Did you know there is a fundamental difference between branding and rebranding? A brand is a symbol, logo, or image of a company or product, which is a very valuable asset for the company and has been built for a long time. While branding is the process of building the brand to get the expected positioning. So what is rebranding? Although it may give positive results, rebranding should be the last step taken by the company.
Definition of Rebranding
Rebranding is a rebranding carried out by a company in its business to obtain certain benefits, such as changing brand image and increasing sales. Product rebranding is very important, especially for products that have existed for a long time or have experienced a decline in the image. The rebranding strategy includes changes in company structure, vision and mission, brand logos, slogans (taglines), changes in packaging and so on.
Although the goal is for the company’s profit, rebranding should be the last step taken by the company. If the old brand image can still be maintained and has the potential to get the expected positioning, the company should not rush to rebrand. Rebranding is also part of the company’s marketing communication strategy to its customers.
This activity can affect not only image or sales but also customer loyalty because customers will feel that the company continues to innovate to provide the best so that it can increase customer loyalty. Examples of rebranding that several large companies have carried out rebranding are Nike, Instagram, Amazon, Adidas, and several others.
Factors to Consider while Rebranding
The company’s internal factors include several things, namely:
- Outdated (old-fashioned) brand image.
- There has been a change in the structure and ownership of the company’s shares.
- Conducting mergers with other companies or acquisitions.
- Re-establishing a new vision, mission and values for the brand to represent a company’s services or products.
- Want to improve the company’s brand due to a bad reputation in the community due to a specific event.
While the external factors include:
- Taking into account the public’s perception of the company’s or brand’s image
- Increasingly fierce business competition
- Changes in the business world are happening very fast and one of the reasons is technological advances.
- Decrease in company performance due to changes in economic and legal conditions
How to Rebrand?
Here are five right ways to rebrand that you should know.
1. Conduct Thorough Evaluation and Research
The first step is to evaluate whether this action needs to be done. Gather all the data and information that can be used as a reference to make that decision. The data and information can come from internal sources, such as the Company’s Customer Relationship Management (CRM) system.
Find out what are the main reasons why companies need to rebrand. Is it because the brand image is deteriorating, the company wants to reach wider customers, or maybe because its vision and mission are no longer relevant to current conditions?
Also, do research for new brand positioning. Research can be done using internal discussions, community surveys or comparing the company’s performance with competitors. In-depth and accurate research will make this strategy more effective in its implementation.
2. Communicate with Shareholders
Discuss it again with your board of directors and business partners. Because rebranding is a big action for the company’s future, shareholders must know and maybe be able to provide input regarding the rebranding that will be carried out. Provide complete information about the objectives, strategies and costs to the board of directors and business partners.
3. Plan in Detail
Make a detailed plan for rebranding to outline what processes are needed to achieve the target. In this plan, list what should be done, who is involved and what medium. Also, create a schedule to monitor all these plans so that there is a clear time target to be achieved.
4. Do documentation on all processes that occur
All activities in the rebranding process must be documented either in hardcopy or softcopy. This is done so that there is evidence and data to measure the rebranding process and evaluate the results. The document will also be helpful in the future to help define the company’s marketing strategy.
5. Important, Maximum and Mass Socialization
After all the rebranding process, it must be socialized to the maximum. This socialization process is usually carried out by the company’s public relations department and assisted by the marketing division.
Use all media in the company, including websites, social media and press conferences, to socialize about this rebranding. Especially television media is used if the business already has a huge number of customers and is national or international.
The marketing team can carry out personalized marketing strategies while socializing the company’s rebranding to customers. Communicate about this rebranding to customers personally via email, phone or chat app.
Also, determine the time for this socialization, for example, three months, six months or one year. With the target time, socialization will be carried out more optimally.
In a word
Conceptually, a rebranding strategy can provide positive results and a new dimension for companies to succeed. But effective and efficient rebranding must be done through in-depth research and not in a hurry. Sometimes rebranding must be done to save the company’s condition because maybe the brand image is already bad and continues to suffer losses.
In addition to rebranding to gain success, the vital thing to do in business is to manage business finances well. And to help manage business finances so easily, business people should use accounting software for their business books. With accounting software, financial reports will be created quickly and without hassle.