Why it might be a good idea for your business to rebrand
Rebranding is an important concept in marketing and refers to the process of changing the image or appearance of a company. This may include logo, colour, slogan and even website themes. Major companies that have given themselves a new lease of life through effective rebranding campaigns are Instagram, Apple, Mastercard, and Guinness.
Usually, when companies are facing serious difficulties in being recognized on the market, or are being forgotten about, they turn to rebranding. Through smart rebranding exercises companies can bring themselves back to the forefront of their respective markets. For instance, when Apple was on the brink of collapse in 1997, they decided to rebrand. Since then, the company has become one of the leading tech companies in the world.
In a very dynamic and highly competitive business world, each business in any industry uses different tactics to outshine its competitors to make more profit. The same can be said about the online casino industry for instance, as the market is highly competitive in this sector. The top online casinos will always get the most traffic, and this is why many players choose to play online casino games at Platincasino rather than other lesser-known ones. Casinos constantly need to make sure their brand is in shape and need to keep their brand attractive to casino players. This is why it is so important to take your time when branding your business at the very start. This is to avoid the possibility of rebranding in the future. Rebranding is sometimes necessary; however, it is always a risk in a competitive market.
But if customers are being lost to your competitors, and no new customers are being attracted to your business, it might be time to think about rebranding. Rebranding is one of the most effective strategies to get back into the game when competitors start to outperform your business. However, the rebranding exercise must be accompanied by other changes, primarily improved services and/or products. Customers want to see changes in your business with a fresh visual approach but also want to feel the changes you have made in your business through more reliable products or better customer service.
In addition, it is also highly advisable to make your target audience aware of the changes you intend to make to your business. Prepare them for the change. Create a sense of expectation, create a heightened sense of curiosity that will lure them back into your business once you launch your revamped brand. The companies that have been most successful with this globally, invest in promoting their rebranding exercise by advertising this for over a month before launch.
New Target Market
Another good reason to rebrand is business expansion, where a decision is taken to offer more services or target a new market. This is when rebranding becomes a key factor of a successful growth plan. As a ‘new’ brank focusing on a new target market, rebranding helps you adjust your message and connect with your new market effectively without alienating your current customers. For instance, if you’ve been operating in a specific location or country and a business decision is taken to expand the business onto a worldwide platform, then your rebranding exercise needs to give added value to your existing customers as well as your new customers. The transition for your current customers, needs to be seen as a positive and almost necessary change, and you need to place yourself strategically with your new customers to gain their trust and loyalty.
Rebranding gives your business a fresh start and feel. It reaches a point where your employees and target market get tired of seeing the same brands, logo and experiencing business operations in the same way or getting the same service in the same way year in year out. It is at this juncture that customers and employees become alienated and start to look elsewhere. The rebranding will bring back that sense of enthusiasm and positivity among employees and in the process, help win over more customers while retaining your current ones.
Your business goals, company logo, core mission and vision should be reflected in all products or service being offered. A mismatch between the former and latter will create confusion and negatively impact sales and retention. It is essential for all stakeholders to feel your company image and understand it through the products and/or services you offer. In simple terms, rebranding gives your company an opportunity to align your business to the company values and goals you stand for.
In conclusion, it must be said that rebranding though essential is also a very costly exercise if it is to be done well. A mediocre attempt at rebranding will be more damaging and result in greater losses. As with any other business decision, timing and financing are essential elements for a rebranding exercise to work, but when it does the return on investment will make all the efforts worthwhile for all stakeholders.