Some businesses may be going through some difficulties, and giving up may not be an option. That is how business owners should see things through rather than just pack their things and forget about everything that has happened. Being a business owner means taking risks. But the chances that they should jump into is carefully thought of and, if possible, with just a tiny room of error.
Thinking of ways to salvage a business, a company may diversify into another kind of business or rebrand the company. That would mean additional expense on the business owner’s end. What are the signs that would initiate such a move, and what kind of strategies would make the transition easier and make customers appreciate the “new look” of the company as a whole? With this article, we shall talk about rebranding a company.
What is Rebranding?
Rebranding is a way for a company to create how it represents itself. The goal of rebranding is to influence its customers’ appreciation and understanding of a product or service, Or the company itself by enhancing the brand. That goes along with the latest trend relevant to the customers’ needs and influences others significantly to see the vast difference the company can bring compared to its competitors.
Rebranding may be in the form of changing the name of the company, re-styling the logo/symbol or design, the company’s slogan, marketing, and advertising approach. Such change can be brought about by the following reasons:
- Change in business ownership as in having mergers and acquisitions.
- Repositioning the company – changes with strategies, HR policies, corporate identity, etc.
- Penetrating the global market.
- To meet the changing and increasing demand in the market.
- To get away from a negative image that led to a decrease in popularity and affected the company’s revenue.
- To boost relevance.
- Diversification of the Business.
- To put up a fresh look.
- Conflict with stakeholders.
- Governed by a new CEO.
- Changing of products and services.
- Improvement of Corporate Identity.
Questions You Need To Ask Before Making A Change
When things get tough, a business owner cannot just wholly delete what exists and start anew without thinking of a better way to start all over again. The following guide questions should be able to help business owners to realize how to create the changes in the company:
- What initiated the thought of rebranding the company?
- What are the existing problems that need to be resolved?
- Are the current products no longer to be as competitive compared to others?
- Are we still relaying the same message about our brand?
- Have we remained to target the same market?
- Is the goal to rebrand something to live up to the next 5, 10, 15 years?
- Thinking of making the change, are we financially capable of making it happen?
- Will there be the right people to help manage the business to help strengthen the company?
These are just a few questions that business owners should need to find answers to before making that big step. It may seem easy to start again from scratch, but creating a new business will definitely need a lot of time. To work on, find the right people, and have enough resources to implement everything.
Rebranding should lead your loyal customers towards the direction you can still keep them. The changes may or may not be as great, but to promise a much better service to the customers, the company should keep. And prove to them that you can offer more extraordinary things despite ‘reconstructing’ the business.
How to Rebrand Your Business
For the past years, you may have noticed how big companies such as Pepsi, Coca-Cola, Gap, J. Crew, Microsoft, and Airbnb were able to pull it through despite the changes that they have made. The important reason behind it is that they have maintained the quality of their products and services. To have a safe and successful rebranding, the following should be kept in mind.
Budget. The company should have enough resources if rebranding is the net step in mind. There is a need to balance the funding they intend to spend in promoting their “new look” and the cost they need to pay in rebranding. Rebranding the company does not only mean having to change the design or logo of the company as it appears on billboards. There is also a need to change other advertisement forms, including business cards, letterheads, company uniforms, and company vehicles.
Redefining the Business and its Goal. This step would mean having a clear vision of what the business owners would like to achieve and basing their new business plan around it.
Identify the areas of rebranding. Rebranding may not only mean changing the logo of the company. Still, it may also need to consider redesigning how their shop/store looks and having a little tweaking on their website. All marketing paraphernalia should have a uniform look. Such as flyers, billboards, brochures, or television/magazine/radio advertisements.
Design elements. Indeed, there are several spectrums of colors that a company may choose from. However, colors have different connotations, which a company should carefully choose. Colors convey meaning and message without words. Along with the color is the shape that should work in harmony with the color.
The power of images is so strong that it should communicate to people in a way that would “invisibly pull” them towards the company….like an overused cliché, “A picture is worth a thousand words.”
Uniformity and Consistency in the design element. Whatever design a company has decided on should be seen across everything that pertains to the company.
Finally, check how your rebranding affects everything as a whole. Carefully inspect each element to identify if there are changes that need to be made. This may take a little while before you can have the perfect rebranding that you are aiming at.
Time, money, perfect planning are the significant elements to make things work for the company. It is a waste of all the resources if the vision is not as clear to the people working in the company as what the business owner has in mind. Rebranding is like building a new business all over again. The changes do not affect how you reach out to them but will instead focus on something different that should start something better for all. Let your customers know that you are still the same committed business entity.
We aim at one goal – SUCCESS. While rebranding may target to bail a company out of a significant loss, success may not be achieved unless appropriately executed. Stay true, keep focused, continue learning and maintain the dedication — success will never be far behind.
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You may contact Armando “Butz” Bartolome for questions and more information.
By email: aob@gmb.ph
FB Page: Armando Bartolome
Linkedin: https://www.linkedin.com/in/franguru/
Website: https://www.gmb.ph
