Rebranding Strategy
For any business, branding is important.
Branding is the identity of a business and sets it apart from competition. It increases company value and sets expectations.
Rebranding should be considered when a brand becomes dated. If a company wants to look fresh, it should consider a makeover.
With the change in consumer behavior, a company should remain customer-focused and relevant. Rebranding helps to get the attention of the target audience and makes customer retention less challenging.
When mergers and acquisitions take place, the key message of a brand should be examined. Rebranding helps to give a brand a new visual entity, especially if there are changes in the audience or location of a brand.
Getting rebranding strategies right…
Rebranding is more than changing a name or a logo. It is about giving a company a new mission, identity, and a message.
Certain things have to be kept in mind before making changes to an existing brand.
Research
No rebranding should take place before conducting research to make sure that the reasons for rebranding are valid and the goals are appropriate.
The brand and the market have to be analyzed and the trends have to be noted.
Build the Right Team
Rebranding is a collaborative effort. The positioning and trajectory of the brand needs critical thinking.
There should be team members who would have an understanding of the new narrative of the brand at the deepest level.
To craft the core message, there should be representatives from marketing, sales, and other departments.
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Given below are some strategies that would help in the successful rebranding of a company.
Changing the Name
Customers should not treat the changing of the name of a brand as window dressing.
The name change should not appear inauthentic and it should not be done for the wrong reasons.
For instance, Dunkin’ Donuts changed its name to Dunkin’ as it wanted to acknowledge the sale of beverages which made up more than half of its business.
The Logo and Color Palette
While rebranding, some physical components of a brand need to be updated. Designers should work on updating the logo and the color palette.
The logo should be adaptable for different business uses and appropriate for the target audience.
The color palette should reflect the personality of the brand. While designing a logo, selecting the right font type is essential. For instance, Sprite has changed its logo to a flat, simpler version.
Rethink Content Strategy
To avoid confusing customers, it is important to take the new brand public. The customers will be prepared.
Customers should know what has changed, the change in identity should be explained to him.
There should be posts on social media platforms about rebranding.
Marketing materials such as brochures and fliers should also communicate the message.
A company can also build a buzz that gets people talking. Influencers can share the updated brand identity and give sneak peeks to customers through their social channels.
Instagram is an effective platform to generate buzz about a rebrand.
CEO at 5W Public Relations, Dara Busch oversees 5W’s Consumer PR Practice, which includes Travel & Entertainment, Apparel & Accessories, Non-Profits, Home & Housewares, Health & Wellness, Mom & Baby, Beauty & Grooming, and Consumer Packaged Goods.
