What is rebranding exactly? It refers to changing your brand’s image to give your audience a new and fresh outlook. The rebranding includes changing your brand’s logo, name, and values at a time or simultaneously depending on the purpose of rebranding. There was a time when Subway rebranded and changed their name from Pete’s Submarine Sandwich to the current one, since then their sales have increased. Many such brands have rebranded, and their sales have sky-rocketed. Besides the sales, their marketing techniques, promotional products and services also show improvement. So, what do you do when you need to rebrand?
Ideate a New Vision and Mission
Having a vision and mission is essential for a brand, as it helps to keep the goals clear. In the first step, bring out your current view and purpose to take a look at what you want to change about it. Maybe your vision is long-termed now, and that is what you want to change. However, this step onwards, keep sticking to this sheet of document and refer to it the entire time. The revamped visions and missions are the company’s fundamental values and core beliefs which will make your rebranding process much more manageable.
Communicate with Stakeholders
Whatever you decide to do, always communicate with your investors and stakeholders. When you are halfway in the process of rebranding, the last thing you want is any shareholder to turn into a devil’s advocate. Additionally, they will be more than happy to be part of the process since they have equity in the company and would be willing to know the events taking place. They could also help you in ideation and execution.
Analyze the Market and Competition
In other words, this step is research. Various research methods go into this step, and you have a report by the end of it. Firstly, analyze how the market and industry are doing. The industry involves consumables, hospitality, jewellery, education, tourism and many more. Note down the overall progress of your particular industry.
Further, the market refers to the external factors affecting your business that play a significant role in rebranding. You have to know the political, economic, socio-cultural, technological, legal, and environmental factors that will affect your brand. It will help to restrain yourself from going overboard and executing something that is not acceptable by the outside world. No brand wants to get buried under several lawsuits. Moving on, this is something that every brand does before rebranding. Look at what your competitors are doing, what are the trends they are following, and the type of promotional products and methods they are using. With this in the report, your brand can jump on the bandwagon too. The right amount of research goes a long way, and your rebranding will too.
Elements to Keep and Discard
After the research of the external factors comes the internal factors of your company. Currently, there could be some elements that your company must strip off or gain, to maintain the brand image and note everything down. The need to change such aspects means that you have possibly acquired a newer audience, or the market has changed, the reasons are endless.
Referring to your research material and the visions of your brand will make your work easier. Check what elements you have to eliminate like a particular colour, a suffix in the brand name or some promotional products that are not keeping the sales up. However, go through every component in your brand from the logo to the promotional products in the stores. Keep the things you think still have the potential to retain the sales.
Plan Out a Functional Strategy
Now that you have your entire list, it is going to be easier to plan a new brand image. Think about new colours, logos and names. This step is all about brainstorming good ideas. Select a few colours that you feel will go with your brand. Pinning on the colours has nothing to do with what colour you like, but the psychology of colours for branding.
Firstly, the name – if you think that your brand’s name needs to be trendy and catchier, then you are probably right. So when it comes to renaming your brand, you have to keep in mind that there are various ways to do so. You can use your founder’s name, describe what your brand’s purpose is, an experience, think out of the box or make up a word as Google did.
For the logo, you should keep something suitable for your brand. Make use of the new decided colours. Since you know what to remove and retain from the first step, maybe now is a great time to remove that dot from the bottom of the logo or change the font of the logo that you have disliked for such a long time. Once you have an idea to change these aspects, you can start thinking about new promotional products as well. Either utilize the same products with new brand identity or think about changing your promotional products too.
Lastly, Launch and Promote
So your freshly redone brand is ready to go into the world. Make a compelling marketing strategy with proper techniques to reach the right target audience, and use the right tools and promotional products. While launching, promotional products are a great and safe way to promote your brand. In case your brand is youth-centred, have college products that will cater to them, whereas if you have a kid-centred brand, then have promotional products that will be fun and very interactive for them. Use promotional products that will fit into your audience’s needs and wants. There are powerful ways to use promotional products to maximize sales and create the right brand image.
Now that your brand is all refined and set to expand your sales, you can let out a sigh of relief. All you need is a good strategy and promotional products. For good quality promotional products, contact a reputed printing company to get you amazing products that will bring your sales up.