Considering Rebranding Your Business? Here Are 3 Things You Have to Know First

There are many reasons why you may consider rebranding your business. The focus of your business may have changed, and your branding needs to change to reflect that. Your customer demographics may have changed too, or you may need to rebrand to remain relevant to your target customer base. Rebranding may also be necessary to revive sales. No matter why you want to rebrand your business, you have to be prepared for what you’re getting into. Here are three things you have to know first before starting your rebranding efforts.

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Know Your Goals Before You Start

Know why you’re rebranding, so that the final product delivers the desired results. Are you rebranding because you’re delivering new services? Are you shifting from delivering products to services? Are you trying to promote your products to a new audience? Start with the why in mind.

Another thing you have to do is know on which channels you will concentrate more of your efforts. If you were planning an online rebrand, you should consult with experts in the field; they will ensure that your new brand is tied to the old one while standing out in a crowded field. You can’t just go with just any team, however. You want people more like this team, as they’ll be able to identify the strengths of your brand as well as the weaknesses and give you a rundown of which platforms might be a better option for you. 

Understand What You Could Lose – and How Not to Lose It

Too many companies come up with a totally new look that abandons their loyal customers. You can’t afford to do that. Verify that your new brand will maintain your brand equity while attracting your future customer base. Don’t confuse or alienate your best customers with something that’s a radical departure from tradition. Know what elements to keep and which you can change or discard altogether.

Identify the Right Time

If sales are strong or growing, there is no point in reinventing the brand. Rebranding should be considered when sales have been flat for a while. Rebranding may also be necessary if the company’s reputation has been tarnished. Note, however, that while a new brand is a promise that you’ll meet certain standards, it won’t cover up a crisis.

Another occasion when you may want to refresh your brand is when you expand into new markets or new locations. For example, a regional brand going national or a national brand going international may warrant a new brand. Know your newly expanded audience before you revamp the brand to reflect this change.

Don’t rebrand because your brand-based marketing isn’t working. Find out why your marketing strategy isn’t working. Do market research to find out why your current brand or brand-building efforts aren’t working. Don’t rebrand because your marketing team is bored or your customers are seeing the existing brand too much. Nor should you rebrand because a new manager has taken over. However, you may need to rebrand if there has been a major change in leadership and direction.

Rebranding is a major risk and a significant investment. It must be done at the right time for the right reasons with the proper focus if it is going to succeed.

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