Rebranding is not a new term: its results are countless that favor the company, it may happen that many of us have been a part of a rebranding effort. But what is rebranding in simple terms? A rebrand is an opportunity to transform the perceptions of your target audience regarding your company. The brand strategy works as an engine of growth, helping the company to rebrand itself. Rebranding strategies help keep a brand pertinent and profitable by enhancing the perceived value and competitive advantage of brands and products. Many times, business owners often overlook this important activity. But by following this activity from time to time, one can keep his company at the top of your industry.
Rebranding can offer multiple advantages to the company, enumerated below are the advantages of it.
Offer a chance to connect with new audiences
The biggest advantage to refreshing the look of your business is that it connects you to new customers. People will take notice when you focus on new aspects of your business and promote them correctly.
Pizza Hut began in 1958 by two students and was named as such because they only had space for nine letters on the sign. In 2014, the company rebranded itself and unveiled a new, modern logo by introducing a new “Flavor of Now” menu after some research by implementing rebranding strategies. As a result, Pizza Hut was on the mend and its profits steadily increased after a few rocky years. The rebranding also let Pizza Hut connect with new audiences in opening its international chains in other parts of the world.
Helps to Stay Current
Rebranding helps the company to stay relevant. Design trends play an important role in how potential or current customers see your company. The company must ensure that its look is always according to the current trend. Companies fail if they overlook this. Fena Detergent became unsuccessful to impress its customers when it failed to stay current, the company realized its mistake and rebranded itself.
Rebranding set a company apart from its competitors
As a business when one grows his capabilities may begin to directly contend with his industry competitors. Rebranding can be the most effective way to set your company apart from your competitors. Differentiating your brand shows that your services are unique in the entire market, highlighting yourself as an expert. Apple Company is the best example to explain the statement.
The rebranding will not allow you to stand out from your competitors: it helps you to showcase your expertise, expand the influence and help in reaching out to your product & services that will make your company more profitable. As a whole, it will boost your confidence.
We understood the advantages of Rebranding, now how to rebrand your business? It is the big question. There are a few pointers that can help understand the process effortlessly.
Identify what makes your business apart?
It is important to revisit your business vision, mission, and values, before rebranding it, like what is it that can attract your customers or what is it that repelling them? Are your customers able to get the final message? Please get a clear idea of the above-mentioned questions as these can help your business form a solid foundation as an expert, no matter what your end goal is.
Collect customer personas
Once the internal research is done, chalk out for potential market segments that are buying products from your competitors. The company can collect the information by surveys or market research that would help your company to rebrand itself by different means.
Revamp the business
Making a checklist of all the things you have to finish before you rebrand yourself will help you to excel in the market. Doing homework is an excellent activity, always favors the company. If time and budget allow, test your rebranding assets with a focused group. As rebranding involves a lot of effort, it is essential to get it right on the assigned time.
So, what are you waiting for? Rebranding is a rare opportunity that further aligns employees, customers, operations thereby earning profits. So don’t miss out on this necessary activity. Just follow the above-discussed pointers and get the desired result.
Authored article by Manan Sharma Vashisht Founder & CEO at ReBrand Gurus.