HOW TO UNDERSTAND THAT IT'S TIME FOR YOU TO REBRAND

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The reasons for rebranding a company can be very different. The main ones include: a radical change in the company's vision; significant deterioration in brand reputation; desire to focus on new audience segments; there has been a merger or acquisition of a business; the brand is outdated and does not correspond to modern market realities; the company regularly fails to set goals and objectives; there has been a change in the target audience or its key segments; new players have entered the market and your company has become uncompetitive; new owners or managers want to change the direction of activity; the target audience or the main direction of the company’s activity was initially incorrectly defined, or the brand was completely built incorrectly; customers have lost interest in the product or decided to try something new; The brand's products and services have never been in strong demand in the market. TYPES OF REBRANDING There are two types of rebranding: comprehensive and partial. You need to make a choice depending on the goals you set for your business. Comprehensive rebranding is a radical transformation of a company or project.

In many cases, the process goes so far that the updated brand may not be recognizable from the previous version. Comprehensive rebranding implies a complete renewal of the company: a new design, logo, style, design, refusal to offer low-margin products and services, expansion of the range, development of new corporate ethics. However, the main direction of the brand’s activities in most cases does not change – this also applies to its audience. For example, the management Healthtrax Corporate Email list of a law firm changed its name, design and logo, and updated its website to focus on civil cases, but continued to work in the legal field. This is called comprehensive rebranding. Partial rebranding involves changing a specific segment of the company. For example, updating the logo if it evokes bad associations, events, images, or even resembles another well-known brand. It is also possible to redesign the product packaging, carried out in order to increase its recognition, attract attention and, therefore, help increase sales.



In this case, partial rebranding solves a specific problem or task. REBRANDING STAGES Rebranding stages Conducting a marketing audit The first stage includes an analysis of the current situation of all affairs in the organization. Determine your company's greatest strengths and weaknesses compared to your competitors. Be sure to study your existing customer base: consumer loyalty and trust, reasons for choosing a brand, as well as demographic characteristics. Also, evaluate the company's slogans, logo, and design. Find out what associations they evoke and how this affects the level of customer trust. In addition, the audit program includes an analysis of the company's resources: industry size, industry trends and prospects, sales channels, department functioning, management style, market positioning and finances. Only after a detailed analysis will it become clear what exactly needs to be worked on. With the help of an audit, you can determine whether you need a comprehensive rebranding or whether it is enough to limit yourself to partial updates.