Rebranding is the process of changing the corporate image of an organisation. It is a market strategy of giving your business a new name, symbol or change in design for an already-established brand. When it comes to rebranding it essentially involves creating a different identity for a brand, from competitors within the market.
When the new year comes around many businesses like to revamp, there are many reasons businesses rebrand themselves, however at the same time it may be risky. There is always a possibility that the customers do not like you’re rebranding which could affect your business financially.
One of the primary reasons that any brand engages in a brand refresh, is that they have an outdated visual identity. It’s important that when rebranding your business, you make sure that your image is consistent not only with the marketplace that you’re in, but your manifesto and brand position too. A brand refresh is quite different compared to a rebranding, although both seem similar, they are very different. A brand refresh is like giving your company a new look, new logo basically tweaking you’re your businesses current design, whereas rebranding is all about everything you’ve built, starting again from scratch, essentially creating a new personality.
As businesses grow and change, it’s important for their brands to reflect the current marketplace. If you stayed the same while all the companies in your industry changed, adopted to fresher logos, and newer ways of communicating with their audience, then you’d end up losing your competitive edge. Take a look at how to make your business stand out at https://dsgnuk.com/branding/ .
It’s essential for your brand to stay ahead of the curve especially in this ever-changing era. If your brand doesn’t refresh or rebrand its self over time it could essentially be outdated compared to other businesses. If you’re changing your target audience, or your company’s goal has changed, it is necessary that your brand reflects this and is following with current trends, whilst staying original and unique. Your brand is how your customers will perceive you so its important to take your branding seriously.
Overall, there are many reasons as to why people rebrand their business, whether its to connect with a new audience, reflect new goals or your brand just doesn’t represent what you’re working towards anymore, whatever the reason, rebranding can lead to a more successful future for your business however there is always the risk that this decision can backlash on yourself. When rebranding or refreshing its always important to take into account the pros and cons of this decision.https://www.crowdspring.com/blog/how-to-rebrand/
Written by Caitlyn King