Strategies are renewed, as are technologies and brands. This renewal process is known as ‘rebranding’. Let’s talk about its importance and benefits for companies.

Rebranding is more than a name or logo change, it is a natural process of updating a brand.

Rebranding is more than a change of name or logo, it is a natural process of updating a brand. Photo by NU Logic.

Rebranding has always been with companies, any business throughout its history renews its brand or image, in a process of adaptation that can be seen as something natural.

There are many reasons for doing so, ranging from a change of appearance, adjustment to a new portfolio of products or services, to be more in tune with new market movements, to a merger, spin-off or change in the structure of the company.

According to marketing firm NewoldStamp, any move that leads to a change of:

  • Logo
  • Slogan
  • Brand name
  • Color palette
  • Positioning strategy
  • Digital presence
  • Or corporate identity

It is framed within a rebranding strategy.

Let’s move on to the concept of rebranding, when to implement it, brief tips on how to execute it and how it can help your business.

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What is rebranding and why is it important?

As we anticipated in the introduction, rebranding or brand refreshing is a marketing strategy based on updating or changing any element that contributes to the company’s image.

According to VIM Group, rebranding is a brand performance that seeks to create a more attractive identity or according to the new dynamics of the market where the business operates.

A strategy that can also involve unifying the architecture or improving the performance of the brand or its digital presence.

Rebranding has the potential to create a new and different brand identity in the minds of all stakeholders around the business, from customers and prospects to investors and business partners.

As such, it must be something that is carried out carefully, with sufficient forethought and planning.

When to consider rebranding and when not to?

We already mentioned that there are several reasons that can lead to a change in the elements of the brand, but it is worth reviewing the point.

For NewoldStamp‘s specialists, a rebranding can be valid and profitable in the following cases:

  • In the face of a change in structure, a merger, spin-off or acquisition.
  • When a better adaptation to a different niche, culture or market is needed.
  • If the company expands geographically
  • If the company’s culture, mission or values have changed.
  • When the brand needs to be updated to be in sync with market dynamics
  • If the brand is similar to that of a competitor and differentiation is sought.
  • In cases of image and/or public relations crisis.

On the other hand, a rebranding is not advisable when:

  • In the face of low brand recognition
  • When the business is just consolidating
  • For a simple change of executives
  • If sales are low or declining
  • When goals or key performance indicators are not being met.

In these cases it is preferable to review management, metrics and relaunch the marketing strategy in ways other than changing the brand, for example, different promotional channels or reviewing traffic via networks or website.

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Some tips when carrying out a rebranding process

Branding is one of the most valuable assets of the business, modifying the brand can represent challenges, to overcome them it is important to take into account certain best practices:

  • Assemble a team of professionals to tackle the strategy: branding experts, marketing analysts, designers, developers or copywriters if necessary.
  • Make your rebranding strategy well informed by formulating a plan, this should include:
    1. Diagnosis and research of the current brand
    2. Scope of the strategy
    3. Objectives and results
    4. A roadmap with activities and responsible parties.
  • Scope: Is it a partial or total rebranding, a change of company name and/or web domain, a logo redesign, or a complete change of all elements of the company’s brand? Or an absolute change of all brand elements?
  • Design indicators to measure the performance and impact of the strategy.
  • Create a rebranding campaign: after knowing the scope and defining a plan, the ideal promotional and communication channels should be chosen.
  • Inform your customers, subscribers, prospects and other stakeholders about the rebranding through a simple and clean campaign: social networks, press releases, emails.

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Benefits of Rebranding for your business

Well planned and executed, rebranding provides benefits beyond a simple change of image, some of these can materialize in almost instant results or perceptions, others require an investment of resources or a more delicate approach.

These are some of the benefits of rebranding for companies:

Improves brand consistency or coherence.

It is natural for a brand to begin to show inconsistencies with the company or the market over time, for example when the initial mission or vision is exceeded, or when the portfolio deviates too far from the brand name.

At this point Bert Wolters, consultant and branding specialist considers that a well-executed rebranding allows organizations to regain that consistency and coherence of the brand, the positioning and the perception of each stakeholder.

Attract a different customer niche

Brand research as part of the rebranding strategy facilitates the recognition of targets or market niches better aligned with the company’s portfolio, objectives and brand positioning.

A correct targeting of these elements will achieve a better conversion rate and attract better prospects, identified with the brand’s life cycle.

Ignyte Brands emphasizes how rebranding is the ideal opportunity to develop ideal and clearly defined buyer personas or prospects, which allows to formulate specific tactics for ideal leads.

Gain differentiators

At a certain point in time a brand may be a leader in its market, but in the dynamic movements competitors can quickly position themselves leaving the leading brand in second or third place.

This is where rebranding opens the possibility of defining clearly articulated differentiators.

With a well-implemented strategy, customers and other stakeholders will be able to better perceive why your brand is superior to others.

Refine the brand

More than updating a rebranding allows for a ‘clean-up’. A re-evaluation to remove everything that is contradictory, prejudiced or outdated in terms of image, giving new life to catalogs, services and brand tools to boost your brand.

Greater involvement of clients and collaborators

There is nothing duller than a brand that is distant, out of alignment with the perspectives of customers and employees.

Rebranding makes it possible to take these perspectives into account and make them an active part of the brand, so that different stakeholders become ‘storytellers’ or active testimonials of a close and sympathetic brand.

To quote Wolters again:

“Rebranding is an opportune time to introduce and reintroduce the brand through employees and loyal customers, which, in turn, provides an opportunity to align and be testimonials to the brand and thus tell a story more effectively.”

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Rebranding: Importance and Benefits – Final Thought

Branding is more than a logo or a catchy slogan, branding is the way customers identify your business; after your employees the brand is your most valuable asset and a rebranding, brand update or brand change, should not be taken lightly and is justified under certain reasons.

As you may have noticed, well executed rebranding can result in benefits such as modernization or gain of differentiating elements.

At the end of the day, both companies and individuals deserve a change and adopt a look more in line with the new times.

This is how NU Technology changes its name and now we are NU Logic, a change aimed at emphasizing the strength of our capabilities.

Although this is an important change, our mission remains the development and enablement of information technology and digital transformation solutions for your business.