This process is not only about your company's visual identity. But also to other elements that make up the company's brand. Although most of you have probably heard of the term rebranding by now - in this post, you will find out what rebranding is, how it is carried out, and when you should devote yourself to it.
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What is rebranding?
Every company has its
brand by which it is recognizable - the logo, name, word, and phrase it uses. By
combining these elements, the company creates its brand identity.
Rebranding
represents a specific change that will create a new image for the company and
enable it to be more recognizable on the market. The change refers to the
logo, name, visual identity, slogan, vision, mission, and target group. In
addition to trying to stand out and be recognizable from the competition,
rebranding eventually aims to attract new customers.
Reasons for rebranding
We live in a time where everything changes and improves rapidly, so it
is, therefore, necessary to follow trends when it comes to business. There are
many reasons why companies decide to rebrand, and we will share with you just
a few of them:
- Changes are necessary for growth - Changes are a double-edged sword because, in most cases, they are tough to implement, but they can certainly bring success to the business. Growth and prosperity require changes, but when they are implemented - the company can reach new customers, which is one of the biggest goals of rebranding.
- Changes in the market - Markets are constantly changing and improving. The company's brand must therefore be in line with the innovations and, by extension, the expectations of the interested parties. Rebranding can also be a smart option if the company is entering a new market.
- New management, focus, and design - Due to the change in the company's management, it is of crucial importance that the brand's identity is aligned with the new developments. The brand design must adapt to changes and be in line with the new management's priorities because it represents the company's identity, including its business practices, objectives, and focus.
- Competition - In the constant battle with competition, rebranding can serve as a great weapon. It allows us to surpass the competition and be unique in the market.
- Repositioning - Rebranding, in this case, should signal a new focus, a change in the direction of the company's operations, as well as new strategies and attitudes. Companies generally reposition their business to attract new customers, and, in this case, rebranding is of great help.
- Outdated image -This is one of the frequent reasons why companies decide to rebrand. The company logo is old-fashioned, as are other parts of the visual identity. An outdated image does not present your new products and services, thus, targeting new customers is not possible.
Although there are many reasons for rebranding, an essential element of
this process is determining the
profile of customers
and market research. When we determine the
target group, the competition, and the market situation, it will be easier to assess
which parts can be improved and redesigned.
Stages in rebranding
Rebranding is a complex process that consists of several stages. You may
learn more about the fundamental steps of the rebranding process in the
remaining text.
Rebranding Stage 1. Analysis
The first stage in the rebranding process is the analysis. The Analysis
represents the foundation of this process because the others are built
concerning it. This phase includes an assessment of previous operations,
decisions, interested parties, the market, and the competition to determine
whether there is room for improvement based on the information obtained. The
Analysis is the cause of the change in the company's brand.
Rebranding Stage 2. Planning
The planning phase is one of the most extensive, as it includes
decision-making based on analyses and consists of a set of different
activities. These activities contain repositioning, renaming, and redesigning
before starting to communicate the new brand.
The company makes
decisions about where the change will be made, in what part, at what level,
and whether it will be bigger or smaller. At this point, we also want feedback
from customers and other interested parties because, on occasion, the company
is unable to identify defects on its own. They may be an enormous help to
us.
Rebranding Stage 3. Application
This phase represents the implementation of the new brand, which was
planned in detail during the previous stage.
The implementation of the new brand has a double character. First, the new
brand is presented to internal parties - management, executives, and other
employees through brochures, newspapers, meetings, workshops, etc.
After
the internal parties accept the new brand, it is launched to the general
public. This method of launching a new brand was chosen since rebranding is an
expensive process that needs to be carefully considered before it is made
public.
Rebranding Stage 4. Evaluation
The evaluation phase represents the measurement of the success of the
changes that have been introduced. Monitoring the success and response of
stakeholders to a new brand is a complicated process - and it is suggested to
measure the success of the set goals.
Risks of rebranding
Rebranding itself is a risk. Companies should primarily understand
why rebranding is an essential process for their business. If you are
aware of the importance of rebranding, then taking certain risks should not be
a big problem for you. Below you can read what risks you may face during this
process.
Change brings chaos
Introducing changes can be a big problem for the company, employees, and
customers. The reason for this is the habits of the existing brand,
characteristics, and way of doing business. During this process -
communication is crucial to make the rebranding as painless as possible.
Loss of clients
As we have already mentioned, change can sometimes be more difficult
than it seems, not only for the company - but also for the stakeholders.
Buyers of products or users of services are people who are used to your way of
doing business and your existing brand.
If the rebranding - is not
carried out in such a way as to minimize the potential loss of client trust,
then we cannot say that it was successful. Of course, there is always a risk
of losing a client when it comes to rebranding.
To avoid this, in addition to the fundamental planning of the rebranding
process, it is also necessary to familiarize the clients with the new brand
and inform them about the implemented changes and reasons for them.
Inefficient distribution of funds
Investing in rebranding can be one of the most profitable ventures for
your business. However, when companies plan to implement rebranding, in most
cases, they forget that the last step of the process is communicating the
brand change, as well as informing interested parties about the new brand.
If you set aside resources for the rebranding itself, and in that
calculation, you do not include funds for the promotion of the new brand. It
can be a big problem because, without the advertising of the new brand, the
interested parties will not be familiar with the novelties.
Rebranding is an expensive process - so the irrational
distribution of funds can cause significant risk and threaten the business.
Examples of rebranding
We have devoted this part to examples from practice, which may be
helpful to you. It is necessary to do an analysis and a plan before
implementing the rebranding process. But with practical examples, we can see
some good moves on the one hand or wrong decisions on the other.
Examples of a successful rebranding process
DropBox
At the beginning of the business, DropBox had a very functional design
because they relied solely on their product to gain market share. As the
business grew over time, it outgrew the vision that was created at the
beginning.
Through various checks and market research - they
realized that their platform is used by companies, and other interested
parties, so a rebranding had to happen.
Through this process, they
got a simpler logo and more colorful illustrations of the brand, which
represented a great refresh for the brand image. DropBox created a microsite
explaining the rebranding's reasoning and procedure to help the general public
become familiar with the changes.
In addition, they launched many
digital and TV commercials, with which they informed interested parties about
novelties.
Apple
This company's rebranding serves as an excellent illustration of how that
procedure should be carried out. In the beginning, Apple was a company known
for its computers. However, as the market demanded more and more, they
expanded their business to other segments.
They represented
innovators in all spheres of technology, and because of that, people
especially perceived them. As for the design, the logo has been changed so
that the "apple" has become monochrome.
This redesign gave the
impression of a modern and sophisticated image of the company. Also, they
removed the word "computer" from the name, considering that they expanded
business - so the old name was not in line with the products and services they
offer.
Examples of the unsuccessful rebranding process
Calendly
The rebranding of this company was long awaited. It was decided to
change the design of the entire website, as well as the logo. The problem
arose with the redesigned logo because according to user comments, it
resembled a toilet bowl. The new logo cost the company $1.5 million and
perhaps more in its reputation after its release.
MasterCard
The authentic logo of this company was redesigned in 2015. The reason
for this was the company's opinion that it was necessary to rebrand because
people associate "Mastercard" with two colored circles.
Additionally, they believed that the logo would still be
recognized even after the addition of new elements to the circles. With
the redesign, the name of the company, which was normally imprinted in the
center of the logo, was moved, and also another circle was added.
This move confused consumers, who were already used to the
company's initial logo. Immediately after publishing the new logo, the
Mastercard company realized that it was a mistake and that it was necessary to
correct it.
It was decided to return the old logo without the
imprinted company name in the center.
Conclusion
Rebranding can be carried out in any period of the company's operations.
For the entire process to be successful, it is necessary to determine the
needs for which the rebranding process is being carried out and look at the
situation objectively.
I hope that this text has helped you better
understand the reasons for rebranding and how you can implement it.
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