One of the many ways to differentiate your company from your competition is to engage in rebranding. Rebranding is essentially a marketing approach where a new name, logo, symbol, style, concept or combination thereof, is created for a known brand with the sole purpose of creating a brand new, distinctive identity in the minds of users, investors, customers, competitors and other key stakeholders. If done right, the creation of a brand new identity can create a new perception and strong name recognition that can lead to significant long-term benefits. It can also lead to substantial cost savings and better visibility for your product or service among your potential customers.
Branding involves the rebranding of a recognizable, trusted name in order to create a more identifiable image for your products and services. The objective of rebranding your identity is to leverage your current customer base to drive sales and build loyalty. Rebranding allows you to extend your reach beyond your existing customer base and target new customers that share the same experiences and values as your current customers. Many companies believe that the only way to effectively brand is by completely changing your company's image, or "branding." While this practice can be extremely effective, it is not without its own set of risks and pitfalls.
One of the primary reasons why many companies decide to rebrand is to change their logo or create a new logo. Unfortunately, this is not a foolproof marketing strategy because once a customer experiences your logo or mark, they have a strong sense of familiarity with your product, service or business. This familiarity makes it very difficult to create a brand new image for your company without completely erasing your previous brand. Another reason why rebranding may not be the best marketing strategy for your business is because the name you choose for rebranding may have negative connotations that will hold up your new identity branding efforts. For example, if you are planning on rebranding as a dentist, but all your office patients are called dentists-including potential clients who may have dental insurance-your new identity may cause your patients to think of your dentist rather than the actual business. So even though your office may be Rebranding itself as a "Dentist's Office," your clients may still think of you as "The Dentist."
A third reason why rebranding may not be a good idea for your business is because changing your name or brand can have an adverse financial effect on your business. In order for a rebranding strategy to pay off, your new identity needs to be worth more money than your old identity. If you outsource your rebranding task to a firm or professional, make sure that they offer a reasonable fee to help you with your branding transformation. Make sure that you know how much they plan to charge you and what sort of fees they charge others before hiring them to help you with your rebranding needs.
Lastly, some business owners worry that they will be losing their creative control over their rebranding campaign. Many firms that rebrand themselves use graphic design and branding firms to create new logos, business cards, letterhead, and collateral. Some business owners also choose to work on their own brand by drawing up their own slogans, rebranding their websites, and designing their packaging. Rebranding on your own can be a powerful way to give yourself a fresh look, but if you turn in mediocre work your clients will notice-it won't be a pretty good rebranding at all!
If you are considering rebranding your company, consider whether it is worth the time and effort involved to have professionals create a brand for you. Even if you have a small budget for a rebranding campaign, a professional logo and a great new identity can help you achieve your marketing goals. Once you have achieved your success by having a successful rebranding campaign, you will probably want to do it again!
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