When starting a business, it is very important to create a strong and representative corporate identity. This is not only the name and logo of the company, but it must encompass all the aspects that affect the customer experience, such as philosophy and values, as well as involving distinctive colors and typography. However, the brand or Branding may need a change, either because it has become obsolete or because it was not well worked at the time. This is where Rebranding comes in. Learn what rebranding means, when and how to do it here
What is Rebranding?
Rebranding is a marketing strategy that involves changing the corporate identity of a company by developing a new name, symbol, logo, visual assets, philosophy, values, or different elements that make it up.
The objective of Rebranding is to create a new and differentiated identity in the minds of consumers, investors, competitors, employees, and the general public.
Why is Rebranding necessary?
Businesses evolve and often need to evolve their corporate identity to remain competitive.
This happens for many reasons. Some of them are the next ones:
- The visual identity has become obsolete.
- The services or products have been increased, and therefore, it has changed enough to need a revision.
- The brand wants to renew in terms of philosophy and values. This aspect of companies is becoming increasingly important to consumers. Issues such as sustainability or social responsibility are gaining importance.
- It just wasn’t a good job at the beginning, and the entire corporate identity needs to be redesigned.
Rebranding is common in the best brands on the market, as they are continuously making improvements, and they do a Rebranding every so often.
When should a company consider Rebranding?
Rebranding can be complicated and introduces some risks and costs. While changing your identity doesn’t necessarily mean a complete brand overhaul (for example, you don’t have to change your company name or values if you don’t have to), significant changes are needed to build a new corporate identity.
Therefore, it is necessary to carefully assess if rebranding is what is needed and if it is the right time.
When you need to stand out from your competitors
Young companies often do not understand the importance of corporate identity and resort to generic templates or non-custom designs to build it.
A generic logo, like the one you get from an online logo generator or logo shop, will hurt your business.
Generic branding is a problem because it leaves companies competing against many others with similar-sounding names and nearly identical logo designs. Brand recognition is difficult when many brands look the same.
It’s impossible to build brand loyalty if customers and prospects can’t tell a brand apart from its competitors, especially if their product offerings are identical or similar.
When the identity is completely obsolete
Perhaps a business has been around for a long time. If so, your ’90s color palette may be dragging the brand down and making the business look stale. And, perhaps, the values no longer fit as well with modern culture.
To compete in the modern business climate and avoid losing market share, one thing is clear: companies must adapt.
Modernizing the corporate identity image is an important step in turning the business around and accelerating growth. Every day that you continue to operate with an outdated brand identity, the company places itself further behind its competitors.
This is especially true when competing on social media with professionally designed brands that are able to stand out from the competition.
Companies must rebrand when they outgrow their original mission
This can happen when new products or services are integrated, different, or complementary to the original, and it is necessary to communicate this change.
That creates an identity crisis that can be easily resolved. If your brand identity revolves around one product, now you need to add the others to your strategy.
Companies should regularly ask themselves if the profile of their client has changed, and if so, they should consider a Rebranding that includes all potential clients.
A common problem is that company names are too literal, restricting their use if services or products are increased.
Companies must rebrand to overcome their bad reputation
If a company is struggling to overcome a negative reputation, a change in corporate identity can help consumers see it in a new light and regain trust in it.
In these cases, the changes tend to be more profound, not only focusing on the visual part, but also rethinking if the company’s values and social responsibility can be improved to help create a more positive opinion on the part of consumers.
Rebranding may be necessary at certain times for a company. Do you think it may be time to review the corporate identity of your business and see if you need to improve some aspects?
Give your brand the change it needs with BMT Agency!
At BMT Agency, we are delighted to help you develop and execute a marketing strategy that involves the Rebranding of your business and help you achieve the goals you have set in an environment that is as changing as it is necessary for today’s companies. Contact us, and a group of experts will become your best ally in the digital world.