What Is Rebranding for Business? A Step-By-Step Guide

Rebranding is a strategic step taken by companies to change their image and identity in the market. It’s not just about altering the logo or design but involves a complete transformation that can include the company's vision, mission, and values.

In the competitive and ever-changing business world, rebranding helps companies stay relevant, attract new audiences, and demonstrate growth and innovation. Here’s a deeper look into what is rebranding and its strategies.

What Is Rebranding?

Rebranding is an effort to update a company’s image by changing its name, symbol, or design. This strategy aims to create a new identity that differentiates the brand from competitors.

While rebranding can be beneficial, it can also be risky if not approached with careful consideration, as customers may not accept or recognize the changes.

Companies rebrand for various reasons, such as mismatches in internal and external brand perceptions, unclear target markets, the desire to stay attractive to existing customers and reach new ones, and the need to update outdated visuals.

Functions and Objectives of Rebranding

After you know what is rebranding, you also need to know its functions and objectives. Here are the key functions and objectives:

1. Attract New Audiences

Rebranding helps attract new customers by refreshing the brand’s look and feel. Promoting this new image can spark new interest in the market, providing your business with the boost needed to grow in an evolving environment.

2. Differentiate from Competitors

As your business expands, you might face increased competition within your industry. Rebranding differentiates your products and services, showcasing their unique qualities. This can help establish your company as an expert in the field, drawing the attention of potential clients.

3. Stay Up-to-Date and Relevant

Rebranding ensures your brand remains relevant by aligning with current design trends and market expectations. An updated brand appearance demonstrates to customers that your business is modern and in tune with the latest industry developments.

4. Increase Profit

Rebranding can positively impact your marketing strategy and increase business profits. By attracting new customers, standing out from competitors, and expanding your product or service range, you can boost your revenue and strengthen your market position.

Types of Rebranding

When you learn about what is rebranding, there are two types of approaches you can take, which are:

1.  Proactive Rebranding

Proactive rebranding, also known as partial rebranding, updates the brand's image to keep it appealing without changing its core identity. This approach involves adding new elements, like updating the logo, to stay relevant in a changing market. It’s often used when a brand's look is outdated or when business goals shift.

2. Reactive Rebranding

Reactive rebranding, or total rebranding, replaces the existing brand, typically due to mergers or acquisitions. It addresses specific issues or changes, such as new leadership or market expansion. This type ensures the brand stays competitive and relevant despite major internal changes.

Strategies for Rebranding

Rebranding is a process that needs to be done clearly and carefully. Therefore, you need to understand the right strategy for rebranding. Here is the step-by-step guide.

1. Start with a Clear Business Reason

Any rebranding effort should begin with a solid understanding of the business reasons behind it. Common reasons include merging companies, expanding the brand image, or meeting legal requirements. Without a clear reason, rebranding efforts can waste valuable resources.

2. Conduct In-depth Research

The next step is thorough research on your company and its target audience. This step is crucial especially if you're planning to expand into new markets. The research aims to gain an objective understanding of how your brand is currently perceived. Without comprehensive research, there’s a risk of building a rebranding strategy based on false assumptions.

3. Use the Right Brand Positioning and Messaging

Next, you need to establish a clear market position for your brand by deciding what you want your customers to recognize your brand as. Determining the brand positioning will guide all subsequent rebranding decisions. Also, you need to ensure the chosen position consistently reflects the company's identity and vision.

4. Develop Brand Identity

Creating strong visual elements for your brand is equally important. This includes the company name, logo, tagline, and appropriate color and design choices. All these elements should be detailed in a brand style guide to ensure consistent application in all marketing aspects.

5. Increase Online Visibility with a Strong Website

A website is the main communication hub for your brand. It’s where your brand story is told to your audience, whether they are potential clients, partners, or employees. 

Online visibility, including social media, is an expression of your rebranding strategy. It’s about effectively communicating your brand values and commitments, not just building visibility.

6. Plan for Brand Launch and Reinforcement

Before launching the rebranding, you need to develop all the marketing materials needed to support your brand message and identity. This includes presentations, proposals, brochures, and more that communicate the brand message clearly and consistently.

Finally, create a clear plan to introduce and reinforce your new brand. This includes internal strategies to ensure employees embrace the change and external efforts to build and strengthen the brand’s reputation in the market.

That’s all the discussion about what is rebranding. A rebranding strategy helps businesses stay relevant and attractive to their audience. You can take a deeper analysis of rebranding examples out there and find about the suitable one for your business.

Moreover, with creative and innovative rebranding, your business can reach new audiences and strengthen its brand image.

 When it comes to rebranding, you might consider working with a professional partner. VISUWISU can help! From creating visual assets for the creative needs of your business rebranding to creating a website design that suits your goals.

 So, what are you waiting for? Contact VISUWISU now to discuss the best solution for your brand.