Rebranding

Rebranding is a marketing strategy that involves the complete or partial modification of different elements that identify a brand and/or its products. This change, radical or not, may be due to various objectives, such as regaining the interest of your customers, improving your recognition, reaching other new niches, etc.

A rebranding is, in short, changing the opinion that the market has of an already established company. For this, it may be necessary to change the name, modify the logo, change the corporate typography, renew the colors of the website, change the work methodologies, change the email marketing strategy, etc.

1. Differences between branding, rebranding and restyling

Branding, rebranding and restyling are concepts that are often confused because they have similarities, but also differences that will help you differentiate them. We are going to define each one separately, in order to learn how to differentiate them.

• Branding, en pocas palabras es el proceso de creación de marca desde cero. In a branding strategy you have to do everything: define the mission, the vision, the values, to create an image that can be easily recognizable by investors, customers and suppliers.
• Rebranding, in just a few words, would be the reconstruction of the brand. It is a strategy to modify a brand that has already been created before, seeking to offer a new image and redefine its corporate identity.
• Restyling, is the redesign of the brand, but only with minor changes. The idea here is not to rethink the brand, but to make some changes to give it a new look, updating or adding a few relevant points; that is, this is an option for brands that want to refresh their design.

For instance, when a company decides to make some changes to its logo, that is called restyling.

2. When to work with rebranding?

Rebranding is not an option for every situation. However, you could think about a rebranding strategy when:

• Two companies will merge. When several companies merge to form a new one, rebranding is almost mandatory.
• The target audience has changed. This generally happens when the brand wants to expand its activities to other countries.
• When detecting that the market conditions have changed. If the sector is too competitive and it would be better to change the business model.
• The company is in a phase of maturity or decline. Rebranding is vital to avoid being left out of the market and not lose customer trust.
• The objective of the company has changed. If you need to attract a different buyer persona, due to new trends.
• The brand has lost or is losing its DNA. This is common when its unique features are no longer effective, or other competitors have them too.
• If the brand was badly planned from the beginning. In this case a branding strategy would be mandatory.
• When the brand has become outdated. In this situation, making changes is a matter of survival.
• To avoid negative associations. If the company made a mistake in the past and they want to put that episode behind them.

3. Tips for rebranding

The identity of a brand is more than the name and the logo, in the identity of the brand is what people identify you with, whether they are those who already know your company or those who have just discovered you. For this reason, here are some tips for creating a successful rebranding strategy:

• Research the competition (market study). One option is to look at what companies in the same sector are doing to get inspired and have first-hand information about what is working right now. You will also discover things that you shouldn’t do, it is vital to look around us to create a successful rebranding strategy.
• Do you really know your company or brand? You must unequivocally establish the mission, vision and values of the company in order to integrate them into the rebranding strategy. That way you will have a suitable image that conveys what you want to show to your target audience.
• Always thinking about your customers. You have to know who your target audience is for rebranding to be effective. You should try to understand what they value most about your brand, the aspects they like least, the vision they have of your products, etc. In short, listen to customers.
• Rebranding is a positive strategy. Many companies are afraid of changes and see it as something very problematic, but it doesn’t have to be like that, you only have to plan your strategy correctly. Don’tt be afraid of making mistakes and focus on improving your image, if there is a problem, you will solve it.
• Evaluate the costs. Rebranding will cost money; you should consider the time and money you will spend on the new website, changes to the brand image or legal documentation before starting the process.
• Be aware of the risks involved. The changes you make will change the way your brand is perceived by your customers, but also by employees. Evaluate what this can mean and put the pros and cons of it on the table.
• Define how radical the rebranding strategy will be. Once you are sure you will have to make changes, the next step will be to define how much you will change.
• Asking for opinion and teamwork will be vital in this process. Your staff could give you a lot of relevant information and a diferent perspective.