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2018-09-09 00:00:10Marketing A BusinessEnglishDiscussing why, how and when a business can rebrand itself. The steps for rebranding a business are also discussed in this article. to Successfully Rebranding Your Business

Steps to Successfully Rebranding Your Business

2 min read

Your brand is what defines your company and makes it stand out. Rebranding isn’t a change companies make on a whim, but if you do decide to rebrand it’s important to create a plan that helps ensure your company’s future success.

Step 1: Define Your Reason For Rebranding

Take some time to consider why you want to rebrand your company. This is important because if you don’t have a solid reason to rebrand, it’s hard to create a clear path to follow. Understanding the “why” behind your rebranding decision helps you determine the “how,” which is needed if you want to succeed. Common reasons companies decide to rebrand include the need to:

  • Stay current or gain an edge over competitors
  • Refresh their image to appeal to more modern consumers
  • Create market segmentation for new product releases
  • Rebuild after past problems left a negative image of the company with consumers

Step 2: Define the Scope of Your Rebrand

Before you can build a new brand out of one that already exists, you should define the scope of the new brand. This way you can keep what’s working and get rid of what isn’t. Consider the following:

  • Does your rebrand involve your company’s visual identity, behavioral identity, verbal identity, or all of the above? For example, you might only want to rebrand the visual identity of your company — colors, images, and logos — if you’re trying to modernize your brand. But if you’re trying to rebuild after a major issue, you may need a complete rebrand.
  • Create an inventory of all of your current brand assets and decide which need to be replaced. Look at your social media accounts, website, and blog.
  • Decide whether you can complete the rebranding process in house or if you want to hire a consultant firm.

Step 3: Create Excitement Around Your Relaunch

It’s important to get your customers involved with the relaunch process to create excitement around your new brand. Announce the rebranding on your website, social media accounts, and blog. Instead of simply making an announcement that you plan to rebrand, consider asking the people in your target audience to cast a vote to determine which of several options will become your company’s new logo. Some other ways to build excitement around your rebrand include:

  • Holding a product naming contest to let your customers have a say in a future offering
  • Asking your audience to vote on a new color palette for your website
  • Encouraging consumers to complete a survey that answers questions about what they like/dislike about your current brand and what they’d like to see in the future

Step 4: Update and Launch Your New Brand

Set a deadline when planning your rebrand. This is especially important if you’re including your audience in the process because they’ll want to see results by a certain time. To prepare everything for your launch, update any branding on the following:

  • Brochures, letterhead, or other physical documents your company uses
  • Website
  • Email templates
  • Social media accounts
  • Promotional materials such as ebooks, videos, and blog posts

The key to successfully rebranding your company is creating a solid plan, executing it, and getting the public involved. The more excitement you generate surrounding your new brand, the higher the chances of success.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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