Branding is the essence of the business. No matter which industry you are engaged in, it will anchor your enterprise to achieve immense success in the mainstream. A brand is a multi-facets asset of the business that communicates with all the stakeholders. However, it needs modification or some tactical changes in accordance with market dynamics. In addition, various other essential aspects facilitate revamp in the existing brand, which we will discuss in the coming paragraph. The entire comprehensive process is commonly tagged as rebranding. It is just like rejuvenation of the business along with carrying the previous legacy.
In this volatile market, a business must persistently customize its brand identity to stay afloat in the corporate stream. The holistic process of rebranding your business may appear nostalgic, as it is reminiscent of transforming business from scratch to the most vibrant one over a substantial period. Nonetheless, change is necessary for the greater good and creative future prospects. Let’s look at the key aspects that provide signals to rebrand a company, along with the theoretical meaning of rebranding.
Meaning of Rebranding
“Sometimes, you just have to start all over differently,” says Bernard Kelvin Clive, A Personal Branding Coach and Brand Strategist. The saying is self-explanatory but can give a vague meaning if not delved deeper.
In simple terms, rebranding is a comprehensive process that includes modification of logo, designs, propositions, concepts, statements, taglines, or objectives of an existing brand. It doesn’t mean getting a wholly new or fresh look, but a refreshment of the original one. Rebranding is also an effective tool to cope with the persistent market turbulence. However, it is not a one-stop solution or blessing to address all the dilemmas of the company. Strategic rebranding provides better dimensions to the company’s stature and a wide array of possibilities. Let’s check out some of the essential benefits of rebranding:
- Fresh look and connect with the new audience.
- Helps to stand ahead of your rivals.
- Provides new propositions and strengthens the company’s reputation.
- Up to date with the corporate trends and boosts the business operation.
- Portrays new objectives, purposes, values, offers, and more.
Essential Aspects That Signals, It is the Time For Rebranding
Well, the meaning and benefits of rebranding are now comprehended. So, it is time to contemplate the timing for rebranding. What is the need, and why is it done? When should a company go for rebrand options? All these central questions require a proper assessment while making final decisions. It primarily aims to attain strategic gain in the business and thrive in the market. The timings of rebranding can differ based on various aspects. Here are few vital aspects that signal when a company set off for rebranding:
Going Through a Merger and Acquisition
The market has flourished with countless small and big companies struggling and thriving in the complex environment. Big fishes take over the small to safeguards their dominance. Accordingly, a newly formed company needs a fresh look to get assimilated into the new scenario. So, rebranding becomes vital to make alliances with existing and potential customers.
New Propositions and Market Repositioning
Brand acts as a communication channel between target customers and the company. Therefore, your business values, propositions, goals, vision need to be promulgated with the audience. So, if a company repositions its business to target a new set of audiences through services, products, price, or place and thus the company needs to follow the suit of the rebrand to make the audience familiar.
Modernization of Existing Brand to Prosper
If a company feels that the original logo, designs, and proposition do not stand parallel to the latest market trend, there is an urgent need for change. It will attract a new set of audience and hold on to the existing loyal customers. Several vintage companies have been shut down as they failed to acknowledge the market dynamics. Corporate ego and conventional business approach will lead to a slow demise of the company.
Make a Connection With Fresh Audience
The proposition of the market is in the transition period. In the past few years, the corporate market has witnessed remarkable changes. So, changes in demographics and income level open the scope of new potential and untapped markets. Thus, more and more enterprises are looking for the aboriginal market segment and capitalize on the opportunities. To communicate and represent your business perception needs structural changes in the containing brand.
To Thrive in Cut-Throat Competition
Competition is an eminent nature of the free market; it depends on the company how it deals with the ferocious battle of supremacy. The best way to create a unique brand and follow the suit of creative rebranding. Customers have ample alternatives in the market sphere, and even big giants like Almarai and Arabtec. Hence, to stand out from the crowd, the company needs to adapt to the persistent changes.
Strengthening Company’s Reputation
A company climbs the ladder of success through its goodwill. Consequently, it is necessary to maintain a positive reputation for the business and enhance it with time. Unfortunately, sometimes a few scandals and lawsuits can hamper the business goodwill, so to minimize its impact, rebranding is the most viable option. It will reduce the potential effects in the long run and helps in eliminating the negative perception associated with the prevailing brand.
Revive Your Business at the Earliest
Rebranding is like a revival of a company, strengthening the business reputation, reaffirmation of propositions, intentions and commitment to all the existing stakeholders. It helps in attracting new customers and thriving them into loyal ones. The rebranding process is introduced explicitly into the corporate stream to have strategic gains and stand ahead with dormant rivals. So, it is a continuous process depending on the needs and requirements of the company. To prosper and witness success wildly in the long term, rebranding becomes an essential marketing tool. So, rejuvenate your business and make a unique identity in the corporate realm.
We, at Vowels, have been pioneers in rebranding the company from the core. Get in touch with our resourceful team and witness the resourceful revival of your company.