Rebranding is a concept that many business people approach with caution. The term refers to the process of refreshing an existing brand, which may include major updates or changes to values, logos, purpose, or positioning. A significant overhaul of a brand can not be completed without risk. After all, if a brand is at least somewhat successful it’s likely that you have loyal consumers who like your current brand identity and offerings. Will you lose their loyalty if you make too many changes? Will you attract a new audience through rebranding, or will the expensive and time-consuming task be a waste of time? It’s a challenging process, and yet in some cases, a rebranding is exactly what needs to happen.
The question is how do you determine whether or not you need to rebrand? Also, if a rebranding is necessary, how can you manage it in a way that the risks are minimized? We’ve provided a quick guide to the process so that you can maximize the success of your rebranding exercise.
How to determine if rebranding is necessary?
Whenever the idea of a rebranding comes up, you should first determine that it is truly necessarynecessary. The process will require a significant amount of time and energy, so you want to make sure that your investment is worth it.
Here are three characteristics that indicate your brand needs rebranding:
1. It’s outdated
If you feel like your brand has been left behind, rebranding is a way to help it get with the times. It is important for businesses to adapt as things change in order to remain relevant.
2. It’s weak
A strong brand is a brand that will stand the test of time. If your brand has become diluted or is a little vague, you’ll need to do something about it. Rebranding can help you provide clarity on what your brand stands for.
3. It’s limited
As your company grows, you might want to expand your business. The problem with some brands is that they can limit expansion as they are too restrictive. You want your brand to be an accurate representation of your business offerings and a rebranding might be necessary to make this happen.
Tips for making your rebranding a success
A successful rebranding is typically a careful balance between retaining the essence of your existing brand and rejuvenating it for a modern audience. You need to find the right combination between old and new so that you don’t lose your existing client base but can also move in newly identified directions.
1. Validate the need for rebranding both internally and externally
When contemplating a rebranding, it is important to confirm that it makes sense from an internal and external perspective. Check with core staff members to see if they believe a rebranding is necessary and can see the logic behind the move. Also, you should do a thorough review of external factors such as your target audience and current trends to make sure a rebranding makes sense within this environment. If it makes sense from both perspectives, you should proceed with the rebranding.
2. Seek feedback on the new brand
There’s no point in creating a new brand for your target audience based on what you think they’ll like. You may end up wasting time by going in an entirely wrong direction. Instead, seek their feedback! Better yet, get some of your target audience involved throughout the rebranding process. You might seek people’s opinions through a survey or a quick social media poll. It can be for things like brand name ideas or logo to see what people like most, or something more complex like the causes that are most important to them.
3. Check legal aspects
Whenever you are doing a rebranding, always seek legal advice to ensure you won’t encounter any issues. You’ll want to make sure that there is no part of your brand that may present a legal problem in the future and that there are no trademark risks.
While rebranding can be a challenging process, it can have huge benefits if done well. Make sure to confirm the need for rebranding and follow these tips to ensure yours is a success.