Rebranding is a complex process that needs careful planning and execution. It’s ideal if your company is growing, changing its products or services, or facing a public relations crisis. A good rebranding strategy can refresh your brand’s visual identity and engage your audience.
In this article, we’ll walk you through how to create an effective rebranding strategy plan that will align with your business goals and boost your market presence.
What is Rebranding?
Rebranding is the act of giving a new brand name, emblem, or logo to an already existing one. It’s done to change the perception of a company or product. It can be done because of a change in market dynamics or when a brand needs to disassociate itself from unfavorable associations.
Definition and Purpose of Rebranding
Rebranding alters a brand’s appearance, such as its logo and color scheme. It’s intended to establish a new identity in people’s minds. It may be necessary for a variety of reasons, such as modernizing an image or following a significant change such as a merger.
When Uber rebranded its logo, 44% of people were not aware of what it stood for. Mergers normally result in rebranding in order to avoid confusion and to create trust. A new brand signifies that two companies have come together.
The reasons to rebrand are many, for instance, expanding into a new market or changing a brand’s philosophy. But reasons not to rebrand include boredom or trying to hide from a crisis.
Rebranding may be partial or complete. Partial rebranding retains the brand’s essence, as Old Spice did and experienced tremendous growth. Complete rebranding is reserved for major overhauls, such as following a merger or a significant product revision.
It’s important to gauge how people react to the new branding along the way. Hear from customers, influencers, and employees to ensure the new brand aligns well with the audience.
Reasons to Rebrand
Rebranding helps businesses refresh their image and stay up to date. It’s also a way of identifying better with your customers. Some of the reasons include updating a brand, dealing with a merger, or fixing a public relations issue.
If your brand looks old-fashioned or no longer appeals to customers, it’s time to update its image. Brands must keep up with changing trends and tastes. A significant change like a merger also justifies a new brand image.
Rebranding can restore a damaged reputation. It helps to rebuild trust and regain market share. It’s also useful for entering new markets or appealing to a different set of customers.
- Refresh a tired brand identity
- Deal with a merger or acquisition of firms
- Recover from a public relations disaster
- Reposition the firm in the market
- Reach new customers or add product lines
The rebranding decision should be taken with clear goals and understanding of risks and benefits. An effectively planned rebrand can renew your brand and keep you competitive.
Reestablish Brand Audience and Market
Starting a rebranding process starts with looking at your audience and market carefully. This is the initial step towards a fruitful rebrand. It helps you understand your current customers and what they want. You also understand your competitors and the direction of the market.
Research on your audience, market, and competition gives insight. Creating detailed customer personas allows your new brand to respond to the needs of your audience. A market analysis tells you where your brand can differentiate.
Rebuilding your brand’s audience and market is the key to success. It enables you to create a strategy that wins over customers and sets your brand up for the future. With this research, you’ll know exactly where your brand is and how to respond to your audience’s changing needs.
Redefine Company Vision, Mission, and Values
When you rebrand, it’s a good idea to update your company’s vision, mission, and values. These items guide your brand’s direction. They make sure your brand properly represents your organization’s purpose and goals.
By tying your brand to your new strategy, you create a powerful and appealing identity. This identity will resonate with your employees and customers.
Aligning Brand with Company Goals
Your vision, mission, and values are your brand’s soul. They declare what your company stands for, the value it brings, and its guiding principles. Updating these during a rebrand is imperative so that they reflect your company’s true vision and values.
- Your company vision statement needs to state succinctly your long-term desire and the desirable effect you hope to make in your sector or the world.
- Your mission statement should briefly explain your company’s purpose and the special value you provide your audience.
- Your core values should state the primary principles and beliefs that direct your company’s culture and decision-making.
Aligning brand alignment with these new goals makes your brand exist, consistent, and meaningful to your audience.
Updating your vision, mission, and values in a rebrand helps share your brand’s purpose better. It also builds stronger bonds with your audience.
Rebranding Strategy Plan
Creating a strategic rebranding plan is key to a successful brand change. It outlines steps like logo updates, brand positioning, and marketing materials. A detailed brand launch plan is also vital for a smooth transition and clear communication to all stakeholders.
In order to develop a rebranding strategy plan that will be successful, follow these imperative steps:
- Take a look at your current brand and decide what needs changing. Maybe it is a new logo, new text, or a total brand transformation.
- Perform market research in order to learn who your current audience for your brand is. Knowing your new consumers is important in a successful rebrand.
- Re-examine your business vision, mission, and values. This will help ensure that your brand fits with your business goals.
- Create a detailed brand roll-out plan to execute your new brand seamlessly. Plan your marketing and communications very carefully.
- Keep track of the success of your rebranding. Use measures like brand awareness and customer satisfaction to make mid-stream adjustments.
A solid rebranding strategy plan is central to a successful brand transformation. It includes crucial elements like brand identity, visual reboot, messaging, and a solid launch plan. It puts your firm in position to thrive in today’s fast-paced changing marketplace.
Partial vs. Total Rebrand
In rebranding, you must determine if you will do a partial or full rebrand. A partial rebrand refreshes your message and look but still holds on to the core of your brand. Yet, a full rebrand changes everything, from your name and logo.
Partial Rebrand: Making Adjustments to Your Brand Identity
A partial rebrand rejuvenates your brand without a massive overhaul. It’s a smart way to provide your brand with a lift without emptying your pockets. Some of the benefits include:
- Less costly than a full rebrand
- Less risk of alienating your existing customers
- Can address market trends without perplexing your customer base
Companies like Kraft Heinz and Aspire Energy rebranded without losing their identity. They changed their looks and messaging but kept their core values intact.
Total Rebrand: A Complete Brand Overhaul
A total rebrand changes everything, including your name and logo. It’s for businesses that require a major change in direction or values. It’s a big investment but can really grow your brand.
Think about how much you need to change to suit your new goals and audience. A good rebranding plan can strengthen your brand and help it appeal more to clients.
Brand Identity Rebuilding
Rebuilding your brand identity is the foundation of any rebranding effort. You’ll need a new logo, color scheme, and typography. These should mirror your brand values and personality. You’ll also need to craft one message and tone that speaks to your audience.
Creating a brand guidelines document is essential too. It makes your brand look consistent everywhere. This includes your website, marketing materials, and more.
Logo revisions can be costly, especially if you’re renaming. You’ll wish to have a good budget and a good plan. That way, you can roll it out easily to your team and customers.
You should get a clear brand message and voice. Your voice must be in harmony with your company mission and values. That enables you to speak to your audience in a meaningful way.
By aligning your voice and message with your goals, you create a strong brand identity. This identity differentiates you from the competition.
Comprehensive brand guidelines are like a map. They help keep your brand consistent across all media. This includes your website, marketing materials, and more.
It is worth it to invest in a well-planned brand identity reconstruction. It creates a solid, consistent, and memorable brand. The brand will connect with your audience and set you up for long-term success.
Rebuilding Your Brand Identity
- Design a new logo, color palette, and typography that reflect your brand’s values and personality.
- Craft a consistent brand messaging and tone of voice that connects with your target audience.
- Develop thorough brand guidelines to promote the consistent use of your new brand identity.
- Obtain sufficient budgets and plan meticulously the changeover to a new brand identity, particularly if it includes a name change.
- Coordinate your brand voice and messaging with your company’s objectives to form a unified and memorable brand identity.
Conclusion
Creating an effective rebranding strategy plan is most critical for companies who want to revitalize their brand or reposition their brand. Getting to know your audience, rejuvenating the vision of your business, and rebuilding your brand are the ways in which you can build a strong brand. This brand will engage your customers and enable you to realize your goals.
Studies show that 72% of top brands have rebranded at least once. A strong brand can lead to 33% more sales. You can go through the brand transformation smoothly and set your brand up for success by following the steps discussed in this article.
Start by firming up your core message, as almost two-thirds of Forbes experts advise. And keep your brand’s look consistent everywhere, as most experts agree. Staying true to your brand and refreshing it well across all media enables you to convey your brand positioning well, and builds good brand loyalty with your customers. If you’re considering a rebrand contact Big Drop to help build your rebranding strategy plan.
FAQ
What is rebranding and why is it carried out?
Rebranding is giving an already established brand a new name, symbol, or appearance. It is carried out to create a new image in the minds of consumers and others. It is normally conducted to change how a company is viewed, due to modifications in the market, or to move away from unfavorable perceptions.
Why do firms rebrand frequently?
There are many reasons why businesses rebrand. They may want to modernize their image, deal with a crisis, or change their market position. Rebranding enables the business to stay up-to-date and match new customers’ expectations.
How do you reposition the brand’s target market and audience?
You have to learn your brand’s audience and market first. That means researching your current customers and competition. Knowing who your ideal customers are enables you to create a rebranding strategy that responds to their needs.
Why is there a need to redefine the company’s vision, mission, and core values?
Revitalizing your company’s vision, mission, and values is at the heart of rebranding. These values guide your brand and express what your company stands for. Aligning your brand with your new strategy makes for a solid identity that resonates with all people.
What are the key steps in developing a rebranding strategy plan?
A proper rebranding strategy explains how to alter your brand. This involves refreshing your logo, brand positioning, and marketing materials. A comprehensive launch strategy facilitates a seamless transition and informs all stakeholders of changes.
What’s the distinction between a partial and complete rebrand?
You must decide on a partial or full rebrand. A partial rebrand refreshes your look and messaging but keeps key elements intact. A full rebrand everything, including your name and logo. Choose based on how much change you need to make to reach your goals.
What are the key elements of rebuilding a brand identity?
Rebuilding your brand identity may be necessary. This means creating a new logo, color scheme, and typography. You’ll also need to create a message and tone of voice that will be used consistently. A brand guidelines document ensures your new identity is implemented consistently across all places.