KPIS EVERY BUSINESS SHOULD TRACK. 1. The Importance of Branding and The Need to Measure Its Return On Investment (ROI)….
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Rebranding
Rebranding is the process by which businesses change their corporate image. It is a market strategy to give an existing brand a new symbol, name, or design.
Rebranding is used by a business when they want to create a new brand identity from its competitors in the market. It is also done when two firms merge, shift business strategies, or target new clients. Follow the following steps if you want to rebrand your business.
Every rebranding must be followed by a reason. Do you want to compete with more established competitors? Or do you want to accelerate the business growth? You will be at a high risk of wasting your resources if rebranding without knowing why.
When you are clear about the reason for rebranding, you next research your client’s and people’s opinions about your firm. The research aims to understand the current brand competencies and perceptions.
Market positioning is a description of where your product fits in the marketplace. As you develop your business market positioning, you can make decisions to grow your brand by knowing to what extent you control the market.
This is a step in a rebranding strategy where you build visual elements that will portray your brand, for instance, the firm name, business card design, tagline, colours, and tagline. These brand style guidelines ensure that your brand is implemented steadily in all your marketing materials.
A website makes sure your online presence is felt. It is the most crucial business development and communication tool. Every prospective client will always peruse through your website to learn more about your firm.
You will develop all marketing material required to communicate your brand and service messages. It involves printing brochures, proposal templates, trade show booths, and fliers.
You should promote and strengthen your new brand. Your employees should be your brand identity. Building your brand to show your firm’s expertise and reputation should be the driving factor.
Types of rebranding
This is a type of rebranding that keeps you up to date. It is used when the business image and logo are outdated or there is a shift in objectives and goals. Your branding agency will update the business with window branding and office branding.
For example, Equity Bank in Kenya recently rebranded its logo and all its subsidiaries in Uganda and Burundi.
A brand merger combines two or more brands into one. It occurs mainly when there is new management or company acquisition.
A total rebrand involves a new approach and direction for the entire brand. For instance, when there is a change in your product and services or an expansion into other sectors in the market.
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