Companies must continuously adapt to stay relevant and competitive in the eyes of the consumers. One crucial aspect of this adaptation is the implementation of an effective rebranding strategy. This article delves into the nuances of rebranding, providing valuable insights and guidance for businesses seeking to revitalize their brand identity and strengthen their market presence.
There are a couple of reasons why a company should consider rebranding, such as acquisition or a merger, negative brand image, change in business model and service mix, however, the most common reason is that your brand is just out of date and needs a little refreshment.
One of the most common mistakes companies make, when they undertake rebranding initiatives is thinking that a rebranding strategy is only about design and appearance. However, the often-overlooked aspect of rebranding is the business side and the connection of brand-strategy.
The goal of a rebranding strategy is to create a brand that will support the achievement of business goals by considering both the competitive position of the company and the target segments the brand is addressing with its products or services. The brand needs to support the implementation of the business strategy and reflect the main business goals of the entire company.
When we help clients in their rebranding efforts, we focus on some key areas of rebranding strategy:
- Market analysis focusing on key competitors and their products
- Definition of the current and future (target) market position
- Analysis and prioritization of unique selling propositions for all customer segments
- Analysis of revenue/margin structure by market/sales channel/category
- Analysis of key communication activities in the past years and definition of directions for the future
- Analysis of key communication channels and definition of directions for the future
Only after conducting a thorough analysis of all the important business aspects, can we start brainstorming about the future image and creative aspect of the brand which entails preparing a new corporate identity with all the accompanying colors, typography, slogans, and all other materials. Updating company content after rebranding is undoubtedly one of the most challenging aspects of rebranding. That is why a company should prepare a Brand book to aid in that process. A brand book details all the needed preparation of new design and related materials gathered in one place and is the ultimate guide for the operative part of the rebranding. We often see companies skip this important part which results in partial rebranding initiatives and confusion from consumers.
If we want the customers to really feel the brand, the rebranding strategy must reflect the key elements of the company’s offer and at the same time support the business objectives of the entire ecosystem.
In conclusion, a successful rebranding effort requires a comprehensive approach that addresses several key aspects. First, conduct a thorough analysis of the current situation, identifying a clear starting point, opportunities, and challenges. Second, define the strategic directions and business goals of the brand transformation to ensure alignment with the overall vision. Finally, prepare a well-defined brand strategy, complete with a Brand book, supporting materials, and a detailed implementation plan to execute the necessary changes. By addressing these critical components, businesses can embark on a successful rebranding journey, revitalizing their brand and fortifying their position in the market.