A business grows with time. Companies change over the years, and this happens due to many reasons. With time a business adds new products or services to its profile. On the other hand, a business might also penetrate into new markets and target a new segment of people. This is done with the introduction of tactics of rebranding, and this is how a business changes its brand image.
However, the rebranding of a business is not a simple process, and the process varies from business to business depending on the size, nature, and purpose of the business.
Studies reveal that even the most successful businesses change their rebranding techniques with time. In this article we will highlight the five basic ways of rebranding your business;
Changing the company logo:
Changing a company logo is a very understandable kind of rebranding. A company can redesign its logo with the passage of time, if it is not satisfied with the current one, as a company logo has a huge impact on the business.
Usually, companies design the right logo for the first time like Nike and Shell did, while others redesign it with time.
However, before you are thinking to redesign a logo for your business, never miss the following points:
- If the business has changed or evolved?
- Is there a new competition in the market?
- If the target audience of the business has changed?
- Or it might happen that the logo has become outdated.
Another point businesses must keep in mind is that when redesigning a logo, you should not go for a completely different color scheme or style. You should keep at least one to two elements of your old logo so that people can know it and recognize your brand through the newly designed logo.
Introduction of new product or service:
A business can introduce new products or services in the market if it plans to rebrand itself in the market. The introduction of new products/services to the product line can let a business enter into the new market segment and cater to various demographics. This also leads to more earnings.
It is advised to choose those products or services that are related to your already existing offering because if you go with entirely new concepts, then you may not have the capacity to produce, analyze and market the products as you do with the already existing products. For this, you will need new staff, machinery, and operational systems, which will only raise your costs, especially for small to medium-sized businesses.
Targeting a new market:
A business can also rebrand its self by entering an entirely new market. For example, a business is a producer of shoes, and it also enters the fashion industry with the introduction of bags and belts.
Entering a new market and targeting new segments will also help increase the profits of a business and let it capture a large market share.
A company can also rebrand its image in the minds of its potential clients by putting a creative and unique outdoor signage. This outdoor signage would bless the business in many ways.
Outdoor signage would not only inform the potential clients about the existence of a business but also promote the new offerings, promotions, and target clients. Outdoor signage would help a rebranded business to develop a relationship of trust between the customer and business.
Signage works great in two situations especially
- First, when a business has not been very active on the marketing front and can hit the spotlight with a new powerful advertising campaign.
- The second is that business that has recently launched or changed its products or services and now looking for a way to rebrand the outlook of the business.
Restructure the company’s website:
A company’s website is a platform where the potential customers contact the business and get answers to many unasked questions. You can rebrand your business by restructuring the official website.
A responsive and mobile-friendly website redesign would drive more customers, increases user engagement, and communicates the new image of the business. Take the example of the Cloud Craze website redesign. Walker Sands Digital redesigned the e-commerce company’s website after they had just completed a rebranding, and it worked great.
Businesses grow and transform with time. Not only the small ones but the successful companies also rebrand when required. There could be many reasons for rebranding, but one thing is for sure; rebranding is the technique that keeps a business alive through changing times.
The above five ways for rebranding are the most common ones used by the business all over the world. Redesigning of logo and restructuring of a new official website is considered to be the most common way of a business rebranding. Some businesses, on the other hand, introduce new products and services or target new market segments with signage for more success and maximum profit gain.
However, successful rebranding strategies need to be discussed with all stakeholders of the business, and costs should be calculated before the implementation.