Every business needs to be flexible to adjust with the changes in the market. There are right ways to go about adjusting to these changes in the market. One such way is rebranding. This is the process of recreating a company by changing its name, logo, packaging and design. This process can be done on already existing products or on new products belonging to a company.
Due to competition in the market, companies have sought this option as a way to save their position. Companies also carry out branding to change a negative view that the customers may have about a product or the company itself. This is not like starting again but it is re-evaluating your strategies and adjusting them to make more profit for the company.
• Ways to rebrand
If you plan to rebrand your company, then you need to establish whether you will rebrand it partially or totally. Partial here means that you probably want to change the packaging of your product and not change the whole product.
To rebrand totally, a company changes completely, this is in order to portray a new image to the market. This is particularly helpful to companies, which have been through scandals and want to change that negative image to a positive one. It can also be used as a marketing strategy when a new company has taken over another company, and it wants to change the kind of products that were being offered previously.
• How to rebrand
The process is not as quick and simple as it may sound. It takes time and resources to rebrand a business successfully.
1. First conduct market research to figure out what kind of market is best suited for your business to pursue. You should hire a branding consultant to work with you as you rebrand.
It is okay to explore new markets that have not been explored but as you do it ensure you have gauged the reaction of the customers to the new product. Change to meet the market needs or wants and once you have done this you will see how rebranding can really help boost sales.
2. As you rebrand, make sure you differentiate yourself from other companies so that your customers will remember your product and will come back for more.
Be consistent when you rebrand such that all your adverts and messages passed are the same and carry the same meaning, this will prevent confusion.
• Fresh start
When you successfully rebrand your business, you are able to access a larger market as you have adjusted to fit in that market. It allows you to start fresh as a company.
As a business, you get to stand out among your competitors and that gives you an added advantage when it comes to sales. It gives you the opportunity to grow in terms of trying out new markets, and customers like abusiness that has designed a product with them in mind. Rebranding is also an opportunity for your business to use new technology to innovate products of higher quality than that of your competitors.