Companies “rebranding” is a common term we hear. What does it mean to rebrand? And why should businesses do it?
Rebranding can be defined in many ways. the Rebranding campaigns are meant to improve a company’s image. Rebranding could be as simple as updating or replacing a logo or incorporating new products or services.
But, as the ultimate goal is to transform a company’s image, or persona, there must be a lot of marketing and public relations work. A company committed to rebranding will be there for the long term.
Rebranding requires time, dedication, energy, money, and effort. Sometimes, however, it is necessary for the survival of the business.
Continue reading to see our top 7 reasons why a company should seriously consider rebranding.
Why Rebranding Could Be Your Best Business Decision
Consider your options as we discuss why rebranding could be a good idea. It’s important to decide when it’s right for your company to make a change.
This quick guide will help you decide if rebranding is the right choice.
1 Under New Ownership
New ownership brings new ideas, strategies, and policies. It’s a common occurrence. It can happen in businesses, military units, sports teams, or charities.
Every owner has their own method of doing things. They do things the best way they think is best. It is the responsibility of new management to manage a company successfully.
Rebranding can be a great way for new owners to show off all their changes and new ideas to the company to customers.
Alternatively, rebranding can be a great option if the business was not doing well under the previous owner. A restaurant that has been around for many years and barely makes ends meet can become invisible to the general public. However, new owners can catch the eye of potential customers by rebranding their restaurant in a clever way that gives them a reason for paying attention.
2. A Tainted Image
A bad reputation is worse than being invisible. It happens a lot with larger companies. Let’s face it, big corporate companies do not always present a positive image to the public. Fast-food restaurants began to grieve about their unhealthy eating habits and started all kinds of health-based marketing campaigns.
Although we all know that not everyone is going to McDonald’s for a fruit or a salad, it seems that the public appreciates the fact that they now offer it.
3. New Products/Services/Business Model
You may also want to rebrand your company if you want to make big changes. Even if you don’t have a new owner or manager, sometimes businesses must evolve to stay relevant to a changing market.
In the 2000s, DVDs were a hugely popular product, and movie rental shops had to upgrade their inventory to keep pace with this new technology. Many movie rental shops went out of business despite all the live streaming companies.
No matter what business type you have, there are always new and better ways to do business. Your company will eventually fail if it can’t keep up. It is important to remember that if your employees don’t believe you are keeping up, it will happen.
Rebranding can be a crucial part of staying competitive and in business for a long time.
4. Differentiate Yourself from Your Competitors
Capitalism is a society that allows everyone to try their luck and make it. This is great news for you as an aspiring business owner. However, some things can be detrimental to you.
First, there is a lot of competition in the market with many competitors. Rebranding might be an option to make your company stand out amongst the rest.
You may also share a logo with other businesses like yours. You may also find that your logo is similar to one of another company’s in a different line of business. This could not only confuse consumers but also lead to confusion.
5. Major Business Affiliations/Mergers
Businesses often merge and become one team. Merging companies together has many advantages. Rebranding is necessary for merging companies. This will draw consumers’ attention to the merger and show them how it will benefit them, ultimately leading to new customers.
While some business mergers cleverly combine their logos, others create entirely new logos. Companies often take advantage of this opportunity to launch large marketing campaigns to explain the merger to future customers.
6. Make A New Company Persona
A company may need to develop a persona in order to appeal to a new market if they are changing things up completely.
Rebranding is a good idea if the restaurant owner that serves great steaks decides to make vegan food his main focus. He might need to change his restaurant’s name and logo. And, of course, which he caters to. If you want to make a difference in the way people view your business, rebranding is essential.
7. Going World-Wide
Some companies rebrand if they have plans or are in the process of going international. Your current logo and brand name may not be appropriate depending on the culture in the countries you plan to expand. You may need to rebrand to something more relatable/understandable.
Imagine how far you can reach your customers with internationally recognized and well-known branding.
Making The Right Decision
You must ultimately do what is best for your business or company. It’s okay to let your business go.
If you believe you have a chance to succeed and could even be a great businessman with some rebranding, then why not give it another shot? Too many businesses fail. Sometimes it’s because the business owners quit too soon.
You don’t have to give up on your business. Instead, seek outside assistance to help you keep it thriving. This could include rebranding or seeking SEO guidance. It can change everything!