Branding is a common practice in business today where a name, symbol, or design is made that can easily be associated with a company. If done correctly, having a strong brand will provide your company with countless benefits. The importance of branding is why 89 percent of marketing firms have brand awareness as a top goal for their clients. But it brings the question, what if a change in the brand is needed? There are several reasons for rebranding, and fortunately, there are solutions that will make rebranding a success.
The importance of branding is why 89 percent of marketing firms have brand awareness as a top goal for their clients.
Determine If Your Company Needs to Rebrand
The first step of the process is to determine if your company needs to rebrand. Rebranding can become a significant task that takes time and money to complete correctly. You do not want to rebrand unless there is an apparent reason to. Rebranding will be considered if the company’s target market has changed or the company branding is outdated; new competition/trends have come forward, if the business has had a significant change, or if your branding is obsolete. Attempting to rebrand with no definitive reason will throw off your customers and hurt your current branding. The rebranding result comes with potential risks and rewards, so it is crucial to implement a marketing strategy for the best way to move forward.
Two Types of Rebranding
With the rebranding process, it is essential to understand the types of rebranding. There are two different main types of rebranding, one being proactive and the other being reactive. A proactive rebrand is used on products and services while keeping future events in mind. Proactive rebranding can seize a potential opportunity or rid your company of a possible upcoming threat. Proactive rebranding is usually seen as a positive sign, as there is a chance to grow.
On the other hand, reactive branding is not seen as such. Reactive branding is used when the brand is facing pressure to be removed or changed. Rebranding is done in situations where the brand faces issues such as mergers, acquisitions, fixing a reputation, or most commonly needing to represent or upgrade new and old products and services.
It is essential to realize that rebranding is situational, and you need to address it as such. If a rebrand fits your company’s needs, it is vital to go through carefully and ensure that the branding remains true to the company’s beliefs. Throughout the process, ensure that you and your company are honest and transparent to build trust while establishing yourself. It is a daunting task. At T.Ella Marketing Solutions, we have helped several companies rebrand and would be more than happy to help you and your company get back on track.
Need help rebranding?
At T.Ella Marketing Solutions, we help businesses take it to the next level through marketing strategy, custom website design and support, social media management, graphic design and branding, and reputation management. We are dedicated to developing customized, robust marketing strategies or happy to help in a single project. Give us a call or email us.