The business world is ever-changing, and it is important to maintain your company’s relevance to maintain success and potentially achieve a higher level of it. A company’s survival needs to be able to adapt, so when you find the market is changing or the company’s identity is changing, it might also be time for a rebranding.
There are different reasons why a company might choose to rebrand itself. Perhaps it is to adapt to a changing market or the current state of the world and the demand of the customers. For whichever reason you might choose to rebrand your business, some considerations are useful to keep in mind.
Understand the company’s values
In the initial phase of the rebranding process, it is important to discuss and establish the company’s values, as they will reflect the rest of the important decisions. Understanding the values of your business is fundamental to, for example, determining how you want to communicate with your customers, employees, and stakeholders.
As part of the rebranding strategy, it might also be necessary to change the name of the company. It is vital to choose a unique business name not only to make the business stand out but also to reflect the new company identity, the redefined values, and to tell the world what type of business you are running. A name is like a business card: A good one will stir someone’s interest, whereas a bad one will get discarded.
To find a new and considered name, it is a good idea to start a brainstorming session where you throw your ideas up in the air and reflect on what values your company is based on and how a potential name in line with the values may sound. If you’re having a hard time getting started with brainstorming, various tools can help you kickstart your creativity. For example, it may be worth trying a so-called business name generator, which is designed to generate name suggestions. All you have to do is to enter keywords related to your business and then it automatically generates suggestions. If you don’t like the suggestions, you can just use the generator as a source of inspiration.
Unique selling point
In the rebranding process of the company, it might also make sense to invent new unique selling points. Perhaps you would like to reflect a greener approach in producing your products with sustainable sources, which will appeal to environmentally conscious customers. Whichever unique selling point you focus on, make sure to research the current demands in the marketplace.
It is challenging to develop the company’s brand, but it can be helpful to see how another company brands itself. Rebranding a company very much has to do with the story it tells about itself. Stories are everywhere, and just like figuring out which values are important to the company, it is important to know which story you want people to subscribe to.
A visual change
You might already know that visual identity is an extremely important part of rebranding a company. However, you should be careful to avoid overlooking important aspects of visual identity as many businesses tend to do. The visual identity entails several different elements that should all be aligned in some way.
The colors, the logo, and the website design are all part of the storytelling about the company. How a business expresses itself through these different mediums will also attract or deter potential customers. A potential customer’s decision to do – or to continue doing – business with you can be affected by the first meeting with your new visual identity.
The reasons a company chooses to rebrand matters, but the way the rebranding takes place is equally, if not more, important. Changing the name, the visual identity, or the unique selling point are just some of many ways to rebrand your business, but they can be necessary changes to adapt and stay relevant as a company in a modern climate.