Branding is often underestimated and forgotten in the beginning of the business. It is quite hard to create a brand certainly in the beginning because you still try to figure out who your target customers are. Besides, there are many other priorities you think more urgent than branding your business identity. In addition, business sometimes is unpredictable. Your business might experience various changes in your business plan which affect the branding strategy itself. Therefore, some companies go for re-branding strategy. There are companies that rebrand because they expand their product offering. Therefore, re-branding is not that uncommon.
Factors that can drive you to rebrand your business
As mentioned earlier that re-branding is not new practice. Some companies have the need to do it due various reasons. It is quite complicated process but if your reason is enough then there is no reason for you not to do it especially when it affects the mission, value, and market of your business. If your brand is no longer represents those factors, you should consider to rebrand. Here are other major reasons why you should consider a rebrand.
Connection to Customers
Your business has solid connection with your customers. Therefore, a brand is designed to connect your company and your customers at its finest. If you plan to re-position your target market through price, place, or products, you need may need to rebrand because your brand should follow the market position.
Something that Represent Your Business’ Identity
Business expansion is also one of the most common reasons why companies rebrand. It can be a total change or just a refresh. Expanding your market to international market for example, requires you to own a brand that truly identify and represent your business. Your new brand should reflect your mission, goal, and personal identity. Those are reflected through the right logo. Symbolism, messaging style, etc.
Change in Visions
If your business’s mission, value, or vision change, you may need to rebrand. The new brand should reflect your philosophy because it affects decision making for your business in general. The philosophy of your company is guide that direct your business to a destination you marked. Even though re-branding is not uncommon, it doesn’t mean you can do it randomly without consideration. You can’t just rebrand your business out of boredom or ego. it is highly suggest to not rebrand if your reason is to cover up a crisis, look for attention, or aim for impact. Those are not the right reasons to rebrand because it will risk your business instead.
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Combinations of Merged Brands
Mergers and acquisitions are when two companies come together. Automatically, two brands should come together as well. If your company is joined or acquired with another company, it is time to adjust the brand and make some changes through re-branding. For companies that go for mergers and acquisitions, finding new brand is the right solution. The new brand should reflect the new entity of the companies involved. A rebrand due to mergers and acquisitions will also help build trust as well as prevent confusion due to the two companies come together.