When & How to Rebrand Your Business

Rebranding your business can be an effective way of implementing change and boosting growth. With the renewed brand, your business can appeal to a wider audience and boost its overall performance. However, rebranding can take a lot of time, effort, and financial resources to make the necessary changes to your business. That’s why it is important to do it at the right time and in the right way.

What is Rebranding?

Rebranding refers to the rethinking of your marketing strategy and introducing a new name, logo, or design for your business. The purpose of rebranding is to develop a new and differentiated identity for the market. This can improve the perception of customers and other stakeholders about your business.

By introducing something new, rebranding changes the associations that customers and other stakeholders have with your business. With the new name, logo, and visuals, you can reach a new customer base while reemphasizing the loyalty of the existing market.

When Should You Rebrand Your Business?

Rebranding your business can be complicated and often carries big risks. If done at the wrong time or way, it can be detrimental to your business. However, perfect timing for rebranding can boost your business to success, reaching new potentials that would not have been explored with the old brand. Some of the right reasons for rebranding include:

1. Your Brand Name No Longer Reflects Your Vision

When your brand name becomes suboptimal, it may be time to rebrand. A brand name that seemed great 10 years ago may no longer represent what your brand is all about now. Probably there have been some changes in the local culture or the name seems to be dragging your brand.

2. Expanding to New Locations

When your business is expanding or moving to a new location, it may be a good time to rebrand it. You may be expanding to international markets, including non-English regions, necessitating a new brand name that your new target audience may resonate with. A full brand rename will allow you to reach more people and interact with them on a more localized level.

3. Need for Market Repositioning

When you are repositioning your business, rebranding helps to meet customers’ expectations. For instance, a brand name such as invent2go can be a great name when targeting younger customers. However, if you are repositioning the business to an older generation, going with the name Invest to Go will be more relatable.

4. When You Cannot Differentiate Your Business from Competition

When you realize that your brand has started to look like every other brand in your field, it may be time to rebrand it. Think about your sales, differentiators, and business growth to determine if the brand is performing as expected. Rebranding your business in this case can help you gain a competitive advantage to sustain your brand.

5. Your Business is Undergoing a Merger or Acquisition

Mergers and acquisitions usually involve some level of rebranding. The acquired entity must fit into the brand architecture of the acquiring brand to ensure optimal relationships with the newly merged brands. Rebranding also ensures that both entities are coherent and can perform optimally as one.

How to Rebrand Your Business?

When implementing your rebranding strategy, you need to determine whether your brand needs a total or partial rebrand. You may also need to consider your target marketing and how the rebranding will affect the performance of your business. The major components of rebranding a business include:

1. Create a New Logo: Changing your logo serves as a clear sign to consumers that the identity of your business is now different. This may include changing the colors, icons, or adding modern typography.
2. Shift Brand Position: This means that your products, services, and content must communicate a refreshed message. For instance, you may shift your brand positioning from an older to a younger generation.
3. Create New Ads: With the new logo and messaging, create new advertisements to communicate the change to your brand and what this means to the customers.
4. Change Your Brand Voice: This means changing the perspective from which you write your marketing content. You can choose a formal, casual, or even witty tone depending on how you want the brand to be perceived.

Rebrand Your Business for Success with Nvent Marketing

Rebranding your business can be a complicated process depending on the amount of changes needed. You may also require software tools and skills that may not be readily available. Outsourcing this task to rebranding experts like Nvent Marketing ensures that the process is properly conducted is nothing is overlooked. Give us a call today and speak to one of our representatives on the next steps to rebrand your business for success.