The importance of rebranding
We've re branded 'the fun accountant'
We are excited to announce that ‘the fun accountant’ has been re branded.
It is still early days for our business of specialising in the marketing of online accounting software.
We believe that our brand needs to evolve as our vision for the business evolved in line with what is expected by the market. Our rebranding process is also an ideal case study about the importance of re-branding for Entrepreneurs.
What is the message that you want to convey with your brand?
Branding is normally the first thing that Entrepreneurs think about when they are starting a new business. With a single brand, an Entrepreneur attempts to convey many characteristics, features an image that will distinguish the business from their competition. In many cases Entrepreneurs attempt to incorporate their inspiration into a brand even before their business has started.
The importance of maintaining a strong brand image is the key to a long-term successful business. It has been said that people don’t buy products they buy brands. There are many world famous logos that are iconic, recognisable and meaningful. Business brands are symbols that are incorporated into cultures across the globe.
Brands have to evolve to remain relevant to the continuously evolving market. The importance of rebranding is highlighted by the fact that many companies with a long history of success have undergone rebranding.
If the rebranding process if done correctly it would ensure the power and success of the brand identity. Well known examples of company’s rebranding are CALVIN KLEIN, INSTAGRAM, UBER, MASTERCARD.
Signs that you should rebrand - “The writing is against the wall”
There are signs prevalent in an Entrepreneurs mind that tells you that your brand is not exactly representative of the spirit of your business.
I was trying to comprehend why I felt that our brand was not in line with our ethos or our company’s image. When looking at our brand something was off and thus the rebranding process started.
The following signs are an indication that you should consider rebranding your name:-
1. Your brand no longer reflects your brand vision.
When you started your business you had a vision of how your brand would incorporate the image and spirit of your business. You find that your vision has changed, many factors contribute to the expansion or change of your vision. You find that your brand does not exactly capture your vision and that is when you need to consider rebranding.
2. You are differentiating or redefining your brand.
You need to differentiate your brand from that of your competitors. Your brand does not stand out from the crowd. When you redefine your brand image that is when you fine tune your brand to tell Customers more clearly what to expect from your business and to distinguish your brand from the market noise.
3. Your brand has become overly complicated of unfocused.
Business consists of many facets and you have overcomplicated what your business is about. Your brand is cluttered and your customers are even more confused than you are. Nobody can relate to your brand because it is unfocused and all over the place. This is when you go back to the drawing board and start the process of rebranding.
4. Your business model or strategy has changed.
You have diversified horizontally or vertically by expanding your services and products. Your current brand does not encapsulate the new business model and strategy. Kicking off the new strategy with rebranding may just achieve the boost in results that you were looking for.
5. You are fixing your mistakes and realigning your brand with your audience.
Your brand is associated with a negative event or product. Your brand’s reputation has been tarnished and damaged beyond repair. The cost of rebranding might be much cheaper than to change the perception of your audience. In most cases, it will be impossible to change the image of your brand irrespective of how much money you throw after it.
6. You are refreshing your brand vision.
You find that your brand does not reach or speak to your niche market. Times have changed and your niche market is looking for growth and something they can relate to. A new fresh look may just recapture the imagination and loyalty of your niche market.
7. You want to reposition yourself in the market.
You want to reposition your brand as a business providing quality and exclusivity. Does your current brand reflect that image? Or you want to target a different market segment, possibly a younger generation. Then it is time to consider a brand that is more relevant to your target market.
The importance of rebranding should not be taken lightly
Our company is still young and we realised that our vision and goal posts have changed. We have a clearer perspective of what we want to achieve and thereby convey this to our target audience. As your business grows expands then rebranding may be a serious aspect to consider and the importance of rebranding should not be taken lightly. The bottom-line is to listen to your target audience. After you have rebranded you should have measures in place to monitor the response from your target market. There are numerous examples of businesses that have gone back to their original brand after their rebranding efforts were not received favorably. I guess people fall in love with a brand and want to stick with something they know.