Rebranding is simply creating a fresh image for an existing business entity or company. Rebranding your company can be a very overwhelming yet crucial task to undertake. There can be several reasons why should you opt for rebrand and there are some serious calculations to make before you start.
Branding is a process that can be rewarding and significant for business. Rebranding can result into fresh life with a high motivation level. However, it has to be carried out with a clear focus on the company strategy, a well spelt out process enjoined with an inventive vision. Make sure to only rebrand your company when you have the right reasons and at the most opportune moment.
It is critical to realize that rebranding goes beyond mere conversion of the company logo. A brand is a representation of all the sections of the company that come in contact with current or potential customers. These include the company operating brand philosophy, the marketing materials, online presence, company premises and even how the company communication channels are managed. Therefore, before you embark on rebranding your company, put all these factors into consideration.
You may consider changing the brand of your company in the event of the following situations; company target audience has changed, markets shares and positioning tend to be very dynamic. If you realize that your target audience is rapidly changing with time as is always the case, it could be the opportune time to consider rebranding. This shouldn’t be just to maintain the customers’ interest but also their business with your company.
If at some point you feel that your competition is biting off a significant portion of your market share, a brand makeover could be long overdue. In this case however, it is crucial that the rebranding includes very creative strategies to ensure it is effective. Rebranding is in itself a great strategy of tackling competition, but it should go beyond what can be seen by the eye.
At times a company brand can resemble that of their competitors making potential customers struggle to point out the difference even with increased marketing. This also makes it difficult for the company brand products to stand out on shelves. In this regard, you should consider rebranding to reinforce the uniqueness of your brand and bring out the differentiation from your competitors so as to gain a larger market share.
A company merger, a take-over or a change in ownership could also call for rebranding. When owners of a company are changed, there is always a tendency to bring in new ideas and strategies to improve the performance. Consequently, the company management may not only reconsider marketing strategies but also a possible overhaul of the business brand. This can mean a new name, logo and significant evaluation of all brand materials. A good example is Eircom, a telecommunication company which has recently rebranded to Eir in a smart move to increase its market share, introduce new products and address the significant change in its ownership.
Regardless of the reasons for rebranding, it is important to realize that the process of changing a company brand could be very costly and demanding. Eircom for instance has spent €16million to see their rebranding to Eir. Rebranding is a process that calls for further investment in marketing to help customers get informed of the new face of your company. It is always wise to revamp your company image for increased productivity, but only with real reasons that will transform your business.
Kerry Blake is a MS Office expert, trainer and lecturer for past seven years. He has contributed on several sites like Career Addict and King Of Fuel. Most of his articles are about technology but he also writes about cars as that is his other passion.
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