Most of you business enthusiasts must be familiar with the term ‘Branding,’ and if you run or manage a firm, you know of its importance and its longevity. But, I’m willing to bet that you don’t know what ‘Rebranding’ means, much less if or when does a business need it!
A brand leads to business recognition. Many business owners struggle their entire career to leave behind a legacy of a great brand. But alas, many are not as good as they want to be. In the course of brand recognition, these entrepreneurs mistake brand image for quite a different thing called Rebranding.
What Is Rebranding?
A rebranding, also called brand overhaul, maybe required only under certain conditions.
#1. Negative Influencers
Sometimes a bad occurrence in the daily life might ruin the chances of a business lift-off.
Say your business name resembles a scandal or a rumour that has caught people’s attention in the recent past, then it may be a clue for you to change your business identity after all. It is true that finding a perfect name is the hardest job but, you can avoid such mishaps if you cross-check your desired preferences of business names with any negative influencers. It will save you a lot of headache in the long run.
#2. Bad Reputation
As opposed to negative influencers, a bad reputation is quite hard to overcome. If you have ever been on the wrong side of history your customers will never forget it and neither will you. During this scenario, rebranding may be the only befitting act of survival. Nobody likes being the center of negative publicity, but as much as possible, be sure to express how much you value the consumers.
#3. Improper Correlation
Once you have established a stature in the business world, your consumers associate you with a certain product or service. Although not necessarily but, time and time again, consumers have not been quite accepting when a business jumps into another sector using the image that earned its name.
For instance, the business you own is a garment store, and then you make a decision to open a hardware store as well, the chances are customers will find it a “turn off” and may lose interest in your product after all.
#4. Antique-y Look N’ Feel
Sometimes you might believe in an old saying “Old is Gold” all too much, but it may not turn out as well as you had thought. Depending on factors such as age group, customers might opt for something engineered, over an antique (like an antique furniture store). But, there is no need to panic in this scenario either.
Customers always tend to look for fresh and unusual because the routine starts to get boring. During times like these, you can sell fast and make good returns for the lost period. But it is often a good idea to keep a good flow of customers year round and not let any factor, including seasonality adversely affect the business.
If your business is in turmoil, it is advised to consult a business development or organisational expert rather than make a hasty decision to rebrand your products and services. Most of the times it is not the fault of your products, but the way you conduct business.
Taking help might only help further your knowledge and you might gain a lot from another’s experience and business ethics. Sometimes, all you need is guidance to stick to the path you had chosen to lead initially. It is just a routine exercise that needs more coaching than business remodelling.