand.
Strong Examples of Rebrands
Looking at how other companies rebranded can provide helpful inspiration. Here are five brands that completed successful rebrands:
Meta
Dunkin’
Walmart
Starbucks
GoDaddy
Summary
The rebranding process typically involves extensive research, thought, and understanding of the company. It can be a difficult and long process to navigate. Luckily, 4Wealth offers services that can help ease the rebranding process. Contact us and learn more!
