There comes a time in every company when a few things need updates and renovations. Perhaps your slogan feels overused or your logo needs a new design. Perhaps your goals need new messaging or your blog needs. If such is your case, it is time for rebranding for your company, and we are here to help! Regardless of needing a few small changes or a whole new face for your business, rebranding is a time full of new and exciting changes!

 

Is it Time for rebranding your company?

 

A time for rebranding is a phase of a marketing strategy for modification of the set of elements that identify a brand. Always with the intention of improving its positioning. Thus, you can regain recognition in the market or reach new territories, among other aspects. A time for rebranding can include anything from a modification in the name or design of the brand.

 

It’s a good time for rebranding when you consider:

 

• A change in a characteristic seal in the advertising campaigns
• A modification in the typography
• An adjusted in used and even internal forms of work
• A renovation in emailing

 

According to David Blair, European managing director at brand consultancy Fitch:

“A corporate name change must represent a shift in direction to demonstrate the power of the corporate brand – and the value in an expensive rebranding exercise – to stakeholders and customers.”

Is now a good time for rebranding?

 

If your purpose of rebranding is to change the opinion of customers and investors about an already established company, go ahead. The right moment comes when it’s necessary to have a better connection with your target. Perhaps your goal is gaining more recognition and creating a new way of identifying with the brand. These changes make the brand’s personality tangible through a message that talks about:

• The mission
• The vision,
• The unique items that make your company special

A good time for rebranding comes when a company is in a stage of decline

As we know, all good things come to an end. And, the life cycle of a brand has the following parts:

• Birth or introduction
• Its growth path
• Its maturity

The decay indicates a period in which the company could go through difficulties. Thus comes a time for rebranding strategies avoiding the descent into the so-called “Valley of Death”. Which, everyone fears. For instance, a mature company that begins to observe its decline has the opportunity to revive with a good time for rebranding. Hence, the need for constant evaluations of how your brand is doing.

 

Consider Rebranding When the Business Goals Change

Perhaps your brand has already managed to position itself in a certain way, but you want a renewal of its goals and objectives. In that case, you will have to do the pertinent studies because of the repositioning of your business, your clients, your products, and prices. Listen to your customers and how they see your brand. Keep their suggestions in mind when setting the new objectives.

 

Rebranding if your customers change

If users or consumers no longer feel identified with the brand it is for rebranding. Times and trends change. So, if you notice that your consumers no longer have the same response as before, it’s a good time for rebranding. Of course, avoid falling into a competition for notoriety, since that could become a mistake.

Popularity is important, but being recognized by your customers is more significant.

“You might have outgrown your brand. Perhaps you started by working with a single type of customer or industry, but now you’ve grown. Today, you’re working with five different industries and companies large and small. In this scenario, a company name that perhaps played upon an owner’s name or a physical location for your HQ may no longer work.”
(Rebranding A Company: Dos & Don’ts. Cascadeinsights.com. June 2020)

Customers may also change when the company seeks to overcome the geographic boundaries of the market. Will your brand expand? There are some aspects that you must modify to reach your audience. Make sure you are always talking the right way to your audience. Although, in some cases, the option of modifying the brand more radically, could be viable.

 

Rebranding is useful If the brand image resembles another

If a legal impediment arises to continue, it’s a good time for rebranding. First of all, avoid thinking of rebranding as the exit to a moment of crisis, or simply because of a desire for changes. Your brand is one of your most valuable assets. It’s always necessary to recognize what your objectives are when applying a process of this magnitude.

“A rebrand requires an understanding of core values and the organization’s evolution. Additionally, there needs to be a strong argument as to why a much-needed overhaul is on the cards. Companies should firstly be asking themselves a vital question: “what is the objective?”
(Doug Main, Why does my organization need to rebrand? Key points to consider. Marketingtechnews.net, August 2020)

Rebranding is part of a successful strategy

A good time for rebranding needs one or more changes in your business, so it’s important to develop a customized rebranding. Follow these steps and you will succeed

a) Know the brand and define it clearly.
First of all, you must know your brand and your goals. This will help you define your next restoration goals and actions to redirect your corporate identity.

 

b) Know your audience.
A market analysis will help you discover how customers have felt about the brand and what they expect from it. For example, use a focus group to learn more about the current effects caused by the presentation of your brand. You can also measure the prior impact of the changes you want to make.

 

c) Make a list of priorities and a budget.
A good time for rebranding requires time, work, and also money. You should review what the main objective to achieve is and those that will reinforce them.

 

d) Prepare a change-earnings projection.
Additionally, prepare a projection showing growth rates, comparison of resources used in the past, and acceptance rates with other success stories.

 

e) Create a new concept.
Adapt all assets to your logo, on the web, on the packaging, or other audiovisual materials that give identity to the brand.

 

f) Communicate at the right time and medium.
Finally, establish when and how to issue the message, make a communication plan that includes digital marketing.

 

Define the way or means in which you want to show the new changes and the opportune moment to do so. Is it a good time for rebranding your business? Please let us know. We’ll be happy to help you figure out this time for rebranding!

If you want to know how to make a rebranding for the Latin market, please read this same article in Spanish.