As per the study, consistent brand presentation across the internet can increase a business’s revenue by 23%. And consistency comes with regular improvement. Rebranding helps to improve the growth of a business. It refreshes the brand value to the audience. It is an effective branding strategy for any business. Now, how can you revamp a brand effectively? How does rebranding help to grow a business successfully? Let’s delve into that. Learn and give your product a new outlook with it.
Why Should You go for Rebranding:
What is Rebranding-
Rebranding is a market strategy to redefine a product with a new appearance and branding strategy. It helps to improve the experience. Most successful companies prefer to invest in rebranding to avail of multiple advantages. Whether it is Dunkin’ Donuts or Uber, you will see most of them opt for it. If you are running a business and have not thought of it yet, it is the time you should. However, learn why your business needs rebranding.
The Reasons-
Stay Relevant:
First, it is essential to update your branding strategy to keep your product relevant in this ever-changing marketing world. Change as per requirement is necessary for sustainable growth in a business. It makes your product suitable for the current market.
Impress your Investors:
Investment is a big concern for any business. Nearly 82% of investors prefer to invest in a company with a strong brand. So, rebrand your product to create a strong impression. Redesign the logo, and renew the website features. Thus, it makes a brand stronger than before and more reliable than ever.
Stay Competitive:
A successful rebranding strategy helps to deal with the increased price competitiveness of the market. It allures the audience to buy the product. Even with a high price, they may opt for it. Thus, it helps the brands to stay ahead of their competitors.
Tell the Customers ‘what’s new’:
Rebranding is necessary to present the constant evolution of a business. A successful business is never stagnant. The innovations must reflect the brand, especially for software, the internet, technology, etc. Therefore, rebranding is a perfect branding strategy to feed the curious customers’ minds with glimpses of ‘what’s new.’ Let your customer know about the latest updates.
Reposition your Brand:
Every business must reposition its brand over time. Rebranding helps to reposition your brand from an ordinary stage to a premium version. It brings in the necessary change, direction, attitude, and branding strategy for the target audience.
How to Revitalize your Product with Rebranding:
Redesigning the brand includes numerous aspects. Focus on every aspect to get a successful rebranding. Often, the branding companies suggest a personalized branding strategy to restyle the complete brand image. Let’s know how to rebrand your business.
A Clear Idea of the Business’s Mission and Vision-
First of all, you must have a clear idea of how your brand is different from others. Next, have a clear insight into the message propagated by the brand. Also, keep in mind what are the business goals of your company. Once you get to know all of these, think ahead. Is your current branding strategy meeting all of the requirements?
Moreover, think about what do you expect from your business? Does the company offer the expected customer retention and ROI? Thus, find the loopholes in your current branding strategy. And embrace a change in it.
Rebranding Aligned with Existing Branding-
Merge the existing business assets with the new strategies. Old wine in a new bottle can attract and retain potential customers easily. Thus, it helps to keep the trust and reputation of the brand constant. Let’s take an example.
The Case study of American Express
The popular financial company named American Express has recently tweaked its 43-years old logo. It removed the gradient colour, turning it into a solid one. Their existing blue box logo helps to recognize the brand easily. So, they didn’t opt for a complete change. Instead, they improved the current design. You can see the same logo with a solid-coloured background with more prominent fonts.
Take a Note of your Audience and the Market-
Research before you act. Consider what your audience wants. Look at how the market is going. A clear idea about all of these factors is essential for effective rebranding. If you hire a branding company, they will research and suggest the best way to design your brand. However, as a business owner, you should also know your value proposition. Learn how to set your brand apart from the competitors. Good knowledge about the market trend also helps.
A brand resides not within the business but in the customer’s mind, as defined by Boundless.com. Keep all the factors in my and rebrand your business effectively.
Some Useful Tips to Make it Better:
Be Real, Be Authentic-
As per the research by Inc.com, nearly 94% of consumers prefer to stay loyal to a brand, showing transparency. Your brand should communicate the message properly. It must define the value it wants to spread. Clearly state what you have become through your redesigned brand. Improve your customers’ experience. Only then will you get a loyal audience base.
Humanize your Brand-
A personal feel always attracts potential customers. Hit at the heart of the customers and increase your ROI.
How MailChimp did it?
Have a look at Mailchimp’s branding strategy. They replaced their complete outlook with a more humanized image. From their logo, font to the colour, and sentence case- they changed almost everything. Furthermore, they come up with a new look with an improved personal touch. It became friendlier with a bright yellow background. In addition, they added an improved mascot design called Freddie the Champ.
Engage More with your Customer-
Design your branding strategy to lead you to improved customer interactions. After all, rebranding should bring in growth concerning conversion and sales. Customer engagement helps in that. Also, leverage the social media channels well to connect with them.
Update the Outdated Parts-
Redesigning a brand includes multiple aspects. From logo design to refreshing the theme colour- all are in it. Update the parts that do not work anymore. If your logo is outdated as per your current business value, update it. However, make sure to retain the original legacy while modernizing it. A logo is the face of your business. So, handle it with care.
Improve the Visual Impact-
Presentation matters a lot. So, focus on the visual impressions of your brand to attract customers. Here, colour plays a vital role. The font plays a significant role as well. Also, the layout of the website and graphics used in the social media channels are essential.
Rebrand Your product- The Conclusion:
Rebranding asks for innovative skills. Also, it needs improved knowledge along with experience. A professional branding company has it all. So, if you want to redefine your branding strategy, hire a branding company in India today.