What Does 'Branding' Mean?
Before knowing what branding is, let's get some insights on brand. A brand is a product, service, or concept identifiable from any other products, services, or concepts. Brands are identified by their iconic logos and graphical representations. The brand's integration with the awareness of people about it, is the core factor that can add up to a company's goodwill and evaluation.
Branding is a continuous process that insures the success of products offered by the company. The concept may sound vague, however, it is a crucial part of marketing. A company has wider elements to focus on, in terms of a brand such as a name, logo, design, and all other features that are unique to the company's personality. These aspects occur in and around the product and set it above other products available in the market.
Why Branding Is So Important?
Branding is an art of shaping a brand with creativity, strategy, consistency and skill. This act helps in establishing an identity for the brand and set itself apart from the competition. It builds a connection between the audience and the brand. Not just that but with branding, you get a reputation and ultimately a successful future. Creating an impactful brand from the beginning helps the company's stability and growth.
It may get quite difficult for you to create your own brand and grab the attention of audiences. Hence, conducting a deep research will help you on the whole process. Also, an effective marketing plan will position the company at the top of the game if implemented properly. Hence, Branding is essential to:
Identify and get the products
Stand out among the competitors.
Connect with customers' feelings.
Know what to expect from customers.
Provides Strategies and focus.
Helps businesses to grow.
What Does Rebrand Mean?
Rebranding is an essential strategy of marketing to change the logo, name, and design of the existing brand. It is a concept created for the existing brand to give it a new identity. It is an intentional move for the benefit of the company. Companies that do rebranding have a greater chance to get back the trust and interest of target groups.
While Rebranding, companies can add some features to already established companies to get the company recognized in the market. The brand name, logo, design, and additional characteristics of established companies are changed to change the existing brand image.
The brand value is dictated by how people perceive it. The Rebranding concept emerged when the existing brand can not attract people's attention.
Should You Rebrand?
When you think of Rebranding, it is essential to consider the huge costs that come with it. The process of Rebranding is quite costly both terms of monetary and non-monetary. Rebranding should only be done when it's essential. Otherwise, it might be a too stressed-out task for you. Find out if it's time to rebrand by asking these questions to yourself:
Has the business widened its operations to include new markets, or is it planning to?
Do governing laws mandate that the business change its branding?
Does a rival with a comparable brand poses a threat to the business?
Is the clientele losing interest in and faith in the company?
It will be wise to begin rebranding if the answers to these questions are "yes."
When Is It The Right Time To Rebrand?
Rebranding can be both a reinvention and a refinement process, depending on the project. It's part of the process to keep the things that make you unique and are truly functional. Every time we start a new engagement, we determine during the strategy phase what needs a total overhaul, what changes, and what remains. After that, let me provide my viewpoint on when to rebrand.
What qualities are consumers seeking in a brand at these uncertain times? Of course, you need to make sure that your messaging matches the experiences and expectations of your target audience. This is about accurately interpreting the space. Rebranding can not be a good idea because it might challenge your target audience when they need certainty. Your brand and your company should collaborate closely. Think about the following questions:
Have the people who make up your core audience changed, or are you trying to reach new people?
Do you still use the same business strategy or has it changed over time?
Is the business environment you work in, evolving more quickly than you can keep up with it?
Do you no longer fit the brand? Does it no longer accurately portray who you are today and what you want to become?
Your company should work collaboratively with your brand. Consider implementing a rebrand is a significant project that typically calls for the assistance of an agency. However, it is worth the effort. Rebranding offers firms the chance to interact with customers and improve service delivery by giving themselves a more approachable and interesting identity.
Company benefits from having strong brands. They boost brand recognition, boost the worth of the company, bring in new clients, and promote pride in the workforce. But a brand or specific elements of a brand may become outdated. If established brands don't support your company's objectives, they will hold you back.