We live in an everchanging world where the ability to adapt is necessary to succeed. This is also true for businesses which must continually reinvent themselves to change with the times and adapt to the evolving demands of consumers. For many organizations, this change comes in the form of rebranding.

A rebranding is typically an extremely stressful endeavor, and with good reason. It’s a high-risk game that relies on the perfect balance between fresh creativity and existing tradition. An organization needs to retain the essence of their company while also morphing into something new and evolved, as this is the only way to simultaneously retain old customers and attract new ones.

To ensure you are prepared to make the decision about a rebranding exercise, we’ve put together this brief guide.

What is rebranding?

To understand rebranding, it is firstly important to understand the concept of a brand. A brand is the living, breathing form of your strategic plan. It takes this information and turns it into a reality, conveying a particular image to your consumers. A brand consists of many components including name, color palette, logo, values, and positioning. It is the thing that represents your business and lets people know what you do and how you do it.

A rebrand is the process of changing or updating this brand. It might include physical adaptations like a new logo, or a difference in positioning if you decide to take your business in a new direction. Rebranding is conducted to ensure a brand evolves to meet modern demands and remain successful.

How do I determine if my company needs to rebrand?

A rebrand is a huge undertaking and should not be committed to lightly. If you’re considering rebranding, make sure you have assessed your situation and are certain that this is the right path forward.

The following are indicators that rebranding is the best solution for your business:

If you believe that modern markets and associated trends have moved beyond your brand, it’s time to do some rebranding to become more contemporary. Brands that do not adapt to modern times will quickly lose their audience.

  • Your existing brand is restrictive

Do you want to expand your business but feel limited by your brand? This may also indicate that rebranding is on the cards for your company. A brand needs to accurately reflect its operations and offerings, so if there comes a time when it does not, make some changes.

  • Your existing brand is weak

A brand plays an important role in business success. If it is not doing its job, it’s time to make some tweaks. Rebranding is important to ensure longevity and is necessary if you believe your brand to be too weak to survive a competitive market. Take the time to define your target audience, identify what is important to them, and create a brand that aligns with their tastes and demands.

What are the steps to a successful rebrand?

  • Make the decision to rebrand

This is one of the most important steps in a rebranding process. It can be a tedious and risky undertaking so there’s no point doing it for the sake of it. Confirm that there is a legitimate reason for updating your brand by assessing the above factors and seeking input from internal stakeholders. Identify the organization’s strategic goals and assess whether a rebrand will help to achieve these. Only proceed with a rebrand if there is a majority agreement from internal decision-makers.

  • Seek feedback

The best brands meet (and exceed) the expectations of several parties: internal staff, partners and suppliers, and consumers. Collect feedback from each of these groups to form your new brand.

When you have landed on a new brand, make sure you test this on your audience before going live. Consider your existing audience as well as your new target audience when seeking this feedback.

  • Confirm that no component of the new brand is a trademark risk

As with all processes of this nature, it is important to check the legalities surrounding the situation. Make sure that your new brand and all of its components are legal and won’t cause you any problems.

Rebranding can be a risky undertaking, but if done well you will experience significant benefits. That being said, it is not something to be committed to lightly. Make sure to do your research and due diligence to ensure it is the right move for your company and have a detailed plan in place to successfully move through the process.