The essence of rebranding
Rebranding is the creation of a new symbol, name, term, or design which becomes your new corporate identity. A symbol by which your customers recognize you. However, rebranding requires more than simply a new logo. The process involves emotion, planning, and a campaign strategy. So essentially rebranding should be 90% of good research that yields great ideas and just 10% of execution.
Should you rebrand?
Before you ask yourself this question you need to ask "why should you rebrand?". Below we have listed some of the best reasons why you should rebrand.
Reason no. 1: A change in the market place
What has changed in your industry? Is it a drastic change? Is this change causing you to lose business because you're not able to compete? Even though you should continue to focus on good customer service and business practices putting forth a strong rebranding strategy will help you a great deal. However, the rebranded logo / symbol needs to reflect this change in your business.
Reason no. 2: Business merger
It is common for businesses to merge. Often large businesses absorb smaller ones. In the case of a merger it is important to have a logo that universally reflects the business's new look. However, here too a re-branding strategy will need to be devised prior to execution.
Reason no. 3: Not to appear like a dinosaur
You're obviously not as old as a dinosaur but your audience certainly perceives you to be. Some how the newer generation overlooks you as a company their dad preferred. If you want to come across as a new age, groundbreaking, and upbeat company then you need a branded symbol to reflect this. However, your new look should go beyond just your logo. Things like your product packaging, style and colors will need to change too.
Reason no. 4: Going beyond existing brand limitations
It will be easier to explain this via an example. For instance, you own a company that sells salt and so all of the branding associated with your company has to do with salt. But now you're considering expanding by selling pepper and various spices. You obviously can't have a logo or a branding strategy for every one of these things individually. You will need to have a brand image and a branding strategy which encompasses everything and gives you room to grow further. Here branding is a great idea because it will give you something on which you can base your entire business strategy. You can also add more products later on without having to change your branding in any way.
Reason no. 5: Your brand does not represent your business entirely
When people look at your branding it should be instantly evident what business you're doing. If they are not then you need to make sure that everything connected with your branding reflects your business. Things like your tagline, logo, company name, images, content, advertising etc all needs to be in line with your business. Think about how you want people to perceive your company and work backwards from there to figure out your logo, tagline, advertising, content etc.
Rebranding is surely not a weekend project. It needs to be taken serious and requires research, patience, effort and lots of time. But it can yield great results for businesses who have done their home work.