Entering such a niche will test your patience and creativity in dealing with sudden occurrences. You must equip yourself with reliable sources and knowledge about your business type. Getting a firm grasp of the latest trends in the world of business must be one of your daily routines to keep yourself aware of current events. The day-to-day happenings in the business world can either push you up the ladder or drag you down, so you must always be ready. And to be fully prepared, you must have an innovative and powerful technique you can rely on just in case things go south. Our pro-tip? Master the art of rebranding.
What is Rebranding?
The rebranding process has been in the field of business for the past years. A rebranding strategy is a business technique wherein a brand tries to establish a new brand identity. When a business company implements rebranding strategies, one of its main goals is to input a new brand trademark into its online audience’s hearts and minds. Many entrepreneurs use the best rebranding examples to showcase their target market with a new and improved business logo, brand name, brand color scheme, and visual identity.
Image taken from SMUK
Understanding how to rebrand your business can help you walk a new path on your business journey. You are rebranding your business to help your company improve for the better while not losing the foundation you have already established previously. Whether your business has been spreading a new market reach, starting to offer new services, or simply undergoing some niche shift, the rebranding process can stay on your side to help you meet the growing needs of your online customers.
5 Reasons Why You Should Start Rebranding Your Business
Learning to rebrand your business can be pretty skeptical the first you hear of it. You might ask yourself, “why do I need to rebrand?” or “is rebranding significant?”, “Will it be a waste of time, money, and effort?”. To give answers to your wonders, here are five reasons why mastering the rebranding process is your eCommerce holy grail.
Image taken from The Peacock
1. Wrong Target Audience
Correct audience targeting is essential in online business. Before starting your operations, having a clear target audience is a must to make the next steps flow smoothly. However, no matter how much you plan the type of market you want to engage with, things can fail unexpectedly.
When you start noticing that your marketing efforts are becoming ineffective with your target audience, you must consider rebranding your business. Continuously making marketing plans on a market niche that needs to respond with your efforts will only save time, money, and effort. You’ll only lose your chance to gain profit from another deserving audience niche that genuinely values your products and services. Hesitations shouldn’t be present in your mind to learn rebranding strategies because they will only hinder you from achieving your goals.
Instead of indulging yourself in doubts, quickly adapt to changes by planning an effective rebranding strategy. Remember, you are more likely to achieve growth by letting yourself go out of your comfort zone than by caging yourself in a static situation.
2. Partnerships and Acquisitions
The world of business does not only revolve around solopreneurs. Sometimes, mergers and partnerships between two firms also happen. When two online companies decided to work together, their brand became a new identity. You cannot use the same marketing strategies you used before because you are now in a different situation. In times like this, confusion can get along the way, specifically for the business’s respective online consumers. To avoid causing some trouble among consumers, doing a rebranding process is one big help. Implementing a rebranding strategy is key to a successful merger between two companies. The rebranding examples they both agreed to use can help them effectively grow and manage the new brand identity they are trying to introduce to their market. By rebranding your business during acquisitions, you can create a more functional and harmonious business community.
3. Outdated Branding
As we’ve mentioned from the start, the business world isn’t as stable as it seems. The wants, needs, and expectations of your online consumers can change from time to time requiring companies to be flexible. As an entrepreneur, you must satisfy the growing needs of your online audience.
To do this effectively, you need a powerful rebranding strategy. Aside from responding to your client’s needs, learning how to rebrand can also give you a chance to improve your brand based on your current business. For example, your business logo could change from how they were before. You can smoothly implement a more updated element to improve your brand identity by applying rebranding examples. This rebranding was done by huge brands like Coca-Cola, Starbucks, Apple, Shell, Burger King, Addidas, and many others. Rebranding your business to save yourself from outdated branding can help you strengthen your connection with your loyal consumers and attract new ones.
Image taken from Startup Youth
4. Technological Advancements
Digital business has been continuously improving every day that passes. The invention of the internet and the continuous production of modern gadgets have played a massive role in business. Before, people could only make their purchases by visiting physical stores in malls and markets.
They have to travel and spend minutes buying whatever they need. But as technology arrived, things went very differently from how they were before. Consumers can now make their purchases every time they want, anywhere they are in the part of the world. From waiting weeks just for their packages to arrive, they can get them in less than a week. This is also one of the reasons why rebranding your business is a must when technology is starting to conquer your business.
No matter how your business is working–well or not, there is still continuous technological movement ongoing that could highly affect your business. To save both you and your consumers from experiencing troubles during transactions, an effective rebranding strategy could be your life savior.
5. Outsmart Competitors
Competition is challenging in the world of business. No matter how much you try to be unique in your way, having similarities with your other competitors is inevitable. There are cases where your competitors would have identical products to what you offer or sometimes lower prices and tons of promos to provide your target audiences. In this situation, you must maintain your product prices and keep a newly launched product midway. You are learning how the rebranding process works and can save you from this stress. A rebranding strategy that backs you up allows you to implement a more effective way to outsmart your competitors. Without losing your initial foundation, you can start rebranding your business and earning back your initial power over your competitors.
Incredible Rebranding Strategies You Need to Know
After understanding why rebranding strategies are necessary, you must learn practical tips. Finding the right rebranding strategy could take time if you don’t know where else to start. Strikingly shares these awesome hacks on how you can smoothly begin rebranding your business, even if you are entirely new in this field.
Image taken from Julianne Feir
1. Define Your Goal
The rebranding process is a reflective procedure requiring your complete self-awareness and perception. Now that you are entering another chapter in your business journey, you must look inwards and deep into your thoughts. It would be best if you asked challenging questions to help yourself better understand what is going on and what you are about to do.
Setting a clear set of goals must be the first step in your rebranding process. A rebranding strategy won’t work well if you can’t figure out what went wrong on your first trial. To effectively master how to rebrand, you must determine essential elements such as your business’s purpose, vision, values, mission, and goals.
It is a reflective process requiring self-awareness and imagination. You must look inwards and ask essential and sometimes difficult questions to determine your brand’s current issue or problem. Establishing a firm brand purpose will help smoothen your rebranding examples. Once you have defined your goal, the next steps in your rebranding strategies will be a no-brainer.
2. Determine Target Audience
Your target audience is one primary element you must consider when rebranding your business. For a whole rebranding process to be considered successful, having the right target market must be present. Observing how your competitors move in your playing field is one smart way to conduct your audience targeting effectively.
Take important notes on how your target market is responding to the marketing efforts undertaken by other businesses. Use your observations to create a more effective business plan for your rebranding strategy. Formulate more improved rebranding strategies that you can efficiently deliver to your target audience and will make them choose you over your competitors.
To ideally establish your target market for your rebranding process, you need to consider the following factors:
- Financial Status
- Educational Background
- Hobbies and Interests
3. Take Your Pick
Rebranding is a process that will require you to make changes. It may seem as simple as picking what clothes to keep and what to throw away, but it is more complex. When rebranding your business, you must eliminate some things on your assets. Take your time deciding which ones to pick and which to leave behind. Go through your brand and thoroughly examine which will still be needed by your business. Eliminate those which you think can be easily replaced with a better one. Remember, sometimes letting go of the things you used to own is one way to let yourself indulge in a new set of better ones.
Here are some of the most common brand assets you will need to pick from when rebranding your business:
- Brand Logo
- Brand Color Scheme
- Fonts and Typography
- Brand Voice and Tone
- Brand Culture
- Website Brand Design
- Business Cards
- Business Emails
- Social Media Posts
- Business Newsletters
Image taken from OOO Graphic Design
The world of business isn’t as stable as many think it is. One moment you are on top of everyone, then the next second, you are already falling behind. You must equip yourself with the best tools and partners to avoid such things. You must have a reliable partner that assists you and inspires you to become better versions of yourself as an entrepreneur and an individual—like how we do it in Strikingly.
If you want to know more about the world of digital commerce, chat with us today and we’ll get you started.