As a business owner, if you think that a company’s brand is limited to its name and logo, then you are highly mistaken. A brand is more than just the company’s mere name and logo. It represents the sum total of the experiences that customers have while dealing with your company. The name and logo are essential as well, so they better be impactful! A good brand is one that successfully establishes trust and credibility among potential customers. Now, this requires a stronghold across all social mediums, coupled with exceptional customer service. How you do it is your take but if a customer finds value in your brand, ROI is most likely to follow.
When and Why did rebranding come into the picture?
Over time a brand evolves and it isn’t unusual at all for a company to outgrow its brand identity. What if your brand gains pace and halfway through you realize that the name you chose for your brand is too generic or similar to some other business? What do you do in this scenario? Rebranding is the answer! The most established companies have changed their brand identities. Here’s an interesting fun fact: Google started out with the name “Backrub”.
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Maybe your business started off selling t-shirts, but now you’ve extended your collection to fragrances and accessories. If you stick to your original branding, customers would not know that they can reach out to you for the newly added items as well. This is also the time when branding comes to the rescue. For instance, Dove solely began as a brand known for offering bars and soaps, it later went on to dominate the shampoo, deodorant, and body wash markets.
If your brand has been going through a “not so good reputation” phase, you may consider rebranding it to let customers see you in a fresh new light. Uber’s recent brand overhaul is a great example to understand how rebranding works in your favor in a similar situation.
Even if your brand is in all its glory, it is easier for it to get lost in the online shuffle. It is always a good idea to keep reminding people about your brand every now and then. Consistent rebranding rings a bell in the customer’s minds and enables them to recall when they last used or heard about the brand. It is an effective way to let them know that the brand still exists in the market. Popular brands such as Dunkin’ Donuts, Domino’s, Tupperware, McDonald’s, Instagram, MasterCard underwent successful rebranding campaigns despite already having a substantial hold in their respective markets.
Taking the Plunge
Change is never easy, but sometimes it’s much needed. Even so, it can improve or worsen things. Similarly, good rebranding can either make or break a business. If we look back in time, many major brands have successfully rebranded. So where do you begin? Start off by understanding the core existence of your company. What makes your business special? How does it stand out from the rest of its contemporaries? Take the existing brand values into account.
What is the need of the hour? What your target audience is looking out for at this point in time also needs to be taken into consideration. Align with your target audience. Be open to valuable feedback from voices across your company. Have a well-thought-out campaign with set deadlines. Organize your rebrand plan and be prepared to answer any questions coming your way with a carefully planned story as to why you felt the need to rebrand.
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