If you are wondering how rebranding can amplify your company’s growth, you’ve probably reached a point where you’ve outgrown your initial brand identity.
Brands undergo significant transformation as they grow, and the need for rebranding becomes apparent with time.
Customer needs and preferences also evolve, requiring brands to update their identity to stay relevant to their audiences.
Proactive brands that recognize the need to rebrand and take the necessary steps to do so stand to enjoy a lot of benefits. Rebranding allows you to redefine your messaging and the perception that customers have of your brand.
This article explores the concept of rebranding in greater detail to help you understand how you can use it to gain a competitive advantage.
What’s Rebranding Your Company and When is it Needed?
Rebranding is the process of changing your brand’s identity so it can better represent your business as it is right now. The process doesn’t just involve changing the logo to improve its visual appeal.
Instead, the intention is to change how customers perceive your brand. This could involve changing your entire brand identity from the logo to brand colors. According to Attrock guide on performance and brand marketing to learn the basics of building a brand.
It may also involve updating your brand values and strategy, like what happened when Twitter rebranded to X.
In a tweet, Elon Musk said that the name Twitter (and the iconic bird logo) don’t resonate with the platform’s current and future context, hence the need to rebrand.
Images via X
Besides the shift in a company’s strategy, as is the case with Twitter, other reasons for rebranding include
- Changing target audience: When you switch to a new customer base, it’s important to update your brand identity to ensure it fits with your new audience.
- Reputation management: Rebranding can amplify your company’s growth by helping you rejuvenate a tarnished brand reputation. It allows you to leave behind the negative sentiments associated with your brand and present a fresh and positive image.
- New or updated product range: When you update your products or services, it’s crucial to update your brand strategy to match your new product mix.
- Outdated branding: Sometimes, companies choose to rebrand because their current branding looks and feels outdated. If your current logo doesn’t look as vibrant as it used to, use a logo maker to revamp it.
- Differentiation: Certain branding styles appeal to companies in the same industry. This can cause your company to look and sound like the competition. To differentiate yourself and avoid confusion, you may choose to rebrand.
How to Execute a Flawless Company Rebranding Strategy
If you’re ready to give your brand identity a revamp, follow the steps below to execute a flawless rebranding strategy.
1. Conduct an Internal Audit and Do Market Research
The first thing you need to do is conduct an internal audit to determine if you truly need to rebrand.
Carefully assess your current brand identity and determine the existing strengths and weaknesses. Build a poll to find out what your employees and other stakeholders think about your current brand identity.
Take note of what needs to be improved since this will set the tone for your rebranding exercise.
Next, conduct market research to find out how your competitors have branded their companies.
Identify their shortcomings and avoid those with your rebranding to create a truly memorable brand that stands out from the crowd.
2. Engage Key Stakeholders and Rally Employees
Another important step as you develop your rebranding strategy is to engage your target audience to understand their needs. Rebranding can amplify your company’s growth only when it takes into consideration what your target users truly value.
This way, your customers will have positive feelings about your brand and get excited to do business with you.
To understand your customers’ needs, use surveys or interviews to learn their pain points and preferences. Use the insights to develop a rebranding strategy that resonates with your customers.
The other stakeholders you should engage are your employees. They are your biggest brand advocates. Involving employees in the rebranding exercise is crucial to ensuring a smooth transition.
3. Collaborate with Branding Professionals
Work with professionals to bring your new branding vision to life. Look for experienced branding consultants who not only bring specialized skills but also an objective viewpoint to help you improve your rebranding strategy.
The professionals will use the information you collected during the market research and stakeholder engagement phases to fine-tune your rebranding strategy and develop captivating brand elements for your brand. Like for example crafting a memorble brand name.
4. Test and Iterate Company Rebranding
After the branding professionals create your brand assets, it’s time to roll out your new brand identity across different channels. Ideally, you should start with a soft launch to reveal parts of your rebrand to key stakeholders and get their feedback.
Make the necessary adjustments based on their feedback, refining your visual elements and brand messaging as required.
Once everything is set, you can roll out the new identity on various channels, such as your website, social media platforms, and product packaging.
As you do this, remember to communicate the essence of revamping your brand to various stakeholders through targeted messaging.
The Benefits of Rebranding Your Company (with Real-Life Examples)
Let’s now take a look at the tangible outcomes of revamping a brand so you can see how rebranding can amplify your company’s growth.
1. Increased Market Share and Brand Loyalty When Rebranding Your Company
One way rebranding can amplify your company’s growth is by helping you attract more customers.
When you create a brand identity that resonates with your target audience, you will attract more customers. They’re likely to be loyal to your brand because it aligns with their needs and values.
Take Apple, for instance. The company rebranded in 1997 and changed its name from Apple Computers Inc. to Apple Inc.
Furthermore, the name change allowed the company to shift its focus from computers to developing more innovative lifestyle products that appeal to a wider demographic.
The company also changed its logo. It removed the colors and chose the allure of silver. This gave the company a clean, fresh look with a modern brand image.
Image via U.S. News
These changes helped the brand attract more loyal customers and increase its market share. Today, Apple is the largest company in the world with a market capitalization of close to $2.7 trillion.
Image via Statista
2. New Revenue Streams
Rebranding allows you to venture into product lines and markets you had not explored previously.
Take Tiffany & Co., for example. When there was a need to change its target audience to stay relevant, Tiffany changed its strategy to appeal to a younger audience
Through the “Not Your Mother’s Tiffany” campaign, Tiffany changed its brand identity to focus on a market it had not explored before. This move opened up new revenue streams, saving the company from becoming obsolete
Image via X
3. Enhanced Company Culture and Morale
Lastly, rebranding can also be used to invigorate a company’s culture and create renewed enthusiasm among employees. When your company goes through a tough period, it’s highly likely the employees will lose their morale.
However, rebranding can act as a catalyst for positive change and foster pride among the employees.
For instance, Burberry went through a turbulent period that negatively affected the employees’ morale. At the turn of the millennium, the brand was considered by many to be gangwear and it was even banned in clubs and pubs.
To get out of this challenging situation, Burberry initiated a rebranding strategy to rejuvenate its image. The brand changed its logo and replaced the Bodoni-style wordmark with a simple bold sans-serif lettering.
The balanced logo, along with other rebranding initiatives, helped establish it as a luxury brand. This, in turn, improved employee morale as well.
Image via Brandsonify
Conclusion - Rebranding Your Company to Increase Groth
Rebranding is a powerful strategy that can amplify your company’s growth when executed with precision and care.
A fresh brand identity can help you improve your brand reputation and differentiate your company from the competition. It can also make your brand and products appealing to new customer segments. Why not try a private label brand and really go for it. You might be more successful when rebranding.
Use this post as your guide to using rebranding to amplify your company’s growth. All the best!
Author Bio – Reena Aggarwal
Reena is Director of Operations and Sales at Attrock, a result-driven digital marketing company. With 10+ years of sales and operations experience in the field of e-commerce and digital marketing, she is quite an industry expert.