Branding is a strategic process that aims to create and shape a unique identity, image and perception of a product, service or business in the minds of consumers. Branding is important besides marketing, including digital marketing in the business world.
10 Strategy Tips for Rebranding Your Business!
So what is Rebranding? Rebranding is a business strategy used to update a company’s brand image in accordance with the desired business development goals.
In short, rebranding is an update to improve business. There are many things you can do to rebrand. Well, all of that will be explained in this article. Come on, just take a look at the article below!
Rebranding
Rebranding is a business strategy used to update a company’s brand image in accordance with the desired business development goals.
In practice, rebranding can be divided into two types, namely total rebranding and partial rebranding. Total rebranding involves a complete change in brand identity, from the logo, brand colors, to company image.
In contrast, partial rebranding only changes some elements of the business, such as the logo or slogan. Each business may need rebranding in different situations, depending on the business strategy it wants to implement.
Reasons for rebranding can range from a change in business strategy to a desire to create a more positive and relevant image.
Signs of a need for rebranding may include loss of brand relevance, negative response from customers, significant business growth, or a desire to reach a different market segment.
Rebranding is a strategic step that must be taken carefully and must carefully consider the company’s vision and goals.
This step involves strong communication with employees, customers, and other stakeholders.
Through proper implementation, rebranding can help companies stay relevant, meet changing market demands, and achieve long-term success.
Rebranding Function
What you need to know about the rebranding function is as follows:
Connect with New Audiences
One of the main benefits of a rebranding effort is its ability to reach new customers and attract interests previously unreached by the company’s brand.
When companies decide to update the look and feel of their brand, they can create a fresher, more relevant appeal to a different market segment or audience that has yet to be explored.
Differentiate Yourself from Competitors
As your business grows and develops, you may find yourself competing directly with competitors in the same industry.
In an increasingly competitive environment, a rebrand can be one of the most effective ways to differentiate your company’s offerings and approach from others.
Differentiating your brand not only creates a strong appeal, but also shows potential clients that your services are unique and that you are an expert in the field.
Rebranding, or a change in the look, message, and feel of your brand, is a key step in establishing your business as an industry leader that appeals to your audience.
Stay Up to Date
Rebranding has one very important simple goal, namely to keep your brand relevant and up to date.
In an era filled with constant change and technological developments, design trends play a major role in how potential or current customers perceive your company and all it has to offer.
In this context, rebranding serves as a powerful tool to show your customers that you are always paying attention to trends in the existing industry and are ready to adapt to these developments.
Reflect New Goals, Products, Offerings, or Values
Showing how your company has developed and changed over time is very important, especially in a dynamic business environment.
If your company has experienced growth, whether in the form of adding new products or services, expanding its reach, or changing business goals, then it is important for your brand to reflect these changes.
Rebranding is a very effective approach to communicating to customers and stakeholders that your company is growing.
This involves refreshing your brand image, including visual elements such as logo and colors, brand messaging, as well as core values that reflect developments in your business.
Apart from that, rebranding also allows you to describe product and service developments, create a more relevant and attractive image, and set a new direction and vision that you want to achieve.
By rebranding, you create a marketing opportunity to introduce these changes to customers and pique the interest of existing customers, while giving the impression that your company is up-to-date and ready for the future.
Increase profits in business
The benefits of rebranding not only impact your overall market entry strategy, but also have great potential to increase your company’s profitability.
This is a strategic move that brings many benefits, including reaching new potential clients, standing out from your competitors, demonstrating your company’s expertise and innovation, and expanding the influence and reach of the products and services you offer.
By providing a new brand and look, you create a fresh and exciting appeal for new customers, which in turn can result in increased revenue.
Apart from that, you can be more effective in reaching market segments that you have not previously reached and provide better added value to your customers.
In this way, rebranding not only allows your company to compete better in a competitive market, but can also contribute significantly to increasing your company’s profitability.
Types of Rebranding
There are two types of rebranding that you need to know, namely Proactive Rebranding and Reactive Rebranding. Following is the complete explanation:
Proactive
Proactive Rebranding is a rebranding step taken in a planned manner and is an integral part of the company’s strategy.
In the case of this type of proactive rebranding, the brand change occurs due to an initiative from within the company, usually in response to the need to expand market coverage, target new audiences, or maintain a position as a leader in the provision of superior services or products.
Proactive rebranding can also be implemented as an anticipatory step towards potential changes or challenges in the business environment, such as increasingly fierce competition with competitors.
By adopting proactive rebranding, companies strive to stay at the forefront of creating innovative products or services, which is key to maintaining and increasing competitiveness in a dynamically changing market
Reactive
Reactive Rebranding is a rebranding action that occurs as a response to events or situations outside the company’s control.
Usually, this type of rebranding is triggered by unexpected events and has the potential to endanger the company’s continuity if not handled wisely.
For example, when price competition with competitors arises, which can result in customers switching to similar products at lower prices, then rebranding becomes a possible solution to overcome this challenge.
In this case, rebranding can be used to reaffirm a clearer business identity, for example by offering new services or products that are superior to competitors.
Advantages and Disadvantages of Rebranding
After you know the meaning, function and types of rebranding, now is the time to understand the advantages and disadvantages and rebranding is:
Advantages of Rebranding
Rebranding offers a number of significant benefits for a company.
One of the main advantages is the ability to stand out from competitors, provided this step is based on thorough research.
With the right rebranding, a company can build a strong story around its brand.
This allows companies to hook existing consumers with a compelling story, which in turn can increase their loyalty to the brand.
Disadvantages of Rebranding
Rebranding also carries significant risks. One risk is the potential loss of customer loyalty. To avoid these risks, it’s important to truly understand your customers before launching a rebrand.
Using consumer surveys and listening to their views is an important step to ensure that the proposed brand change will be welcomed by existing customers.
With a thoughtful and data-driven approach, rebranding can yield long-term benefits without sacrificing existing customer loyalty.
Rebranding Strategy Tips
In the business world, you have to rack your brains to increase profits in your business. So, below are the rebranding strategy tips:
Identify a rebranding strategy
A very important first step in the rebranding process is to carefully identify the strategy. At this stage, it is necessary to consider whether the brand needs to undergo a partial or total rebranding.
The difference between these two approaches is very significant. Partial rebranding focuses more on changing a specific part of the brand. This can include aspects such as changes to the logo, tagline, or certain visual elements.
If what is needed is an update to specific elements without the need to significantly change the company’s identity, vision or values, then partial rebranding is a suitable option.
In contrast, a total rebranding implies changes involving the entire brand identity.
This includes deep changes, including a transformation of the company’s vision and mission, as well as changes to core values that reflect more fundamental changes in the business.
Rebranding is a step taken when a company decides that its brand requires deep and comprehensive changes to keep up with industry developments, overcome challenges, or achieve new business goals.
Research competitor companies
As the main goal in rebranding is to create a clear competitive advantage, it is important to carry out careful competitor research.
Identifying what makes your competitors successful and vice versa is an important step in directing an effective rebranding strategy.
In this research process, you need to analyze the strengths and weaknesses of the products or services offered by competitors, as well as investigate the marketing strategies they implement.
With a deep understanding of your target market and how your competitors interact with it, you can look for gaps or untapped opportunities.
Rebranding provides an opportunity to address competitors’ weaknesses, offer greater added value to customers, and create a more effective marketing strategy.
By combining knowledge of your competitor’s strengths and weaknesses with a strong understanding of your own brand, you can plan a rebranding that will help you stand out in a competitive market and beat your competitors.
Create a New Vision and Mission
In the rebranding process, changing the brand vision and mission is a key step, especially if the desired rebranding is total.
By creating a clear new vision and mission that aligns with the company’s development goals, the brand will have a strong identity and be perceived in the desired way.
A significant example is the rebranding carried out by Walmart. They succeeded in changing their image from “low price” and “low quality” to a more positive image with the tagline: “save money, live better”.
In this rebranding, Walmart formulated a new vision and mission that is more customer-oriented. They no longer only focus on the products being sold, but also on how consumers can get the best value at an affordable price.
In practice, this change in vision affects the services they offer by emphasizing quality and convenience in the shopping experience.
In addition, this change in vision also affects visual branding elements such as the logo, website, and many others, so that the Walmart brand reflects the new business vision with strong consistency.
Adapt the Brand to the New Target Market
In ensuring the success of rebranding, careful research on the new target market is a must. This means understanding the characteristics, habits and preferences of the target market segment.
For example, consider the example of rebranding carried out by MTV. MTV, which was originally known as a popular music television channel in the 90s, decided to target the millennial generation who have different preferences and content consumption habits.
In their rebranding efforts, MTV made significant changes, including changing their tagline, logo, and even the way their programming was presented.
They are going a step further by presenting their content on online platforms such as YouTube and social media, thus better aligning with consumer behavior who are more likely to access entertainment via mobile devices and the internet than via traditional television.
Use a New Brand Name
One of the main reasons to change the name is to make the business message clearer and more relevant to consumers.
Many companies, such as Sorabel formerly known as SaleStock or AOL formerly known as Quantum Computer Services, have utilized name changes to achieve this goal.
For example, the company’s use of the name AOL (American Online) makes their business message easier for consumers to understand than their old name.
The process of choosing a brand name, especially in a competitive online business, is not easy. This requires careful research, time, and energy.
However, there are several tips that can help in determining a good shop name for your online brand.
First, make sure the name is easy to pronounce and spell, as this will make it easier for consumers to remember it and search for your brand online.
Second, make sure the name matches the scope of your business so that it reflects your business well.
Finally, make sure the name is unique because with a unique name, you not only make your brand easy for consumers to remember but also increase your chances of getting the main. COM domain which is often more popular in your online identity.
Choosing the right name is an important first step in a successful rebranding and can help your brand stand out in a competitive market.
Redesign Brand Logo and Slogan
A brand logo is often the most memorable visual element in a brand, so changes in the logo can have a big impact on how the brand is seen by consumers.
For example, imagine the logo of the famous browser, Firefox. The logo is an image of a fox which is always associated with the brand.
However, as time went by, Mozilla, the company behind Firefox, expanded and began offering products other than browsers. This sparked the need for rebranding to reflect the evolution of the brand.
Rebranding through changes to logos, slogans, color palettes, and fonts can help brands adapt to changes and clarify their business message to consumers.
With a new logo and visual elements, the brand can reflect new values, goals and identity that are relevant to the company.
In other words, a redesigned logo can be an important tool in establishing a brand’s relationship with consumers, conveying changes occurring in the business, and ensuring that the brand remains fresh and relevant in the public eye.
Brand Relaunch
If you want to ensure that the launch goes according to purpose and runs smoothly, there are several steps you need to pay attention to.
First, determine the right time to launch a new brand. The right time will really depend on the type of business you run.
For example, if you operate in the accommodation sector, the right launch could be done ahead of the holiday season or the most appropriate moments.
Second, you can consider starting with a pre-launch, which can be used to attract greater attention.
One way to achieve this is by making a “Coming Soon” announcement via your social media account or implementing attractive product promotion and giveaway methods.
One interesting example is the steps taken by fast food business Dirty Chick. They took advantage of their Twitter account to provide information that their business would soon be closed forever, which in turn created a stir in cyberspace and attracted the attention of their loyal consumers.
However, this information is actually related to Dirty Chick’s rebranding move, which includes changing the logo and name to D’Chicken.
Build a Website and Increase Online Visibility
A website is one of the most crucial assets in a rebranding and business development strategy. A website not only serves as a communication tool but also as a place where you can present interesting stories to various audiences.
In the modern era of professional business, your website and online presence are at the heart of your rebranding efforts and brand positioning. This is the first gateway for potential clients, employees and consumers to understand more deeply about your company.
The entire rebranding strategy, ultimately, includes elements related to your website.
Marketing Collateral
In the marketing collateral of a business rebranding strategy, it is important to develop all the necessary marketing materials to effectively communicate your brand message and services to the target audience.
It includes a variety of tools such as pitch decks, proposal templates, brochures, one-sheet flyers, to trade show booth designs. All these tools play an important role in spreading your brand message to your audience.
These tools must be designed carefully and ensure consistency of your brand. They should reflect your brand values, image and the message you want to convey.
Developing strong marketing materials is an important step to ensure that your rebranding successfully communicates the brand change, captures your audience’s attention, and ensures that your brand message is well received.
Therefore, these marketing materials are a vital element in your rebranding strategy.
Use Positioning and Messaging
When you plan your company’s market positioning and messaging architecture in a rebranding strategy, you are looking for the essence of your brand strategy. Market positioning is a key step that involves a brief description of how you want to be seen in the market.
Do you want to be known as an innovative leader in the industry or as a lower-cost provider? This positioning decision will guide many subsequent decisions in your rebranding.
However, it is important to remember that this market positioning cannot be simply created without a strong foundation.
This should be reflected in your company’s true identity and reflect the vision of what you want to achieve. You need to be able to support this position or your brand will lose integrity.
Your messaging architecture is the framework that helps you communicate your message to your various audiences. These messages should align with your overall brand and be well-received.
This isn’t just ad copy, instead, this messaging architecture creates a consistent foundation for all the marketing messages you develop during rebranding.