Rebranding, the Magic Strategy that Makes Business More Attractive

Branding is a communication weapon that companies create to develop their brands and businesses. Meanwhile, rebranding is an effort to change the image of a company or brand with a specific purpose.

In business, rebranding is one of the strategies used to make a business more attractive. However, each company's goals are actually different.

Read this article to the end to understand rebranding, its definition, reasons for holding it, and strategies for doing it.

What is Rebranding?

As previously mentioned, rebranding is an effort to change the public's view of a company. Usually this includes changing the symbols, names, and even designs used to introduce the brand or business.

The idea behind this strategy usually arises as a hope to be able to create a different identity for a brand compared to that of its competitors.

Why Rebrand?

Rebranding is not something that can be done quickly and is also not based on facts. However, of course when a company decides to implement this strategy, there are basic things that must be considered.

Here are some reasons why companies take the path of rebranding a brand or business:

The Company's Mission Changes

When the mission of a company changes, of course employees need to understand it and determine what impact it will have on the business. Therefore, rebranding can occur as one of the impacts if the mission of a company where the brand is being raised has changed.

The Old Target Market is Aging

In addition to the company's mission changing, rebranding can be done because the company considers the target market to be no longer relevant or aging.

Although consumers with that age target are still loyal, the brand still needs to open up opportunities to reach new target markets. This is also considered because younger people who are still of productive age have higher purchasing power.

Therefore, if the target market evaluation is found to be no longer relevant, this strategy can be a solution so that the business continues to grow.

Competitors are Superior

When a brand always seems to lose to competitors even though it uses a different approach, this can also be a reason to rebrand. If competitors remain superior with a similar branding approach, it means that the branding is more in line with competitors.

For that, you need to do this strategy to stay competitive.

Want to Release a New Product

Rebranding is not always about things that change, you could have new innovations and implementations of the products that will be released. Innovation in new products can open up wider market opportunities.

Of course, accompanied by branding that is in accordance with the product.

Stages for Rebranding

To carry out rebranding that is in accordance with the company's goals, of course there are several things that need to be done in the preparation stage. The following are the important stages:

Conduct Evaluation and Research

Before entering the execution of the rebranding process, conduct an evaluation and research on the brand that is currently running. With evaluation and research, of course there will be a strong reason to do rebranding and there is also a solution.

Research can be done through simple brand communication materials to consumers to get answers to problems. If the evaluation and research state that many things are no longer appropriate, rebranding is a new strategy that needs to be done.

Communicating with Shareholders

After getting the results of the evaluation and research on consumers, rebranding does not have to be done immediately. Before execution, make sure that the company needs to know, such as shareholders.

Comprehensively communicate the results of the evaluation and research obtained and the rebranding plan.

Informing the results of the evaluation and research to shareholders aims to be transparent and provide them with information on the next plan. That way, the team that will work on it can understand if there is input and other complaints from shareholders.

Compiling a List of Plans

The third stage, you need to compile a list of plans and outline the rebranding process that will be carried out. Of course, with the appropriate target, outlining the process will make the plan neater and run smoothly.

You can start by noting how far the plan will be carried out. Will it start with changing office stationery, changing the logo, or changing the appearance of social media, and many other initiatives.

Compiling a list of plans and noting all ideas will make the rebranding process easier for the people involved.

Recording and Documenting the Entire Process

Documentation of the entire rebranding process is mandatory. The documentation that is carried out is usually needed as a company archive for audits.

So, current documentation can be a guideline for future decision making.

Conducting Socialization

After the rebranding process is complete, the next stage is to socialize this initiative. Socialization is usually carried out by the public relations (PR) division as the party responsible for the brand in a company.

There are several things that can be done such as conducting an internal campaign aimed at shareholders and employees. Then continue with an external campaign for the wider public to know about your company's rebranding.

By implementing the right rebranding strategy, you can achieve better results in reaching more customers.

Rebranding is just one of many management strategies to advance your business. Learn more about it through the Strategic Brand Management program from prasmul-eli.

With a two-day study duration, this ISO 9001:2015 certified program has the following five discussions:

• Product and Brand Management
• Brand Element
• Brand Identity
• Brand Loyalty
• Brand Extensions

Find out and register now through the following link!