When it comes to rebranding your business, you will find that it is a pervasive step that most business companies take. However, you must be sure about the right time when it comes to rebranding your business. One company that is known globally for its rebranding image is Uber. The brand has rebranded itself many times when it comes to different markets. If you look at Uber today and consider the brand in the past, you will surely notice the difference.
Most of the time you do not notice the fact that a company has gone in for a rebranding. Rebranding is like a new makeover, and there are small transformations that pave the way to better business growth and development. Most of the subtle transformations that they embrace are changes in color, logos or uniforms. For the ordinary person rebranding might seem like changing the font or the name of your business card however in the business world, rebranding has many serious consequences and intonations. It is a serious declaration of the intentions of the business that is targeted towards progress and evolution of your company.
Customer perception of your brand and how should you change it
Another possible reason for rebranding could be to shift the customer perception of a specific brand, or it can display the progression of business with the ever-evolving market. Now, if you are a business owner, it is apparent that you might think about rebranding your company image now and then. However, it is imperative for you to ensure that you rebrand your company at the right time. In this way, you can reap maximum benefits of rebranding.
Signs or Reasons for a Rebranding Strategy
The following are five signs or reasons as to why you should consider a rebrand for your company-
- The urge to shake off an old perception or image- In this case, you can take the case of Burberry. For many years the brand was associated with high-class thugs and gangs across the UK. In fact, this criminal association was such an issue that many pubs banned the brand Burberry along with others on their premises. This might be hard for you to believe however it is true. The negative association of Burberry with the underworld drew potential customers away from the brand. Burberry later decided to take a massive rebrand as market themselves as a high-end clothing brand for luxury wear. They also roped in Emma Watson for advertising their campaigns. In this move of rebranding Burberry did not change its clothing brand or prices. Instead, it focused on fashion and style. Gradually, the transformation did take place. When it comes to your company, you might not have a case as bad as Burberry, but you can make a positive difference. It is essential for you to keep an eye on the presentation part of your brand to rope in success.
- New geographical demography- This is one apparent reason why you should rebrand. When you have decided to venture into expansion into new territories, it is crucial for you to consider a rebrand. The new audience is often interested in your brand if you effectively can tap yourself into the market well. Here, you can take the example of Pabst Blue Ribbon that is loved by the young crowd. The Chinese version of the drink did well, and so they decided to venture into the American market and did quite well in the area of craft beer.
- Outgrowing your original mission- Often when it comes to expert services, some companies outgrow their mission as customers become very demanding. Here, they must consider rebranding or else they can make some wrong choices that could even lead them to the accumulation of business debt. This debt can prove dear to the company if it is not controlled in time, experts say. Some companies have gone into insolvency and bankruptcy when to satisfy the increasing demand of their customers, have taken wrong corporate steps. It is here that rebranding saves the day and prevents the brand from becoming stale. Here, you must be aware of the needs of the changing market and the attitude of your customers towards your product. In this way, you effectively can make concrete decisions that play a positive role when it comes to the rebranding of your company.
- Fast market evolution- At times, it is vital for a business to consider rebranding when the market is evolving at a breakneck pace. You can take the Apple Mac versus the PC campaigns that hit the computer industry a few years ago. Microsoft has indeed catered well to the changing needs of its customers however when it comes to Apple; they are leaders in the field of rebranding. They have been able to stand up to tech giants with their powerful rebranding campaigns that have made them icons in the industry today.
- When the name is all you have got- If you take the case of Harley- Davidson- motorcycle brand, it faced the serious threats of disappearing from the market in 1985. To save themselves from getting wiped out from the market, the brand kept its name but underwent some serious makeover changes. They studied the models of their competitors and decided to change the look on their motorcycles. This strategy hit off and saved the day. The makers of the motorcycle made their models more light-weight and infused attractive features so that they could give their competitors a run for their money.
Therefore, if you are a business owner and considering rebranding for your business, keep the above five signs in mind. The strategy needs to be planned with market and competitor knowledge if you wish to survive in the intense market competition today. They are the top 5 reasons why you should embrace a rebranding strategy with expert advice and ensure that it works well in the market too!
Author Bio: Marvin Power Wells is a business analyst, and he helps clients with rebranding strategies, business debt and financial management for better organization and business management in the market.