London, United Kingdom
+44 (0) 7803 332977
KNOWLEDGE BASE

3 things your competitors wish they knew about rebranding

Did you know that as many as 74% of the S&P 100 companies have rebranded their business in the first seven years? Rebranding is often misunderstood, feared, and postponed but its benefits are endless. Just to give you an example – Tripadvisor flattened its colours for a more flexible visual identity with energy and immediacy. The result? The business more than doubled the number of its users and kept their iconic owl sign while adjusting to the new market reality.

Today we will discuss why you should consider rebranding, how you can do it, and when is the best time to make it happen. 

Before
After

Why should you consider rebranding? 

Rebranding is one of the key ways to react to the ever changing market. In our experience, companies that can adapt to the market, monitor trends, analyse and understand their consumers achieve the greatest success. 

Here are 3 reasons why you should think about rebranding:

Get new Clients

Rebranding is an effective technique if you want to expand your audience.The longer you leave your brand unchanged, the less relevant it becomes, and therefore ceases to be attractive to both new and loyal customers, especially, in the emerging industries. Also, rebranding can cover up old mistakes that previously drove away your potential consumers. With new brand elements and storyline, you can get a second chance at first impression to enrich your Client base. 

Align visual identity with the new business strategy

Consistency in branding is an essential part of getting the message across to the customer. A business needs to ensure that all of its communication media, including its visual content, align with the idea of the brand and its promise to the business’ consumers.Rebranding can make your company more appealing to the customers in new countries, supporting your market expansion strategy. When you expand the boundaries of your business, new opportunities come, allowing you to get new customers who did not know about your existence before the rebranding.

Differentiate from competitors who are similar to you

One of the most important indicators of a company’s success and influence is brand recognition. To stand out in the market full of similar products, it is essential to have a unique visual identity. Otherwise, your customers may confuse you with other brands and choose the product of your competitor over you. Doesn’t sound successful, does it?

How can you do rebranding ?

Rebranding is not a simple change of sign or a company name. The wrong choice of rebranding strategy can negatively affect the image of the company, making future customers disoriented and existing consumers dissatisfied. 

Here is a list of aspects you should pay attention to when you consider rebranding:

Redefine your company’s vision, mission, and values.

Start by reviewing the fundamentals and directions of your business – define your “brand wheel”. Any comprehensive rebranding begins with establishing the purpose, vision, mission and values ​​of your company. Ask yourself – Why does your company exist? Where is it going? How will you move there? What values ​​are defining your culture? A clear understanding of these things is the starting point for any rebranding, especially if it involves a change in business strategy.

Change logo, name or slogan.

No matter how famous and recognizable your brand is, over time it gets boring and familiar for people. As a result, they simply stop paying attention. One way to keep your visual identity fresh is to change the logo, name, or slogan without undergoing a major rebranding process. One example of a successful logo change is German car giant BMW which updated their logo to make it more appropriate for digital formats. The transparent and pared-down modern aesthetic looks awesome on the cars too.

                                 Before

 

                                    After

Make a launch strategy

When your brand has a new face and new values, you need to announce this to your customers. Smart and well-thought-out launch strategy is the key to inform loyal consumers and attract new Clients as well. The truth is, without a strong launch, your new identity won’t be communicated, and, therefore, likely to fail in the eyes of your target audience.

When is the best time to do rebranding?

Almost all entrepreneurs face the question “when to carry out rebranding?” Regardless of whether the signs that it’s time to rebrand are obvious or hidden to you, such markers can manifest themselves in many ways. Often, the first sign is the very fact that you are considering rebranding. The question is not whether you need it, but when it should be done.

Let’s take a look at 3 most common times for rebranding: 

When there are signs that customers want a change

Our buying behaviour is changing more rapidly than ever before. One way to find out that the customers want change is by doing customer surveys. When the results of customer surveys show reduced brand recall, less satisfaction with your company’s service, and products’ quality, it’s a good time to rebrand

When you want to expand product offering

Brand positioning largely depends on the products offered. While an expanded product offering can mean greater access to new markets, it can also push your business out of the comfort zone – entering a new market where success is not a given. Expanding your product offering should be aligned with the message the brand conveys – and this is where rebranding comes to help.

When your visual identity no longer reflects your company’s mission and values

Articulating your brand’s core identity – your mission, vision and values – is critical to a strong brand. However, if your core values have evolved, it might be time to revisit your branding. Your branding is the visual representation of what you stand for as a business. If your logo, on the outside, doesn’t match your core values, on the inside, you’re misleading your audience. Your core values should be consistent and apparent in your company’s brand. If they’re not, a rebranding is definitely in order.

Conclusion

Rebranding can take a company to a new level and give consumers the opportunity to look at it in a new way. You should consider rebranding to get new clients, align visual identity with the new business strategy, and differentiate your business from competitors. Some ways to do rebranding include redefining your company’s vision, mission, and values, changing logo, name, or slogan, and making a launch strategy. There is no one good time to do rebranding but the best periods for rebranding include clear signs that customers want to change, expansion of the product offering, and misalignment between the visual identity and company’s vision and values.

If you need help with rebranding, feel free to contact LKI Consulting!

Share this article

Thinking about rebranding?

Our team will be happy to help!
FREE CALL >