Rebranding is risky—it requires significant changes in your business without any guarantee for success. (Remember when Uber did a rebranding overhaul? Over 40% of their consumers didn’t like the update and weren’t sure what the new logo represented. Sometimes, however, rebranding seems the only elixir to your business’s brand woes. In that case, it’s important to create a solid, successful rebranding strategy. This ensures that the transition goes as smoothly as possible while maximizing its potential to succeed.
In this article, Digital Offsider will walk you through the necessary considerations that go into a successful rebranding strategy. Digital Offsider has worked with different brands, and these are the considerations that have helped us position their brand better.
Read on and see if a rebrand is the right next step for you.
Why do you need a rebrand?
There are myriad reasons for wanting a rebrand. For example, this could be the need to stay relevant and up-to-date in the market. Or perhaps it could be an effort to distance the brand from negative perceptions. Whatever that reason may be, a successful rebranding strategy hinges largely on a clear, definitive motivation.
A rebrand aims to target problems with your business model and strategy. Be intentional with your approach. Establish what these problems are, and set out actionable steps to address each of them.
This gives you a steady direction in which to go instead of flying blind.
What kind of rebranding fits you?
Now that you know the business problems you want to tackle, consider the kind of rebrand which fits most. It could either be a partial or a total rebrand.
The kind of business (and business woes) you have dictates which is more appropriate. For example, a younger brand benefits more from a total rebrand. On the other hand, it is riskier for a more mature and established brand because it could stand to lose its loyal consumers.
On the whole, the former aims to tweak certain aspects of an already existing brand and improves on it. Think of new wall colors for your living room, updating the furniture, getting a new carpet, switching the lighting. The latter is an extensive overhaul. It changes your brand, its personality and voice, its goals, and its relationship with your customers. Think of tearing down walls to expand the kitchen, adding a terrace, and building an entirely new floor.
When is the right time to do a rebrand?
While there isn’t always a clear answer as to when the right time for a rebrand is, a good indicator is when your business feels stagnant for a sustained period of time. Both short- and long-term goals remain unmet. Your competition is killing it in the market. The engagement of your consumers (which is a primary pillar of your brand) is deteriorating—or at least lackluster. In short, when your business isn’t doing well.
At the end of the day, you will feel it when the right time has come. As a business owner, you want it to do well. And most often than not you will know when it isn’t.
In that case, feel free to take the plunge.