The demands of the free market change and evolve rapidly, and businesses must follow along. That means you will also have to realign your brand identity whenever a major change happens to stay relevant to your audience.
Rebranding isn’t all about changing your logo or your color scheme; you will need a budget and a vision in mind before going ahead with the process. If not, you will end up wasting your time and money.
When to Consider Rebranding
All companies will have to consider rebranding at one point. A digital agency for branding solutions and services can help you strategize a rebrand, but how do you know if a rebrand is necessary? If you experience or notice any of the following signs, you should start considering a rebrand.
- Organizational Growth— If you don’t want to be stuck in the past and want to remain strategic and competitive, you should consider rebranding. It will help you revisit your goals, analyze your strategies, and revise your tags and SEO keywords to better communicate with your target audience.
- New Organizational Direction— Rebranding can help you if you want to change where you want your organization to be in the future. It can help you redefine your mission and vision, set your goals, and formulate strategies to achieve them.
- Outdated or Irrelevant Appearance— Have you come across a reduction in your website traffic? Do you think you have failed to create the right impact on your target audience? It may be time to change your appearance. This is where rebranding can help. When done right, rebranding can transform your brand’s appearance, making it resonate with the sentiments of your target audience.
- Legal Reasons— If you plan to get into a merger or an acquisition or register a new business, it could be time for rebranding for legal purposes. You can accordingly change your name and logo and reposition your brand in the market. If you want to know a bit more about mergers and acquisitions check out this article from Wall Street Prep.
- Negative Publicity— The best way to stop negative publicity from ruining your reputation is through rebranding. It will transform the face of your business, giving you a fresh start in the market.
Planning for a Successful Rebranding
Rebranding requires in-depth research and planning. With the help of a digital agency, you should incorporate these elements and complete the following steps:
- Identify the Reason for Rebranding— Are you trying to reach out to a new market? Have you recently changed your organizational goals? Do you want to repair the damage created by negative publicity? Determine your purpose before moving ahead with rebranding.
- Establish Your Rebranding Goals— Once you have identified the purpose behind the rebranding, it is time to start setting your rebranding goals. Ensure your goals are quantifiable by identifying the key performance indicators (KPIs) you want to target.
- Determine Your Budget— Rebranding may require new ad campaigns, a logo transformation, a website redesign, new website copy, and more. Before launching your rebranding project, create an air-tight budget.
- Research— You need to do a lot of research if you want to rebrand your business. Find out what your competitors are doing to establish their brand. What kind of message are they trying to convey through their branding, and how are their audiences taking it? That should give you an idea about the next steps you need to take.
- Set a Timeline— Do you want to transform your brand all at once or gradually roll out different rebrand elements? Make sure you set a firm timeline with deadlines for deliverables to ensure a smooth brand transition.
Rebrand Feedback Monitoring
Rebranding doesn’t stop with establishing your new brand. You should also find out how your customers are reacting to the changes you make. This will not only require close monitoring of your KPIs but direct contact with your clients or prospective customers. For example, you may want to consider sending out surveys to a set of your email subscribers.
Hire the Best Digital Agency
Choosing the best digital agency shouldn’t be too difficult if you do your research. Determine your requirements and your goals before identifying one. Go through their reviews and make sure they can help you achieve your goals. Don’t forget to compare quotes, terms of service, and previous results. With the right agency, you can completely transform your brand to keep up with the changing market and your growing business.