There are many reasons companies choose to rebrand. Ultimately, most companies rebrand to maintain relevance, both among their customers and within their industry.
For individuals, the new year is considered a time to reset and renew goals, adopt new habits, and begin to transform areas of our lives. And the same can be true for businesses. As we flip over from one calendar year (and for many, one fiscal year) to the next, it is a time to reevaluate what worked over the past 12 months and what might need some fine tuning or even overhauling.
It is important to know that rebranding is not just about the name of your business. It is more than just changing the logo or slogan on your sign and products, it is about changing how people see you and what they think of when they hear your company name.
Rebranding helps businesses stay strategic and competitive. Instead of staying stuck in the past, rebranding allows for intentional future-planning. A brand should evolve alongside the company, its customers’ needs, its industry, and society as a whole.
It can elevate an existing brand, enabling it to continually excite, interest, and appeal to customers. In an age when technology advances at a rate that is difficult to track, brands have to step up and deliver. Consumers expect evolving yet consistent branding that provides a top user experience. A challenge? Yes, but it is possible to maintain consistency of quality while also giving your brand a refresh.
There are many meaning to brand, branding and rebranding in the marketing terms, but all converge around the idea that a Brand is a unique name that identifies a product or service, and differentiates it from competitors. In its dictionary of marketing terms by the American Marketing Association that a brand is ‘a name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers’ and Branding is the process of giving a meaning to specific company’s products or services by creating, establish and shaping a brand in consumers’ minds. It is a strategy designed by company to help people to quickly identify their products and organization, and give them a reason to choose their products over the competition’s, by clarifying what this particular brand is or is not. While Rebranding stands as the creation of a new name, term, symbol, design or a combination of them for an established brand with the intention of developing a new identity, differentiated position in the mind of stakeholders and competitors including the user.
Rebranding is when your company rethinks your marketing strategy with a new name, logo, or design, with the intention of developing a new, differentiated identity in the minds of customers and other stakeholders.
How To Rebrand A Company
Reestablish the brand’s audience and market
Redefine the company’s vision, mission, and values.
Rename the company during a rebrand.
Reconsider the brand’s slogan.
Rebuild the brand identity.
Track brand sentiment.
Plan a successful launch.
Overall, a rebrand can work wonders for a business, no matter the reason for the change.
