Branding is a communication effort that is organized and planned by a certain company to build and grow a particular brand. On the other hand, rebranding is an effort to change the brand image to make it more successful and achieve a higher awareness level among customers. We can also say that rebranding is a process that aims to give a new look to a company or product.
It is no secret that branding is considered one of the company’s most valuable assets and an important thing in a business flow. Thus, this process is not something that can be done instantly or in a rush. Instead, it requires long brainstorming sessions. With branding, the company’s public relations department needs to play a more dominant role to build and maintain reputation and brand image through good and beneficial communication between the company and consumers.
Are your company currently on the move, but facing challenges in reaching out to customers? Rebranding could be the crucial step to boost your business prospects. Here are some of the factors that you can take into consideration to decide whether your company needs to rebrand or not.
The Company’s Mission Has Changed
The first reason why you should carry out the rebranding process is when your company’s current mission is no longer in line with the factual situation. When the company’s mission is changed, you may want to consider also doing some rebranding to your company.
Changing Target Market
The second reason why you may need to do rebranding can also depend on your target market. Even though you already acquired some loyal customers, you also need to pay attention to the potential new customers. Your target market doesn’t need to change, you just need to rebrand swiftly to make it more in line with today’s era.
About to Launch a New Product
Another reason why you should rebrand is because you want to launch a new product that is completely different from your previous one. If you consistently feel outperformed by superior competitors especially when you are about to launch a new product, it might indicate the necessity for a rebranding strategy.
What are the Stages of Rebranding?
Executing the rebranding process involves more than merely altering the logo or name; it necessitates establishing a purpose or objective. Consequently, this process will not be easy and sometimes requires quite a long process. Worry not about how to do this process, you just need to follow these stages that we’ve curated to do the rebranding process.
Conduct Evaluation and Research
Before deciding to rebrand, you must evaluate the company’s current state. Find out why rebranding is needed or what goals you want to achieve by carrying out this process. Do you want to reach a wider market, or do you want your company to be more updated with the current business situation?
Afterward, you need to research to determine a new brand positioning, which suits your company’s needs and goals. The scope of your research can involve several things such as customer wants & needs, customer opinions about your business, public perception of your brand and business, assets owned by your business, employees’ internal views of the business & brand, and positioning of competitors’ products or services.
Communicate with Shareholders
Next, you need to communicate with shareholders first about the process because it can affect the future of the company’s business. Some things you need to communicate are timeline, financing, key objectives, results of previous research and evaluation, competitive positioning, and rebranding implications for certain departments or divisions and the company as a whole.
Make a List of Plans
At this stage, you must draw up a list of plans and outline what processes need to be carried out to achieve the target. For example, changing the logo and overall printed branding on various office assets, stationery, and other media.
Document the Entire Rebranding Process
Make sure you document the entire rebranding process with written notes starting from the beginning of the discourse, as the process progresses until finally it is socialized internally and externally. This documentation is important to serve as company archives when making business decisions in the future.
Conduct Outreach
After the rebranding process is complete, the next step is to disseminate information to the general public. The Public Relations division usually carries out this stage.
Several things can be done, such as conducting Internal PR Campaigns and External PR Campaigns. The internal campaign is aimed at all shareholders and all company employees without exception. Meanwhile, external campaigns are aimed at customers, communities, media, and all your business stakeholders, including the general public.
Here are some of the ultimate things that you should do when planning to rebrand your company. If you are the founder of the business, you should strive to focus on enhancing your business and brand to achieve business success. Make your life as an entrepreneur easier by hiring nominee director services Singapore to help you manage other critical aspects of the company!
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