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A rebrand is part of the natural lifecycle of almost every brand. But getting the timing of your rebranding project right is extremely important, and can make or break the future progression of your organization.
Before we start with the overall rebranding debate, let’s discuss what a brand encompasses. A brand is not just a logo, a tag line or a product – it is much more than that! Brands are perceptions of what people think of your organization, your products, your services or any other element of your organization. A brand is a holistic overview of the organization’s day-to-day existence. So what really is rebranding, then? From changing the brand’s message to introducing a new product, and from renaming your organization to altering your logo, everything is included in the rebranding process. For rebranding to be effective, it needs to have a purpose and a solid strategy behind it. Your organization must identify the reasons for doing a rebrand and what value they expect to extract from it.
When should rebranding take place? The appropriate time is when your brand is having a perception problem, is finding it difficult to attract the right customers or workforce, or your brand is struggling to align itself with the vision and mission of the organization. But before you commit to the whole rebranding process, you need to first evaluate the risks and benefits of rebranding. A successful rebrand helps you attract the right set of customers and the top talent for your organization. It allows you to freshen up your brand and facilitates in building your overall brand equity. Delivering on the new brand promise will help you reinforce the mission of your organization. On the other hand, rebranding just for sake of rebranding can be fatal for your organization especially if you do not have a strategy to back it up with. One of the major downsides of rebranding is that you might lose your brand recognition, especially in your local market. It might end up confusing your customers, clients or donors. Rebranding may also cause your brand to go astray from the mission and vision of your organization. This may cause alienation of the internal audience within your organization. Your employees or vendors might feel the strain of your rebranding process. It’s vital to be aware of these potential risks before you embark on the rebranding journey.
Read on more to develop valuable insights on how to do effective budgeting for your rebrand, understanding the kind of rebranding your brand needs and other insider’s perspectives on the overall rebranding process.