By Ashley G. Wilson

For many small businesses, the idea of branding seems to be an elusive concept reserved for large corporations and the Fortune 500. But, this line of thought can be detrimental as branding is the best chance a small business has to stand out from its competitors and establish its unique selling point. Without the armor of a strong brand, your business faces a risk of getting swarmed by its competitors.

But, what happens when the armor becomes old and worn down? What happens when a brand becomes obsolete and hinders rather than helps your company? Well, this is where rebranding comes in.

What is rebranding?

In a nutshell, rebranding is giving a company a sort of facelift—it involves changing the names, symbols, and images associated with your company to adjust how it’s perceived by its customers. There are many benefits to going through a rebrand:

– It helps you stand out from the competition: sometimes, the best way to be remembered by your customers is to highlight what makes you different from the rest of the pack. With some proper rebranding, you can make sure that your unique selling point shines in every interaction you have with your customers.

– It lets people know what you stand for: the companies that tend to be the most successful are the ones that evoke a specific feeling in us, be it awe, excitement, belonging, or any of the other emotions that capture our imagination. The first step towards getting people to feel something is to have them know what you stand for; it’s the first step towards making them trust you.

– It increases revenue: not only does proper branding make the sales process easier, but it also encourages your customers to come back for repeat business. So, higher sales and more repeat business translate to higher revenue.

It is a marketing endeavor that aims to change a company’s identity and make it better suited to weather the competition.

When does a company need rebranding?

Your company might be ready for polishing its image and going through a rebrand when it cannot connect with the target audience. This happens when:

The target demographic changes. It is impossible for any single business to appeal to everyone and most will focus on a segment, speaking their language and becoming part of their everyday life. As your company grows, you might reach out to different markets. If you succeed in capturing a larger audience than the one you originally served, then you must consider rebranding yourself.

Your industry is changing. Sometimes, it’s not the business that has changed but the times. New technological innovations can have a profound impact on a certain industry, and in other cases, the appearance of a new competitor can alter the entire competitive landscape. In either case, this is a good time for the business to consider rebranding itself.

The brand gets old. Brands are like people. They get old, and with enough time, they can get out of touch with the times. It could be a logo that looks like it came straight from the ’80s or a message that makes today’s millennials squirm, but in either case, you must take control of your image and start changing people’s perception.

How can a company rebrand?

There are a few steps that exist in any rebranding effort, regardless of type, as these steps pertain to the heart of branding:

Know thyself. Any successful effort has to start with a healthy amount of self-knowledge. You have to know what you stand. In other words, why do you and your employees wake up in the morning?

Know the market. You also need a good overview of the terrain on which you operate. This starts by researching the market, which includes both your customers and your competitors.

Find out what makes you unique. You should be able to find your unique selling point, USP for short. It is important to remember that your USP will be the focal point of your rebranding efforts, so get well acquainted with it.

Find your touchpoints and redesign them. A touchpoint is any moment where your customers interact with your company, which includes your logo, your mission and vision, your website, your social media presence, and even your office. For a brand to be strong, you want to be sending the same message across all your touchpoints. For your office, for example, you must make sure that the color schemes mirror the brand and the nature of your work. You also want to ensure that the layout of the office facilitates workflow while reflecting the company’s values.

Ensure that there is consensus around the new brand. A rebranding effort is most likely to succeed when all hands are on deck. This means that not only do all employees have to collaborate together to make the rebrand work, but they must also believe that the new direction aligns with the company’s overall strategy. After all, your employees are your best brand ambassadors.

Never forget to measure feedback while rebranding. Like any project, it’s important to gauge the results and see how they measure up against expectations. As the business adage goes, if you can’t measure it, you can’t manage it.

Conclusion

Rebranding can help your business increase revenue, connect better with your audience, reach new target markets and connect with them, and stand out from the crowd. Pick a good time to rebrand, find your touchpoints and ensure all of them are sending the same message to your customers and audience.

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Ashley Wilson is a digital nomad and writer for hire, specialized in business and tech topics. In her self-care time, she practices yoga via Youtube. She has been known to reference movies in casual conversation and enjoys trying out new food. You can get in touch with Ashley via Twitter.