When you think of the word “brand” many people would say that it is the logo or name of a business or company. However, it is much more! Good brands communicate to customers and have a storyline behind them. They can convey trust and care for customers among many other things.
What is Rebranding?
According to Google, “Rebranding is a marketing strategy in which a new name, term, symbol, design, concept or combination thereof is created for an established brand with the intention of developing a new, differentiated identity in the minds of consumers, investors, and competitors.” When your company begins to expand its potential and horizons, rebranding is necessary. Whether for your personal brand or business, rebranding allows for evolution of your business. Every business needs good marketing and you are in the business of you!
When to Consider Rebranding?
When your business is growing.
Rebranding should be considered when your business is growing and evolving. When your company begins to expand, your logos, mission and brand elements can be updated to match the business’ elevation. If you’ve scored a speaking opportunity to lead a TED Talk or have been promoted within your company, your brand story should reflect these accomplishments. This can be done by updating your LinkedIn profile and if you don't know where to start updating your profile, download a copy of our booklet, “Market Yourself With A LinkedIn Makeover” and follow the 37 steps to improve your presence.
To help your business stand out.
Sometimes our brands can be similar to our competitors. A unique name, logo, website, brand colors, and products or service are necessary in order for your business to stand out. Do not be afraid to change your brand. We as humans grow and evolve everyday and that means that there are opportunities for our businesses to grow as well. Change is good. Allow your business to grow and stand out with a strong rebrand.
2. An update is needed.
Rebranding should also be considered when your brand is outdated. As time goes by, changes occur. It is always best for businesses to be up to date with current times and trends. For example, a customer looking to enhance digital presence is most likely to prefer a marketing agency who knows how to handle current social media trends and designs over a marketing agency who uses traditional marketing. In 2018, Dunkin Donuts' underwent a rebrand. Realizing that customers would call the chain just Dunkin’ when referring to the brand, Dunkin’ chose to capitalize on this trend and rebrand itself. They changed their name from “Dunkin Donuts” to “Dunkin’” to resonate with consumers and keep their brand hip by leveraging their trending name.
So, How do we Rebrand?
Create a list of brand changes you would like to make and have a solid vision in mind. It is okay to find inspiration from peers/competitors or similar individuals or businesses in your industry.
Download our “Plan. Position. Get Noticed.” personal branding booklet to help with creating your lists of ideas. This step-by-step guide walks you through the planning process of personal branding and how to position your brand to get noticed. These steps can also be applied to your business; just think of your business as a whole instead of individually when considering the steps. Click here to download.
Work with your team and begin to manage your rebrand. Delegate tasks or hire a firm, such as Encounter, to assist with the rebrand.
If you need help rebranding, Encounter Your Potential is here for you! We help businesses grow, sustain and transform -- whatever it takes to embrace their future and ENCOUNTER their potential. We specialize in marketing and branding -- so leave the hard work to us! Schedule a consultation today.