Rebranding can be a powerful way to shake off a bad reputation or expand your business into new areas. Whatever the motivations, it is not simply a matter of changing the name and colour scheme. It encompasses your entire business image and how customers relate to you.
Reasons to Rebrand
Your business has expanded past its original purpose and you want to reflect this shift in focus. This can be in the inclusion of an eBay store set up for omnichannel retail, a new product area, or new locations.
Repositioning your brand in its target market. Whether to differentiate it more effectively from a competitor or to address a gap in the market, you can become an entirely new brand or just adjust your current one.
You want to repair or leave behind a damaged reputation. The internet makes it easy for feedback, good and bad, to take on a life of its own. If your business is suffering from past mistakes and you want to start fresh, then a rebrand is the ideal way to leave behind the negativity and start with a clean slate.
Your brand is on the verge of irrelevancy. Consumer needs and wants change constantly and what was once the cutting edge, is now as blunt as the handle. Keeping up with and predicting the direction of the market can be tricky and it might require a complete rethink of how your brand fits in a new consumer landscape.
What you stand to Gain from a Successful Rebrand
A well-thought out and executed rebrand can turn a flagging business around and reinvigorate it from the top to the bottom. If done well, it will create a new internal culture that will revitalise its direction and transform it from mediocrity to exceptional.
However, rebranding is a big job and must be extensively planned and perfectly carried out to achieve the desired results. Stopping halfway through or compromising the vision because it is hard to time consuming will leave your brand unfocused and drive away your existing customer, as well as any potential new ones.