crowdspring Blog: The Definitive Guide to Successfully Rebranding in 2020

Email sent: Jul 14, 2020 12:01pm
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The Definitive Guide to Successfully Rebranding in 2020

By Ross Kimbarovsky

When starting a new business, many business owners don’t pay much attention to branding beyond the name of the business and the logo. That’s because most business owners believe that the brand identity of a business is nothing more than that business’s name and logo. But, a successful brand is much more than the name and logo. Your company’s brand is the sum total of the experience your customers and prospective customers have with your company. A good brand communicates what your company does and how it does it. A good brand also establishes trust and credibility with your prospects and customers. Brand identity is important. But brand identity isn’t static. Companies evolve and often, to stay competitive, they must evolve their brand and branding. This happens for many different reasons. You might no longer love your logo or your brand aesthetic no longer speaks to your company’s values and products. You might be expanding the scope of your business and entering a new market, and the name of your business is too limiting.  Or you might have realized that your brand simply isn’t doing a good enough job to differentiate you in the marketplace. The truth is that many companies, including some of the most successful, rebrand. We’ve seen this recently with rebrands by Dunkin’ Donuts, Weight Watchers, Uber, Unilever, and many more companies. Let’s look more closely at rebranding and examine what rebranding is, why companies rebrand, and what you should know to develop a rebranding strategy and successfully rebrand your business. What is rebranding? Rebranding is a marketing strategy that involves developing a new business name, symbol, company logo, and related visual assets, in order to create a new and differentiated brand identity in the minds of consumers, investors, prospects, competitors, employees, and other stakeholders. As we mentioned earlier, a brand is much more than a company’s name and logo. But the name and business logo are key ambassadors for any brand, so it’s important that both are strong. Rebranding can work wonders for any business that is struggling to modernize, differentiate themselves from their competition, or even escape a lackluster reputation, as was the case in Uber’s recent rebrand. What is brand identity? When people talk about “brand”, they frequently mean “brand identity. Brand identity is different from the brand. There are right and wrong reasons to rebrand. When should a company consider rebranding? Rebranding can be complicated and does introduce some risks and costs. Although rebranding doesn’t need to involve a complete brand overhaul (you don’t have to change your company name to rebrand, for example), you will need to make meaningful changes to build a new brand identity when you rebrand. So assess carefully whether a rebrand is right for you and whether this is the right time to rebrand your business. The right rebranding strategy can put new energy into your business but it needs to complement your overall business strategy and marketing strategy. Companies should rebrand to better differentiate from the competition Young..
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