Revamping or refreshing your branding keeps your brand image current with a clean, contemporary design.
As time passes, it may be challenging to determine which business aspects need to change as well as the ones that you should keep as they are.
So, we are here to assist you with this useful advice so you don’t feel lost!
We’re covering the below:
- What does rebranding mean?
- 4 benefits of successfully rebranding
- 5 first steps to rebranding
- 5 company rebranding examples to inspire you
Let’s jump right in!
Table of Contents
4 Benefits of Successfully Rebranding
What Does Rebranding Mean?
Rebranding refers to the process by which a business creates a new brand identity by changing its old logo, slogan, vision, purpose, name, target market, or audience.
Brands benefit from this by gaining new consumers, remaining relevant, distinguishing themselves from competitors, and raising brand recognition.
In addition, rebranding can entail changing the items or products the company sells or develops.
5 reasons to rebrand:
A corporation can contemplate rebranding for various reasons.
Some of the top reasons for a rebranding operation are:
1. Newer product lines:
When a company changes its product range or price, it can consider rebranding.
In this case, existing and prospective new clients need to be informed about the latest offerings.
If the change is significant enough, the best approach to notifying current and possibly new consumers is via a rebranding process.
2. A new ideology:
It’s common for a brand to determine that its existing business model or brand values should be changed.
Rebranding is one approach to communicating this new concept to the world, bringing the new brand narrative to the forefront of public consciousness.
3. A larger audience:
A corporation may desire to reach a larger consumer base or a new demographic.
For example, if the new target market is younger than the existing target market, total rebranding will most likely be required to win the intended audience’s business.
4. Merging companies:
When two firms combine into one, such as a larger brand swallowing a smaller startup or newer company, rebranding is often required.
Overall, the united brand should let the public know about its merging.
5. Brand image restoration:
A corporation may rename itself if its present brand identity and reputation have been harmed.
So, changing the visuals connected with the brand can help prevent unfavorable associations with the current brand.
4 Benefits of Successfully Rebranding
Effectively rebranding can differentiate competitors, build credibility, encourage loyal customers, and increase revenue.
If you’re thinking of rebranding your company, these 4 great benefits might convince you:
1. Improve your product’s or service’s overall worth
Customer perception determines the value of your brand.
According to IBM, in 2021, 50% of customers said they would be prepared to pay more for a sustainable brand or sustainable merchandise.
Additionally, this year 49% of customers report having paid a premium—an average of 59% more—for products marketed as sustainable or socially conscious during the previous 12 months.
Keeping that in mind, raising the price of your products or services and how they’re accepted are directly tied to whether or not your target customer considers you a premium brand.
Therefore, powerful branding combined with a captivating narrative allows you to redefine the value consumers put on your products and raise your rates appropriately.
2. Make contact with a new market sector
Rebranding your business or company to reconnect with your current audience is a strongly desired advantage.
Yet, many company owners overlook the power of rebranding and its potential to engage with a new audience and new customers.
Businesses may determine precisely which clients they want to target when rebranding, establishing strategic messaging and focusing on their goals and purpose.
Consequently, not only are the right consumers more likely to connect with your brand but a rebrand can also function as a catalyst for greater brand recognition and a better customer experience.
3. Revitalize employees
Many company owners think about how rebranding can affect people’s views on the business but often fail to grasp its influence on their internal team and workers throughout the firm.
Rebranding provides a one-of-a-kind chance to re-energize staff and acquire support from your most critical brand ambassadors.
Engaging team members to elicit comments and ideas throughout the rebranding process reflects your employer’s commitment and stimulates genuine engagement with your employees.
Keeping this in mind, the necessity of incorporating your team throughout the rebranding process is crucial to its long-term success.
Doing so guarantees that your staff are behind you and have the motivation required to live up to the new brand’s promise of high-quality value.
4. Recruit outstanding talent
A rebrand can bring you to the forefront of recruiting great people.
Businesses with a defined vision, core values, and company mission statement may redefine their brand to consumers as well as existing and prospective workers.
In addition, throughout the rebranding and marketing campaign, you’ll most likely concentrate on how to make a lasting impact on your consumers to develop a relationship.
While this is a vital component, you should also consider how to connect with the individuals you want to join your team.
By doing so, you may stand out in a crowded field and guarantee that the top applicants for your business take note and want to be a part of it.
5 First Steps to Rebranding
If you’re considering rebranding your company, you’ll need a plan.
It takes more than market research and a fun color palette.
The following are some steps for you to follow to start the rebranding process:
1. Create a vision:
There should be a compelling reason for your business to rebrand and be seen in a new light.
You want to rebrand—collect your ideas and plan your strategy when you have a clear vision.
Evaluate how your rebranding initiative can help your company’s long-term objectives, what you intend to achieve, and so on.
2. Conduct research:
Thorough research might assist you in having a clearer understanding of your target market.
Research your current brand position and your firm’s future in a new market.
Consider the questions below:
- Which element of your present business has been the most impactful?
- What does your target audience like and hate about your company’s product or service?
- What, more significantly, is the competitor doing correctly, and what are they doing incorrectly?
Answering questions is critical to the success of your rebranding.
3. Form your team:
For rebranding, you may want to employ in-house professionals and subcontractors.
These individuals will be reworking or revamping your brand’s visual identity, including everything from the new logo to the prospective new company name.
While having employees who know the firm best has its benefits, certain subcontractors specialize in rebranding, and their experience can be highly successful.
4. Put the rebranding approach to the test:
Testing can be costly and time-consuming, but it will provide you with essential information about your current brand positioning and what may or may not work in terms of the rebranding strategy specifics.
Discover all you can about your current brand awareness and the attraction of a prospective new brand identity, design elements, name change, or new name.
5. Begin rebranding:
The launch procedure will be determined by the budget and kind of branding.
Comprehensive rebranding efforts should need more considerable investment in the launch, while a smaller firm or brand logo update can profit from a subtle statement.
Now that we have gone over the definition of rebranding, its advantages, and how to start rebranding, it’s time to check some of the best rebranding campaigns out there.
1. Siemens PLM Software
Rebranding demonstrates a company’s dedication to responding to market developments.
This is the situation with Siemens PLM Software (Product Life Management Software), which was rebranded as Siemens Digital Industries Software.
This is part of the company’s Vision 2020+ restructuring, which intends to deliver integrated software (PLM and digital twins).
In addition to that, the vision includes infrastructure, new product development, new designs, and optimization services.
Simultaneously, Siemens introduced the Xcelerator portfolio, which comprises software, services, and an app development platform.
This is significant because, for decades, PLM software was given as a monolithic solution that was prohibitively costly, complicated, and inflexible.
Due to new technologies like the cloud, PLM has become more versatile and economical.
Still, companies have also bought software packages that have been merged with older software and marketed in numerous forms.
While this provides purchasers with more specialized functionality, vendor roadmaps have become entangled, often confounding customers and prospective purchases.
Consequently, PLM providers developed suites for specialized sectors, such as retail or automotive.
The next obvious step was to provide application development services and alternatives around the PLM software core, allowing businesses to better integrate and optimize their total software stack in a uniform, process-focused manner.
Slack, which was founded in 2013, is an online communication solution that allows organizations to interact quickly both internally and internationally.
Businesses can simply keep track of various talks by using separate ‘channels,’ which enhances efficiency and productivity.
Their initial emblem was a colorful hashtag form that served as the main symbol for different conversation channels.
However, due to social media, the symbol’s meaning was somewhat vague, and people were confused about what it meant.
The previous logo also had color issues since there were 11 colors.
As a result, depending on the backdrop chosen to portray the sign, it either lost its shape or blended in.
In 2019, the firm decided to rebrand to improve aesthetic harmony.
To visually depict communication, the old rainbow logo was replaced with a more abstract design made of speech bubble shapes.
This provides harmony between the aesthetic element of the brand and its function.
In addition, the new logo uses just four primary colors.
The visual emblem is coupled with a black or white wordmark immediately identifiable and great for the brand overhaul and new identity.
3. Canara HSBC
The firm, formerly known as Canara HSBC Oriental Bank of Commerce Life Insurance, has changed its name to Canara HSBC Life Insurance and announced the change.
In line with their new positioning, which is “Powering India to re-imagine their ambitions and aspirations,” it has also unveiled their first brand campaign, “Promises Re-imagined.”
The ad conveys a clear message about how our commitments evolve over time, yet our promises should ideally be honored with such development.
To illustrate, Canara HSBC Life Insurance uses this ad to convince Indians that it would be their partner in satisfying financial responsibilities and assisting their dependents and loved ones in tough life circumstances.
The company’s dedication to aiding clients in honoring their commitments has been conceptualized as a modest yet emotive tale in which the protagonist is encouraged to re-imagine the promises made to their dear ones.
Furthermore, under the 360-degree brand campaign, Canara HSBC Life Insurance has released three TV commercials to expand the concept of its solutions spanning Retirement, Child Future, and Savings Plan.
Zendesk, which was founded in 2007, is a worldwide customer relationship software firm.
They started with building a software platform to help businesses deal with customer service requests, and have now evolved to provide six separate products ranging from live chat to analytics to reports.
The term ‘zen’ is fundamental to their culture, which is based on the concept of serenity and tranquility.
Both of these concepts were visually expressed in their previous logo, which had a lotus flower and a cartoon Buddha.
However, for the business to develop and keep up with its growing consumer base, it needed a logo that was readily scalable, and its previous logo was just not up to the job.
While they intended to maintain the original design’s whimsy, they realized that a more sophisticated approach would allow them to scale.
They had a substantial rebranding in 2016, creating a logo that differed considerably from their earlier style.
The new logo has seven geometric lines joined together to create a ‘Z,’ which made their brand name instantly recognizable while providing a feeling of a makeover.
They also changed the brand color from green to dark navy, which has a considerably stronger visual effect.
What’s more, Zendesk recognized this significance by connecting its new brand identity with its desired path.
They are on a company expansion journey and require a logo that will appeal to a bigger audience of industry professionals and stakeholders, which is vital for their brand strategy and new look.
5. McKinsey & Company
McKinsey & Company is a well-known consulting business in various sectors, including sophisticated electronics, oil and gas, retail, and real estate.
They wanted to rebrand to reaffirm their commitment to their clientele, realign their brand messaging with their objective, and celebrate their development since they didn’t have half of their current customer base when they started out.
Besides, the business’s previous branding didn’t quite represent this journey. So, it needed to be updated.
Plus, McKinsey & Company was extremely cautious not to lose too much of its existing identity throughout the rebranding process.
As a result, they sought to establish a balance between old and new, tradition and modernity, to preserve what makes the brand unique while being relevant.
The rebranding campaign indicated that certain aspects of the organization are changing while also reaffirming the company’s commitment to its current consumer base.
Therefore, they achieved the correct balance since their new brand identity and logo redesign still reference the previous style.
However, by making modest adjustments like the stacked wordmark and typography, they have moved the logo into the present day without being too disconnected.
The best part about this rebranding is that McKinsey didn’t adhere to so-called design ‘trends.’
All too frequently, companies make the mistake of believing that rebranding must include full-on new colors or new messaging to be noticed.
However, this can result in the alienation of your existing clients who are highly acquainted with your present company identity, brand design, and brand voice.
Transformation is never simple, but with the appropriate technique and mentality, it can be a lot of fun.
In reality, rebranding can and should be one of your company’s most exciting and gratifying projects.
You’ll discover possibilities you had no idea existed. And you will offer your staff, customers, and prospects fresh reasons to trust in you.
If you’re looking into the matter and need more information, you can check our guide on rebranding and get all the inspo you need!
Thank you for your time.