Smart Rebranding Strategy and Brand Management
Like a phoenix rising from the ashes, shedding its old skin, and soaring high into the skies with a newfound vigor, there comes a time when even the mightiest brands need a breath of fresh air, a revitalizing transformation that propels them to new heights. The best way to do that is through rebranding!
In the competitive market, staying relevant is not just a goal, but a necessity. Successful businesses understand that rebranding is not merely a change in appearance, but a strategic shift that ignites curiosity, captivates audiences, and catapults growth. It’s an opportunity to revitalize the brand’s identity, reconnect with the target audience, and understand the power of transformation.
Rebranding is a marketing strategy where a company changes its corporate image to create a new and differentiated identity in the minds of consumers, investors, competitors, and other stakeholders.
It could be a slight tweak – like a logo refresh – or a complete overhaul of the brand’s look, feel, and messaging. So, why do companies take this daring step? The reasons could be many – a shift in business strategy, a need to shake off a negative image, or an effort to connect with a new audience demographic. Whatever the reason, one thing is certain: rebranding, when done right, can offer a huge payoff. It can breathe new life into a brand, open new markets, and infuse excitement among staff and customers alike. Rebranding your business is like giving a new life to the products and services
This blog is your guide to a smart rebranding strategy and brand management. TBA is your rebranding agency that shares tips on how to rebrand a company. We have broken down the process into seven strategic steps, designed to ensure your rebranding efforts are as effective and smooth as possible. So, ready to take the leap? Letâs kick start!
Step 1: Identifying the Purpose for Rebranding
The first step to any successful rebranding venture is understanding the “why” behind it. A hasty rebrand without a clear purpose can confuse your audience and dilute your brand equity. So, the question remains: why do you want to rebrand?
Are you trying to reach a new demographic? Has your brand outgrown its existing identity? Do you simply need to shake off a negative image associated with your brand? Understanding the reason behind the rebranding not only provides direction to your efforts but also helps communicate the change to your stakeholders.
It’s like using a compass before you set sail. You donât want to drift aimlessly in the ocean of rebranding. Knowing why youâre rebranding is knowing where you want to go. So, take the time to dig deep and pinpoint your reasons for rebranding before moving to the next step.
Step 2: Thorough Market Research
Once youâve identified the why, itâs time to understand the âwhereâ and âwhoâ. This is where market research comes in. The goal here is to understand the current market dynamics and the customers you’re aiming to engage through rebranding.
Start by analyzing your industry trends and try to understand where your market is heading. This will help the brands to align with the market movements and ensure that the new identity remains relevant for the foreseeable future.
Next, focus on your audience. Who are they? What do they want? How do they perceive your brand?
This can be achieved through surveys, focus groups, or even by analyzing the comments and messages on your social media platforms.
As the main aim of rebranding is to appeal to your target demographic, understanding their needs and preferences is key to achieving that appeal.
Letâs not forget about your competitors. Take a close look at their branding strategy. What is working for them? What isnât? You can learn a lot from their successes and failures. After all, the goal is not just to rebrand, but to stand out in the crowd.
By completing this step, you would have gathered valuable information to inform your rebranding strategy and ensure it resonates with your target market.
Step 3: Engaging Stakeholders
After understanding your why and conducting a complete market research and understanding your where and who, you’re now ready for the next critical step: engaging your stakeholders. This step includes your employees, customers, partners, investors, and even suppliers. Stakeholders are an integral part of any brand ecosystem and their support can play a pivotal role in the success of rebranding.
As the primary step, begin with your internal stakeholders, primarily your employees. Keep them informed about the upcoming rebranding, the rationale behind it, and how it will affect their roles and the company as a whole. Remember, employees are the first line of brand ambassadors. Their buy-in and understanding of the new brand identity can help transmit a consistent message to the customers and partners.
Next, take into account your customers’ perspective. As a part of market research, marketers already have an idea of their perceptions and preferences. Go a step further and share the potential new logos, taglines, or mission statements, and ask for their feedback. It not only makes them feel valued, but also provides valuable insights.
Finally, keep your investors and partners in the loop. Rebranding can signal a positive forward movement and instill greater confidence in your company’s vision and trajectory.
Step 4: Developing a New Brand Identity
With the information gathered so far, combined with stakeholder engagement, marketers pave the way to developing a new brand identity. This step involves translating the brandâs purpose, market research, and stakeholder insights into a tangible and compelling brand.
Brand Essence:
The first step of developing a new Branding identity, starts by defining the brand essence. It is the brand’s heart and soul. The core values of the brand differentiate it from its competitors. Think about the brand’s personality, its unique selling propositions, and the feelings you want customers to associate with.
Brand Story:
Next, craft your brand story. It is the best chance to narrate in the most interesting way to the world, why your brand exists, its mission, vision, and the values it stands by. The narrative should serve as a guiding force for all your communication efforts and help build an emotional connection with the audience.
Brand Identity:
Visual brand identity of the product is the key for unlocking the rebranding market. It encompasses logo, color scheme, typography, and imagery. Brandâs visual identity should be a reflection of brand essence and story. Remember, consistency is key here to ensure that your brand is easily recognizable across all platforms and touchpoints.
Step 5: Designing and Testing
As the new brand identity is starting to take shape, it’s time to put those ideas into design and test how they resonate with the audience.
Designing the Logo:
Begin with the logo – the face of any brand. It should be distinctive, memorable, and a visual representation of the brand’s essence. Similarly, the color palette, typography, and imagery should align with the brand personality and appeal to the target audience.
Test the Logo:Â
Donât be too quick to launch the logo. It is a significant step, and it’s crucial to get it right. So, test, test, and test some more. Share the logo designs with a small group from the target audience, run surveys, A/B tests, or focus groups, and gather their feedback. This will help the marketers with insights, they may have overlooked and help fine-tune the design before the big reveal.
Remember, your visual identity will be the first interaction point for many of your customers. It’s your chance to make a great first impression, so take the time to get it right!
Step 6: Launching the Rebrand
The hard work has been done, the designs have been approved, and the feedback has been taken into account. Now comes the moment of truth: launching your rebrand. This is where businesses reveal their new brand identity to the world, and as you might expect, it’s crucial to get it right.
Internal Launch:
Begin with an internal launch. This involves informing all your employees about the new brand identity, the story behind it, and the reasons for the change. Ensure everyone understands the new brand message and how to communicate it effectively. This helps to present a united front when the brand is introduced to the outside world.
Public Launch:
Next comes the public launch. This should be a well-planned event, aiming to generate maximum exposure and buzz. Consider a press release, a launch event, a special promotion, or a social media campaign to announce the new brand. Be sure to utilize all available channels â company website, social media platforms, email newsletters, and more – to spread the news.
Importantly, your launch communication should focus not just on the new logo or tagline, but also on the story behind the rebranding. Share the journey and reasoning, emphasizing how this change will benefit your customers.
Step 7: Post-launch Evaluation and Adjustment
Your rebrand is now out in the world. However, the process doesn’t end here. It’s time to evaluate and, if necessary, make adjustments. A successful rebranding isn’t just about a successful launch; it’s about how the new brand performs over time.
Start with tracking the immediate response to your rebrand launch. Monitor social media conversations, press coverage, website traffic, and customer feedback. This will give you an initial idea of how your rebranding is being received.
After the initial response, continue monitoring the long-term performance of your rebrand. Look at Key Performance Indicators like sales figures, customer engagement, brand awareness, and market share. Is the new brand achieving the goals you set at the beginning?
Track the performance of the rebrand. Feedback from your customers and stakeholders, as well as market performance, may reveal areas that need tweaking. This could be as simple as modifying a part of the message or as significant as revisiting certain aspects of visual identity. A brand isn’t set in stone; it should be able to evolve based on its environment and the needs of its audience.
Wrapping Up:
Rebranding is a journey, and it requires strategic thinking, patience, and flexibility. When done right, it can breathe new life into your business and propel it towards greater success. Contact TBA for your rebranding requirements.
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