When do you think it is a Good Time to Rebrand Your Business?
Rebranding is a common business move for renowned enterprises, as it is important to change the perception of the audience.
Rebranding can be highly expensive and time-consuming. Not just that, there is always a slight chance that it’ll create the same impact on the audience as it did the first time. The chances are that it will not meet the standard that the audience expected from your brand. Take the example of Gap, which redesigned its logo only to experience a negative impact on its sales and had to change back to the same design, wasting the money they invested in designing a logo.
With that notion, the question is, why take a risk which can result badly? A simple answer is that an outdated brand can lower the opportunity to reach out to a new audience as well as limit the growth of the brand.
To simply explain the process of rebranding, it is simply the enhancement of the images and tactics representing the company and modifying its identity after it has been established.
At most times, rebranding goes unnoticed; unless there are serious makeovers in the marketing strategy, business name, and design elements such as a logo, which makes it noticeable otherwise. However, it helps in creating a new identity for the business and provides an opportunity to depict the company’s objectives all over again.
It is hard to understand the complexities that stand between creating a new image and rebranding an already established image of the business. There are numerous reasons why a company needs to develop a new identity.
Described below are some reasons why you might have to think about rebranding your business.
Need to shake off a bad image
A brand with a bad reputation might have a serious impact on the operating results of the business. Rebranding ensures that the negative image of the brand can be dissipated into an impression where the prospective clients are compelled to make a purchase.
One of the examples of this can be a status symbol of Burberry, which drove away many potential customers. To solve the problem, Burberry rebranded itself as a high-end luxury clothing brand without changing the look or the prices of the brand. Instead, they focused on their cutting edge fashion to present their business.
Rejuvenating the market
When there is no advancement in the products or services of the brand, the market starts declining and requires improvement, which can either be achieved by launching new products and services or through rebranding the image of the company.
Most of the time, adding a new line of products doesn't bring the same results as expected, which leaves the option to build a new brand image which to create a difference in the business market.
Expanding business components and target
Coming up with an idea for a new product requires inspiration and being in business, it is possible you have a plan to grow your business.at this time, you need not inspiration to expand and grow your business but rebranding to reach out to the audience through a new campaign and convey the existing objectives goals of the company
Companies are continuously growing to prefer to rebrand to provide a new look and feel to the already existing brand that recently has had an addition in business. For example, an animated logo design is the best way to grab the attention of the audience. At this time of your business, you need a professional outlook to rebranding; therefore, hiring video animation services is a potentially good choice.
Change in the mission of the company
It is common for growing businesses to change the course in a new direction or expand beyond the initial goals, which may require you to realign your business image with your brand and mission to be able to reflect it accurately.
To be able to meet the changing needs of the customers
It is not just the business that can change; rebranding can also depend upon the changing needs of the customers. Staying put on the established brand can have an effect on the market for which rebranding becomes a necessity. Rebranding saves a company with spending a massive amount of time and money to attempt to change the market.
Changing markets
The digital transformation of the society and businesses is making it necessary for companies, especially certain industries, to reinvent their entire business process to fit in the changing market. There is a call for different requirements and products to be offered through online shops. Although this helps in attracting the international audience, it can be daunting and risky for a business to rebrand.
Conclusion
Rebranding creates an unclear impact on the audience, which makes it difficult for the prospects to understand the actual mission of the company. This is why an entrepreneur must understand and identify if the brand requires rebranding or not. If you think you do need it, you can start thinking of your rebranding progression along with the challenges that may come in the way.
Author Bio: Colors and designs were the first passion that I had. It took me years to become a master of this art. With 4 years of experience in the industry of animation and serving as a senior creative artist at Animation Dok, I am also playing my part in promoting the field through my posts and blogs.