We all grow and transform over time…so why should brands be left behind?
Well, if you find yourself grappling with challenges in connecting with your audience, experiencing negligible sales, or sensing a need for a refreshed brand image, it might be time to consider building a rebranding strategy.
Typically, organizations allocate 5-10% of their yearly marketing funds toward the process of rebranding.
So, whether you're in the process of establishing a new business or launching a product, the emphasis on crafting a robust brand cannot be overstated. Developing a new logo, including a name, identity, website, style guide, and brand guidelines, requires time and careful consideration. So, what exactly is a rebranding strategy?
Rebranding involves a strategic reassessment of your company's marketing approach by introducing a fresh name, logo, or design. The primary objective is to cultivate a distinctive and renewed identity among customers and other stakeholders. This process aims to reshape perceptions and foster a connection that aligns with the evolving goals and values of the organization.
According to industry data, businesses often undertake rebranding initiatives to stay relevant, with a notable 74% of the S&P 100 companies engaged in this practice in the first seven years as part of their overall rebranding strategies.
While you may currently be content with your existing brand assets, business plans still evolve, prompting companies to reevaluate and make strategic adjustments.
Recognizing the appropriate rebranding strategy for your situation can be invaluable and significantly enhance your chances of success. So, here we have enumerated 5 effective rebranding strategies that are bound to provide you with opportunities to grow.
If your brand already has a vision, mission, and set of values, it's crucial to reassess them now. For those without these foundational elements, it's time to convene as a team and define them.
Vision, mission, and values serve as the bedrock of your brand, shaped by addressing three pivotal questions:
This represents your vision, acting as the focal point for every decision. It's not merely about your desired destination, it's about guiding your audience to a particular place.
This is your mission, akin to a company roadmap. Any shifts in this aspect necessitate corresponding changes in your company message.
This defines your values, elucidating why you're dedicated to your vision and committed to your mission. Reflect on your current company values and compare them to the foundational values set in place at your inception.
Therefore, any alterations to your mission, vision, or values should be mirrored in the efforts of rebranding your business, influencing how you convey your message to the world. This might involve changing your brand's visual elements, such as creating a new logo, adopting a new name, or crafting a new tagline.
Starbucks, a notable example of successful brand evolution, has continuously revisited its vision, mission, and values. When introducing new seasonal drinks or expanding its menu, Starbucks builds anticipation through strategic communication, engaging its audience through social media teasers, and involving influencers to create excitement.
If you’re interested in rebranding your business that resonates effectively, it is essential to understand the alignment of your initiatives with your customers and the broader market.
Begin by reestablishing your target market, examining key factors such as:
The goal is to determine whether your target demographic has evolved and if there are customers within demographics not previously considered.
Thoroughly analyze your competitors, especially new entrants offering similar products or services. Identify successful branding strategies employed by both new and established competitors, seeking commonalities that could influence your rebrand. While drawing inspiration from comparable companies, ensure your branding design, concept, and messaging remain distinctive, standing out in the competitive landscape.
By gaining a comprehensive understanding of effective rebranding strategies and market dynamics, business rebranding becomes a less risky endeavor, positioning your efforts for success.
Pinpointing your USPs involves recognizing what sets you apart from others in the market. This process is pivotal in influencing a customer to choose your brand over competitors, and an effective company
rebranding should accentuate these distinctive qualities.
Consider the following approaches to determine your unique attributes:
Leverage this gathered information to shape your product rebranding strategy, emphasizing the aspects that make your brand stand out in a crowded market.
This stage marks the tangible transformation of your brand. Before diving into the redesign process, it's essential to catalog every facet of your business that necessitates rebranding.
Identifying these components involves creating a comprehensive list of the various touchpoints where your customers engage with your brand. If uncertain about these touchpoints, adopt the perspective of your customers by asking:
Once a thorough understanding of the physical elements requiring updates is attained, the creation of new mockups can commence. Depending on your business size, you may have an in-house design team, or you might opt to outsource this task to an agency or freelancer.
Typically, a designer will focus on refreshing:
Logo: Ensure it is simple, memorable, and suitable for your target audience. It should also be adaptable across various channels such as the website, social media, and print.
Color Palette: Establish a three-color scheme comprising a base, accent, and neutral color. The base color should reflect your brand's personality, the accent color should visually complement the base color, and the neutral color should serve as a background to enhance the overall visual appeal.
Typography: Select fonts that align with your brand's personality and are accessible to your audience. In addition to the logo font, incorporate 2-3 fonts for main text, headlines, and accents to enhance textual prominence.
Imagery: Ensure that the visuals on your site align with the core message of your brand and represent your target market.
For example, PepsiCo, a global beverage giant, revamped its brand with a modern logo featuring a streamlined representation of the iconic globe. The blue and red color scheme, symbolizing trust, reliability, energy, and passion, remained central. The typography was updated for a sleek appearance, aligning with the brand's youthful energy and global appeal.
Remember, each design choice should contribute to a cohesive and resonant brand identity.
Before proceeding with the launch, ensure that all the necessary elements are in place for a successful unveiling. This involves a concise step-by-step rebranding process.
Follow a specific order for your rebrand rollout, prioritizing internal audiences before external ones based on the importance of relationships. Consider revealing the rebrand to sponsors or key customers before the general public, marking an initial ‘soft launch’. This internal introduction ensures alignment within the team and allows for adjustments before the public reveal.
Once you've identified the sequence for your rebrand launch audiences, focus on crafting a compelling narrative behind the rebrand. Explore the reasons behind the decision to rebrand, the thought process shaping the new look, and its significance for the future of your brand.
Telling a compelling story about the rebrand adds a crucial human element to the change, allowing your audience to emotionally connect with your brand.
Remember that your rebrand is ultimately for the benefit of your audience, so ensure that the story resonates with them. Use language and visual elements that appeal to your customer base and target audience, emphasizing confidence to instill belief in your rebrand.
Building anticipation creates momentum for your rebrand. Inform your audience that something new is on the horizon to generate buzz and excitement. Similar to a movie trailer or the countdown to a special event, the lead-up to your rebrand can enhance the impact of the actual unveiling.
Define how you will communicate the launch of your new brand to your audience. Internally, this may involve a presentation followed by a Q&A session. Externally, prepare materials for various channels, including phone scripts, email copy, social media content, press releases, advertisements, and formal letters.
Once your launch content is ready, establish a timeline for delivering each piece based on your need-to-know sequence. It is crucial to maintain a swift public unveiling to avoid confusion, with a recommended timeline of two to three days at most.
Consider the iconic rebranding of Coca-Cola in 1985 when it introduced "New Coke." The company initially soft-launched the new formula to a select audience, including key stakeholders and loyal customers, before the public reveal. Despite facing challenges and eventually reverting to the original formula (Coca-Cola Classic), the strategic approach to the need-to-know sequence and narrative showcased the brand's commitment to innovation and understanding of its audience.
Rebranding is a strategic process that requires careful planning and execution to ensure its success. Here are some best practices to consider when initiating a rebranding journey.
Clearly articulate the goals and objectives of the rebranding effort. Whether it's to reach a new target audience, update the brand image, or align with changing market trends, having a clear vision will guide the entire process.
Conduct thorough research on your target audience, market trends, and competitors. Understanding the preferences and expectations of your audience, as well as staying informed about industry trends, will help shape a rebrand that resonates effectively.
Engage key stakeholders, both internally and externally, from the early stages of rebranding. This includes employees, management, customers, and partners. Their insights and perspectives can provide valuable input and ensure a smoother transition.
Conduct a comprehensive audit of existing brand assets, including logos, taglines, and messaging. Assess what is working well and what needs improvement. This evaluation forms the foundation for strategic decision-making during the rebranding process.
Craft a robust brand strategy that encompasses the brand's positioning, messaging, and visual identity. Ensure consistency across all touchpoints to create a cohesive brand experience for your audience.
Invest time in designing a memorable and versatile visual identity. This includes a distinctive logo, color palette, and typography that reflect the brand's personality and resonate with the target audience.
Transparent communication is crucial throughout the rebranding process. Keep stakeholders informed about the reasons for the rebrand, the expected benefits, and the timeline. Address concerns and feedback openly to build trust.
Consider a phased rollout of the rebrand rather than an abrupt change. This approach allows stakeholders and the market to adjust gradually, reducing the risk of confusion or resistance.
Establish metrics to monitor the success of the rebranding effort. Track key performance indicators (KPIs), gather feedback from stakeholders, and be prepared to make adjustments based on real-time data and insights.
Study successful rebranding examples in your industry or other sectors. Analyzing both triumphs and challenges faced by other brands can provide valuable lessons and insights for your rebranding strategy.
All in all, rebranding is not just a visual overhaul, it's a strategic initiative that requires thoughtful planning, inclusive collaboration, and transparent communication. Following these best practices can contribute to a successful rebrand that resonates with your audience and positions your brand for future growth.
Rebranding should be viewed as an investment rather than an additional expense within your marketing budget. When executed correctly, rebranding has the potential to generate significant returns throughout the lifespan of your business. Here are some of the advantages of rebranding-
Conducting brand research during rebranding helps identify customers aligned with your brand's unique purpose. These customers not only have a higher likelihood of making purchases but also exhibit increased loyalty and a willingness to pay more. As loyal customers become brand advocates, they can influence others to choose your products or services.
Rebranding allows you to reshape customer perceptions, influencing the perceived value of your offerings. This, in turn, enables you to adjust your pricing strategy, with strong brands consistently proving more profitable and commanding higher prices. The pricing power gained through a robust brand helps in market domination, asset revitalization, and protection against competitive threats.
Effective rebranding aids in articulating and communicating key differentiators. Many companies struggle to convey their competitive advantages, and rebranding offers an opportunity to clearly define these elements. A strong brand, as exemplified by Apple, can outcompete others even when products or services are not objectively superior.
Well-defined brands are easier to sell as their value propositions are integrated into their brand narrative. Rebranding ensures that the unique superiority of your products or services is seamlessly woven into your brand story. This advantage equips the sales team with a compelling brand, making it easier to close deals confidently.
A successful rebranding initiative results in a cohesive and well-articulated brand, enhancing the efficiency of marketing efforts. Understanding your audience through brand research enables targeted campaigns, eliminating wasted resources on scattered messaging. Cohesive branding ensures integrated marketing efforts, and guidelines from the rebranding process streamline the creation of new marketing collateral.
Strong brands attract the best talent by defining the company's values and goals. Rebranding internally enables the company to communicate its identity not only to customers but also to current and potential employees. A robust employer brand appeals to motivated and talented individuals who align with core values and are committed to fulfilling the brand promise.
Rebranding enhances brand equity, allowing for increased pricing and positively impacting financial performance. The improved customer perception resulting from rebranding contributes to the overall value of the company. This increased brand value becomes a valuable asset, especially when considering the potential sale of the company in the future.
At Goldenflitch, we were thrilled to collaborate with Krishify on their rebranding journey, leveraging our expertise to enhance the app's visual identity and user experience. Our partnership aimed to align Krishify's branding with its evolving vision while maintaining a strong connection with its existing user base.
Throughout the rebranding process, our focus remained on preserving the sense of community that Krishify has fostered. We enhanced the community engagement features and integrated user-generated content seamlessly into the app. This not only strengthened the bond among farmers but also showcased the diverse agricultural practices across different regions.
All in all, our collaboration with Krishify aimed not only to elevate its visual identity but also to enrich the overall user experience. At Goldenflitch, we take pride in contributing to the success of Krishify, and we look forward to seeing the continued growth and impact of this invaluable farming app. Therefore, if you want to give your business a rebrand, then get in touch with us right away!
The time it takes to rebrand a company varies, depending on the scale and complexity of the changes, ranging from several months to a year or more.
Rebranding can be a beneficial idea, offering opportunities to refresh the brand image, attract new customers, and stay relevant in a dynamic market.
To rebrand your small business, start by evaluating your vision, conducting market research, identifying unique differentiators, revitalising brand elements, and introducing the new brand strategically while also keeping your audience in mind.
