Change and growth are part of evolution. Then why not apply the same principle to your brand? Rebranding can be useful to your brand whether you’re selling new products, offering new services, or just updating your logo. You should see it as a refreshment for your business; it helps you keep it modern, and it’s a reminder for your clients that you’re still in the game.
Therefore, rebranding should be done in all seriousness and not taken lightly since the reputation of your company is at stake if you do it wrong. Also, the process requires resources in money and time, so it’s important not to miss the mark.
Designing the right strategy to rebrand your business is essential considering all that is at risk, including the benefits it could bring. Therefore, we’ll explain what you should know before starting the engines on rebranding your business.
Basics of Rebranding
First, let’s clarify what rebranding is. Rebranding is the process a company goes through when they want to improve or redo any of the branding elements. The elements to consider are color palette, logo, typography, etc. The point is to let people know when an organization is changing, evolving.
There’s no measure as to what you should rebrand in your business; it can go from just changing the slogan, to changing it all, even the name. Dividing the process into different categories or how far you want to take it might help to picture it better.
- Refreshing the brand. This means that you’re aiming only for minor details like slightly changing the hues on the color palette. These small changes also include modernizing individual aspects in your logo.
- Partially rebranding. The goal here is to modify only specific elements but leaving others behind. These changes include modernizing individual features of your logo, and modifying the hues of the color palette used before.
- Full rebranding. The goal here is to change everything, from the company logo to the name of it, just as if it were a different brand.
Is it Worth to Rebrand Your Business?
If you’re considering rebranding your business, you should keep in mind that it always involves a sacrifice. First, there’s the cost of doing it, funding a multimedia ad campaign to launch the new look, hiring a logo designer, etc. It all depends on how far you want to take the process, but the more changes you’re looking forward to making, the more expenses there are to consider. The investment is not only of money, but of human resources, and particularly time too.
Additionally, there’s always the risk that your new brand won’t have better or even the same performance as the old one did. You can try to avoid this as much as possible by planning properly and building your strategy accordingly. However, there isn’t an infallible way to do it, that’s why it’s vital to go thoroughly into the planning process.
How to Know When It’s Time to Rebrand Your Business?
There are a few pointers that you should look after when considering rebranding your company. In general, there are some common red flags that will show you that considering rebranding may be a good idea.
- Changing services or products
This doesn’t mean introducing a few new products or offering an item in a different new color. It refers to diving into a new market, which makes rebranding a great manner to attract attention and introduce your new brand.
This also applies to prices. For example, if your organization is known for its exclusive products and high-end goods but now you’re offering the same type of products at a lower price. Also, if you’re introducing new materials or ingredients, modifying your formulas or changing your service in any way, rebranding may be one of the best ways to make the transition easier.
- Your brand misses the mark
It might be the case that your original branding hasn’t performed as well as desired. You might be making one of the usual bad branding mistakes. You shouldn’t stick with a faulty brand design in case it’s hurting your organization. Even a quick rebrand or a partial rebranding might do the trick and solve what isn’t working without affecting what does.
- Distancing yourself from bad reputation
It might be in your company’s best interest to offer something different and new to dissociate it from a misstep. If people start associating your brand, name, logo, etc, to negative connotations it’s time to consider rebranding.
This is not the perfect solution since customers don’t forget so quickly and it requires time to correct errors. Although, rebranding may help your business moving forward as long as you’ve acknowledged your mistakes and worked on fixing them.
Since your competition is probably targeting the same audience as you, it is normal for them to utilize the same branding strategies. This is only logical because after all, you probably have the same end goal.
When it’s difficult to tell your competitors and you apart, a rebrand may come in handy to provide you with a new face that will stand out. You can take advantage of your competition’s branding by designing something that looks better next to it.
Whatever is your reason for considering rebranding, one thing is certain, it will require time and effort to get it done properly. Before your rebranding goes public, it would be good to consider building anticipation and hype.
There are different ways to publicize your company’s rebranding but before even planning your strategy, ensure a team of experts to guide you through it. The company you choose is just as important as the process itself. 42 Studio has the experience and freshness your company needs. Contact us to know more.