Do I need to rebrand? A question we always get asked by new clients! Here’s the answer!
What is rebranding?
Rebranding is the process of changing the image or feel of an established brand. This may happen early on in a brand life when it is discovered ‘who they really are’ or many years down the line if a brand outgrows itself. Rebranding may involve a change in the name, logo, marketing materials or any other defining aspect of the brand – the overarching aim is to create a new brand identity.
Why do it?
Starting afresh with a new brand image not only keeps the brand up-to-date and relevant, but it can also refocus your target market. Think of it like this – a brand is what consumers think of you, so if you get your rebranding right you can change what consumers think of you for the better. Before jumping in to a rebrand ask yourself the following questions to see if it is the right choice for your company.
Why are we considering a rebrand?
There are many reasons why you might choose to rebrand, you may be trying to target a new audience, changing your message or simply trying to keep up with the times. Understanding exactly why you want to rebrand is essential to making it a success.
What problem will a rebrand solve?
Question 1 should identify that something needs changing, you need to clearly understand what this is. If you do not know exactly what the problem is a rebrand it is a waste of time, effort and money. Identifying the problem will help to create clear objectives of how it can be solved.
What could we lose?
What if the rebrand does not go to plan? Are you willing to risk losing your current customer base along with their trust and loyalty? This is why it is important to have a clear rebrand strategy with concise objectives. If you are targeting a new target market consider how you can achieve this without losing the current customer base.
Has our target customer changed?
Has your target customer changed? Do you want to reach out to a new target market? Or do you want to reach out to a wider audience in your current target market? By pinpointing exactly who you want to target you can get your brand back on track.
What do our customers want?
Guessing is dangerous. Talk to your customers, do not assume they will automatically want what you are offering. Hold focus groups or interviews with potential and existing customers to find out what they want from your brand and how they want to communicate with you. This process can save your company a lot of time and money from incorrectly assuming what your customer wants.
Have competitors made changes that have impacted us?
Are your competitors one step ahead? What have they done that you have not? If you do not keep up with the competition then your customers may switch to your rivals. To survive in any given sector, you need to show customers that you can adapt to changing demands, and a rebrand may be necessary to show that you are keeping up with new technologies and changing markets.
How will we track the results of the rebrand?
After investing in a rebrand you need to know if it has been successful or not. Tracking the results of a rebrand depends what on what you have set out to achieve, for example creating a new brand identity or keeping up with the competition. As mentioned in Question 2 having clear objectives will not only help to solve a problem but also to measure if it has been solved after the rebrand.
Are we ready to do this?
Rebranding requires commitment from you and your employees, you need to have everyone on board to achieve change. Contact 2xN to discover how we can guide you through the process of rebranding to revitalise your brand and achieve your rebranding objectives.