Hello Business Owners!
Rebranding is when you decide to change the whole image of your business, including logo, slogan, mission and vision, in order to build a new brand identity and change the brand positioning in the customers’ minds. Rebranding also helps when you need to stand out from the competition and to attract new customers.
Rebranding can be very RISKY if it’s not done right and in the right time.
When to rebrand?
- Your brand is expanding – You’re targeting different segments and expanding to international markets that will not be aligned with your current logo/ mission/ vision etc..
- New business model – You’re modifying your business model, values or beliefs, then you will need to modify your brand as well and rebrand!
- Your brand is not shining among the competitors – your business needs to be unique among the competitors and your brand identity becomes outdated, so you will need to rebrand.
- Merging and acquisition – When you have a merger, in some cases you need to rebrand! To develop brand awareness, gain customer’s trust and most importantly to avoid any confusions.
When NOT to rebrand?
- Rebranding out of boredom – Don’t rebrand if you feel bored of your logo or slogan that you see everyday, always remember that some customers may be in love with your identity.
- Searching for attention – You think that you’ll generate a buzz, yet you may lose your brand recognition.
- New managers want to make a mark – New managers think that rebranding will let them make a mark in their new positions, however they are looking for the attention that they will receive instead.
Always remember that Rebranding is very risky, you should have a well developed strategy and objective behind it, and you should think of all the consequences that may happen, as you can’t go back when you rebrand!