Did you know Tropicana lost $30 million in sales after rebranding package design? Sound scary? So why rebranding? Even though it can be risky, rebranding can help a company grow its business significantly if planned and executed carefully. It allows companies to realign their missions and goals with the target audience’s interests. It helps to boost the brand identity and improve consumer perceptions.
In this article, you will learn why rebranding is essential for growing a business and how it can help companies boost their brand identity and increase revenue. You will learn various types of rebranding and how to pick the right one according to your needs.
The discussion extends to essential elements of a successful rebrand, highlighting the potential advantages such as heightened brand awareness, enhanced customer loyalty, and overall business expansion. Learn why rebranding could be your company’s catalyst to reach the next level.
Types of Rebranding Strategies
Most people immediately picture dramatic logo changes or color scheme overhauls when thinking about rebranding. But, a rebranding project can take many forms beyond surface-level design tweaks. A company’s rebranding strategy will depend on its growth goals, market research, and current brand challenges. Here are a few major rebranding approaches:
Brand Refresh
A brand refresh is a rebranding strategy that updates a brand without fundamentally changing it. Rather than taking on the risks of rebranding, a refresh modernizes the branding to re-engage the target customers.
The main difference between brand refresh and rebranding lies within the scope and intent. A rebrand indicates changes to brand vision, messaging, and personality or even sometimes the target audience. A refresh provides a quick makeover to renew interests and visibility.
For instance, Instagram has recently refreshed its logo to make it look modern. Companies may consider a brand refresh when they want to:
- Given their brand identity, a modern facelift, such as simplified logos, new taglines, updated fonts, etc.
- Boost the brand loyalty by showing customers the brand is evolving. Subtle updates feel fresh without alienating existing customers.
- Increase visibility and stand out from competitors with updated branding.
- Signal internal changes and evolution to the market without a drastic rebrand.
Partial Rebranding
When growth stalls, partial rebranding can provide a strategic boost. This involves updating brand identity elements like logos, taglines, and messaging while retaining core branding that resonates with your audience. Partial rebranding is lower risk than a complete rebrand but follows a similar rebranding checklist.
Conduct market research, develop new visual assets and messaging, get stakeholder buy-in, and plan an exciting rebranding launch. A successful partial rebrand refreshes your company’s image and boosts visibility without alienating current customers. If executed well, it’s an affordable way to revamp your brand and lay the foundation for growth.
Complete Rebranding
If a company needs fundamental changes, it requires a complete rebrand. It involves developing a new brand identity with proper logo rebranding, names, messaging, and visuals. Complete rebrands are helpful when companies pivot to new markets or after mergers and acquisitions.
The goal is to signal a bold new direction to potential customers. It is more risky compared to partial rebranding and brand refresh. But the payoff of increased visibility and revitalized brand image can be massive. A complete rebrand requires disassociating from the existing brand to form new brand loyalty.
Role of Rebranding in Business Growth
Even the most successful brand strategy can experience downfall with time. This is mainly due to the ever-evolving market trends and consumer preferences. Under such conditions, the company’s brand identity may quickly become outdated. The best bet for companies is to consider some brand changes and realign them with the target audience’s interests to regain the lost market share.
Here’s how a successful rebranding campaign can help business growth:
Refreshing Brand Identity
Rebranding helps companies develop an entirely new brand identity or refresh the current one. It helps to catalyze the growth. It should involve developing a new brand strategy that is more than just superficial changes like logo rebranding. Companies must carefully evaluate what their current brand stands for and how it aligns with business goals.
They should craft an evolved brand identity through updated messaging and visuals. A website rebranding can also signal change. The aim is to give the brand a new look and feel that re-engages potential customers. An impactful rebranding strategy requires understanding your “why” before making cosmetic changes. Refreshing brand identity through thoughtful rebranding allows companies to realign internally and expand reach, enabling transformational business growth.
Attracting New Customers
A strategic rebrand allows the company to win new customers by increasing brand awareness and recognition. It will enable a fresh start to build equity in your brand story and offerings. Carefully research your industry blind spots and potential new markets to expand into. Develop updated branding that resonates with these new audiences while retaining elements that appeal to your core base.
A successful rebrand increases visibility and interest from untapped demographics. It also builds excitement and buzz as people discover your new market positioning. Attracting new customers requires balancing the familiarity existing buyers expect with the appeal needed to convert new prospects. An effective rebranding strategy redefines a brand to widen its reach while strengthening brand recognition.
Strengthening Customer Loyalty
Maintaining the loyalty of existing customers is just as important as attracting new ones for business growth. Rebranding offers an opportunity to improve the user experience and brand perception, thereby developing brand equity with existing customers. Companies should refresh their visual identity and messaging while retaining the essential elements that customers love.
They can conduct research to identify pain points and areas that require improvement to meet their target market’s needs better. Rebranding ensures the new brand positioning perfectly aligns with the target audience’s interests. Consistency during the transition and upgrades that add value are crucial in strengthening customer loyalty. The benefits of rebranding, such as customer retention, outweigh the risks when brands prioritize existing relationships.
Adapting to Market Changes
Markets move fast, so rebranding efforts must keep pace by aligning brands with current realities. Ask rebranding survey questions to identify how customer priorities, competitors, and industry trends have shifted since your old brand was launched.
Determine if pivoting brand positioning is required or if your current brand still resonates. Keeping up with competitors and industry trends via rebranding ensures your brand stays relevant while giving a fresh edge against challengers.
The rebranding process presents an opportunity to evolve branding that meets today’s customer expectations. Companies can better meet their target market’s needs and remain essential to enable competition by adapting brands to new market forces through data-driven rebranding. An evolved brand revitalizes culture and re-energizes teams to drive business growth.
Merger And Acquisitions
When two companies merge or acquire the other, rebranding is often necessary to create a unified brand image. Research-based rebranding questions can help evaluate brand equity to decide whether to retain the existing strong brand as the foundation for the new brand identity or to develop a completely new one. A well-planned rebranding rollout plan timeline can create excitement while respecting the existing brand equity that will remain relevant.
Rebranding during mergers and acquisitions provides an opportunity to combine the best features of both brands into a new, cohesive identity. But, the transition should be carefully managed to avoid alienating loyal customers.
With a thoughtful strategy and execution, rebranding for M&A can help to unify the company culture and growth goals under a common brand name. Rebranding during mergers or acquisitions can lead to an evolved brand that retains value while propelling the new combined entity forward. For this reason, many will engage with a business continuity plan consultant to ensure that during rebranding or any significant change, your company remains prepared for unforeseen challenges, maintaining operational resilience and safeguarding your brand’s future growth.
Expanding Business to New Product Categories
Rebranding is often done when a company wants to expand into new products or services. It may require multi-site rebranding to maintain consistency. It’s essential to research best practices for rebranding and learn from successful rebranding examples. Consistent branding across categories can help build credibility in new spaces.
Rebranding to support new products is an opportunity to expand brand equity and reach new audiences. However, the brand identity should remain intact while differentiating offerings. When done strategically and with proper customer research, rebranding to extend into new categories can significantly impact business growth.
Data-Driven Rebranding for Maximum Business Growth
Are you tired of flat growth and declining market share? A strategic rebrand with SmashBrand can reignite your business! SmashBrand is a brand development agency specializing in data-driven branding and rebranding for companies. We identify untapped markets, pinpoint new positioning, and craft compelling branding that resonates. The result? A revitalized brand that drives growth and results. Contact us to discuss a project.
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