Rebranding your company is a great way to start fresh. However, if you have already built a great brand, rebranding could put you at a greater risk for loss due to brand-loyal customers.
If you are considering rebranding your business, but are not sure whether it is worth the effort and costs, then continue reading. We will discuss the main things you need to consider when rebranding your business.
1. Reason for Rebrand
Rebranding is such a big change and will cost your business a lot financially, so your reason needs to be more than just keeping up with the trends. Ask yourself, what are some important reasons for your company to rebrand?
Rebranding should happen if there is a change in the mission and direction of your business. Additionally, if you are planning to hit a new target market, rebranding your business is a good idea.
2. Your Customer Base
Brand loyalty is such a big thing, that some people that choose to rebrand end up losing part of their clientele. When rebranding, the goal is to transition smoothly from your old image to the new one. It is also important to acknowledge your previous brand and let your customers know that rebranding is making an improvement.
Say goodbye to your old brand through fun activities like videos or interactive events. You can also welcome the new brand with promos, sales, and more. If you make it a whole affair that people will enjoy, your customer base is sure to follow you.
3. What Needs Change
When rebranding, not everything needs to change. Similarly, you cannot just make small and unnoticeable changes. With your rebranding, you need to know your own goals and what you want your company to do.
Try to see whether it is simply a change in logos and color scheme that you need to change or if your whole product offering needs to be revamped. Use your analytics and data to see what aspects need to change and what you can keep when rebranding.
4. Your Competition
Make sure that when you are rebranding, you still stand out from your competitors. Ensure that your new branding is not similar to theirs and is unique in every way possible.
5. Your Plan
You shouldn’t rebrand whenever you feel like it. You’ll need to have a plan to initiate the process. This includes accounting for costs, calculating the value of the rebranding, and checking for any possible losses.
Once you have determined that you will not be at a loss when rebranding, you can come up with your plan. Make sure that you have a strategic process and that you are marketing your rebranding properly. Also, ensure that you are able to still reach your old customer base while meeting a new one.
Rebranding is not just a process of changing logos or signature colors. It is a larger task where you change the direction of your business. Remember these tips before you initiate the rebranding process of your business.
If you need a marketing agency in Phoenix to help you with the rebranding process, Elly and Nora Creative is for you. We will help create the most effective strategies for your brand so that you can focus on just growing your business. Work with us today and make a memorable brand!