WHAT IS A REBRAND?
When you hear “rebrand” the first thing you may think of is, “oh I don’t want to change my logo!” Not all rebrands require that step, although depending on how you brand is performing, it might be essential. Rebranding is essential to keeping businesses relevant and valuable.
WHAT IS A REBRAND?
A rebrand is the process of transforming how a company, product, or service is perceived. It can involve updating the visual identity, refining messaging, redefining brand personality, or even changing the name.
Rebranding typically occurs when a company feels its current brand no longer reflects its vision, when its visual elements and messaging have become outdated, when marketing efforts are no longer resonating with the target audience, or when there’s a shift in the market landscape.
WHAT ARE THE DIFFERENT TYPES OF REBRANDING?
We define three different types of rebranding.
Rebrand a full reconstruction of your brand. This includes new visuals, personality, messaging, and repositioning.
Brand Refresh improvements to your current brand identity to better align with the vision of your business.
Repositioning changing your target market’s perception of your brand and redefining the position you occupy with your competitors.
HOW DO I KNOW WHICH TYPE OF REBRANDING I NEED?
The best way to determine if your business is ready for a rebrand is to conduct a comprehensive brand audit.
This process evaluates your brand’s strengths and weaknesses, analyzes its market positioning, and benchmarks against competitors. It also scrutinizes your materials and marketing to identify inconsistencies and areas of disconnect, ensuring every touchpoint aligns with your brand’s goals and message.
Once the brand audit is complete, you’ll gain a clear understanding of your brand’s position relative to competitors. This will help you determine whether you need a complete rebrand, a subtle refresh, or simply a strategic repositioning.
WHAT ARE THE MAIN REASONS TO GET A REBRAND?
There are several key reasons why rebranding can be a smart move for your business. Here are a few scenarios where a rebrand can drive significant benefits:
You’re noticing a decrease in marketing efforts and leads
You’re trying to connect with a new audience
You don’t have a clear differentiator from competitors
You’re looking to grow to other locations
You’re looking to attract top talent
THINK YOU NEED TO REBRAND? HERE’S WHAT YOU CAN DO NOW.
Engage Your Leadership Team
It’s crucial that key decision-makers understand the value and impact of a rebrand. Ensuring they are aligned on the benefits and goals of the rebranding process will lay the foundation for success.
Visualize Your New Brand
What do you want your rebrand to accomplish? How will it enhance your marketing efforts and generate leads? Consider how you want your brand to be perceived and what new direction you want to take.
Assess Your Marketing Budget
According to HiveMind Studios, rebranding initiatives typically account for 10%–20% of a company’s marketing budget. If you don’t have a dedicated marketing budget, aim for around 10% of your total revenue as a starting point.
Begin with a Brand Audit
Not sure if you’re ready for a full rebrand? Struggling to get leadership on board? Start with a brand audit. In just 4 weeks, you’ll gain valuable insights into your current market position and have a clearer understanding of what steps to take next.
