Any company's expansion inevitably involves rebranding. Rebranding entails assessing where and to whom your company is marketed and logos, colours, photography, fonts, names, taglines, and messaging. It is changing the way people perceive your company. Customers are more likely to choose you over someone else if you strongly rebrand. So, how do you know if it's time to rebrand your company? Everyone's timing is different, but there are a few tell-tale signs that a rebrand is in order.
What is a branding strategy?
A branding strategy is a comprehensive approach to developing recognition and favourability among customers and potential customers. A brand strategy includes a variety of brand elements such as voice, storytelling, brand identity, brand values, and overall vibe.
A brand protection strategy protects a company's intellectual property from forgers, pirates, and infringers.
The basic steps for a starter strategy are as follows:
- Verify that you are in accordance with the law.
- Collect evidence of violations.
- Proceed with manual removals.
What is rebranding?
Rebranding is a process of changing how people perceive a company or product. Rebranding can include everything from a company's name and tagline to its logo and visual identity, as well as its website and marketing collateral.
The most effective rebranding initiatives begin with research into current brand perceptions—both internal and external stakeholders.
The research phase's data informs the strategy or brand positioning phase, in which a brand is repositioned in response to customer needs and market opportunities.
Only after research and strategy are the visual and verbal identities of a brand reimagined does the rebrand move on to the identity phase.
Logos, colours, typography, and photography are examples of visual identity. Names, taglines, and messaging are examples of verbal identity.
Typically, the identity phase concludes with redesigning a website and/or marketing collateral, which is launched into the world in the final phase, brand activation.
Why do you need to rebrand?
So, why bother rebranding in the first place? The reasons for rebranding are numerous. For starters, a strong brand increases the likelihood that your customers will choose your product or service over the competition.
Strong brands attract more customers at a lower cost per acquisition, willing to pay more and buy more frequently.
Strong brands are the foundation of true customer loyalty, delivering more revenue efficiently and reliably and generating more shareholder value.
A strong brand not only helps to build brand equity but also helps to attract and retain your company's next most valuable asset: its employees.
Unfortunately, even the most powerful brands have a limited shelf life.
That is why rebranding is critical to the success of any business.
5 signs to look out for and know it is time to have a rebranding strategy:
Your brand name no longer accurately represents your brand vision
Since marketing trends are constantly changing, it is critical to stay true to who your brand is. What was once a creative and meaningful name may no longer represent what your brand is about today. Your brand name should be one-of-a-kind and memorable. A powerful brand name is the foundation for your brand's story and strategy. Developing a modern, adaptable, and future-proof brand is critical to keeping your customers interested and confident in your company.
Your company's business model or strategy has evolved
The way customers perceive your company should always be consistent with how it is run behind the scenes. Defining your mission statement, vision, and values will help solidify your rebranding. If a shift in business strategy is motivating your desire to rebrand, consider the following questions:
1. Why did I start this business?
2.What is the future of my company?
3.How am I going to get it there?
4.What is the definition of our company culture?
Your original brand has now become outdated and was terrible
Of course, it is entirely possible that your brand was assembled in haste and ineffectively. Whether it was a lack of resources, using an amateur, or wanting to get up and running as soon as possible. There is no better time than the present to update your visual identity and strengthen your offering.
The longer you wait, the more likely you are to fall further behind. Determine your objectives and announce your new rollout. Don't ignore the signs that it's time to rebrand; instead, create something that is future-proof!
You are failing to attract top talent
A rebrand not only helps to redefine your brand for current and potential customers, but it can also help to attract current and future employees. A strong brand attracts talented, motivated, and quality candidates who share your brand's values. The best talent prefers to work for companies with a good market reputation. If you are not attracting the type of talent and people you want, consider this a red flag and be open to the possibility that your company needs to rebrand.
When your company has grown beyond the city or state where it first began, especially if that location is a crucial component of your brand, that is another indication that it is time for a rebrand (i.e. the name of your company includes the name of where your company launched). When you expand beyond your geographic location, you must consider new customers and new competition that you may face as you enter these new markets. During this period, customer insights and competitive research are critical. This research will assist your company in preparing for the upcoming challenges in your new territory, as well as in defining the specific needs of your target audience as they relate to that location or area.
Mellow Designs is here to help you create a brand you're proud of, whether you're looking for a rebrand or a brand refresh. Contact our team today to see if a rebranding is a good idea for your company! We'll walk you through every step of the process.