The aim of any rebranding exercise is to present your business/products/services in a new and more positive light. It can reinvigorate a business but it's an exercise that carries high risks. This guide helps you decide what level of rebrand your business might need and offers a checklist of issues to bear in mind:
1) What to consider before rebranding
The value of a brand can be reduced by new competition or by changes in the market, so it's important that you revisit your brand periodically to keep it fresh. Research is your friend here and you need to investigate both your customers and their perception of your business and the market situation. This will help you judge how dramatic your rebranding task needs to be.
2) Evolution or revolution?
Before you start any rebranding process, work out whether smaller incremental changes will work best or if you need a complete brand overhaul. If you're in a strong market position and have a solid customer base then it's advisable to only make small changes. If the number of customers is dropping and the market has changed dramatically, look at more dramatic changes, as you may be losing your competitive edge.
3) What to bear in mind
To be a success, brand changes need to be credible and easily understood by the market and by customers. Don't overcomplicate. Also, focus on creating clear differentiation between you and your competition. Any changes need to be sensitive to customers and employees, who have built up an emotional attachment to your existing brand. Keep employees involved with good internal communications and training sessions. Make sure you have enough committed employees and infrastructure in place to deliver on new brand promises.
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