HomeProductsERP6 Stages of Rebranding to Grow Your Business!

6 Stages of Rebranding to Grow Your Business!

We can not deny that as trends keep changing, more and more businesses kickstart every day. Companies are bound to keep coming up with new ways to run their businesses. Rebranding is one of the most effective ways many companies deal with these problems. It doesn’t matter if they do it intentionally or not. However, there are many other reasons for a company to change its name. Some of them adapt to changing customer behavior and keep the brand at the top of an industry.

However, rebranding a business or organization is not a simple task. If effective, this method will almost surely increase your company’s sales management. However, if it fails, it has the potential to damage the value of your business. As a result, specific processes are needed to assure the effectiveness of the rebranding.

Read more: What is ERP and Why is It Important for Businesses?

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Table of Content

  • Definition of Rebranding
  • The Advantages of Rebranding for Your Business
  • The Steps to an Effective Rebranding
  • The Disadvantages of Rebranding
  • Conclusion
  • Definition of Rebranding

    rebranding
    Source: Topbrand-award.com

    If you want to change how a business looks, you can rebrand. People think about the company differently when the logo, slogan, values, name, target audience, or market are changed. This helps the company build a new brand identity in their minds. Brands use it to get new customers, stay relevant, stand out from their competitors, and make their brands more well-known.

    Because a company wants to change its name, they have many reasons to do so. One of the most important things is to connect with customers. Suitable for the business, but it could be risky. There is always a chance that the new brand’s people will not like it.

    Rebranding may be classified into two types: proactive rebranding and reactive rebranding.

    • Proactive rebranding: A company sees a chance to expand, develop, connect with new companies or consumers, and reconnect with current users.
    • Reactive rebranding: The existing brand is no longer used or changed. There could be mergers and acquisitions, legal problems, lousy publicity like fraud, a desire to beat the competition or create your niche.

    The Advantages of Rebranding for Your Business

    It is impossible to rush the process of rebranding. Rebrand would help if you spent a lot of time and effort brainstorming. It all depends on how much work you put into creating a brand that is entirely distinct and unique to you. This also necessitates a more profound knowledge of the advantages of the strategy’s self-rebranding.

    1. Show the value of the new brand

    If your brand does not match your company’s values, it will be hard to show how your business has grown. You can show that your business is growing by rebranding when you release a new product or offer more services, or set new goals for your business. This is an excellent way to let people know that your business grows.

    2. Reach more new customers

    New customers are one of the best things about changing your company’s brand image because you can reach them. Rebranding your business can help you get more people, mainly if you focus on new aspects of your business and promote it the right way. In this way, the company can improve the company’s situation in line with the times that keep changing quickly.

    Also read: How to Increase Brand Awareness for Your Business [2021]

    3. Stay up-to-date

    Of course, a company must be able to stay up-to-date. People despise companies that do not follow the latest trends. Consumers’ tastes change from time to time. So, rebranding aims to make a product or company better in line with the current trend at a particular time.

    new trend
    Sourcer: Kanefood.com

    4. Changing new perceptions

    There are many different ways to change the way people think about a brand. In other words, your brand might not be in line with your business goals or have a bad public image. Rebranding can, of course, make you look better to the general public. Most importantly, it lets your customers see your business in a new way.

    The Steps to an Effective Rebranding

    You can not just change your company’s name or logo when changing your brand. But you also need to figure out what you want to get out of the process. So, this strategy took a long time to work. The methods below can help you come up with a good rebranding plan:

    1. Evaluate the company’s current situation.

    Before initiating the rebranding process, it is necessary to assess its current state. Additionally, you should create a rebranding approach. One of them is about partly or entirely altering the brand. Further, it would help if you defined the brand’s positioning. Is it consistent with the brand’s objectives and demands, such as the desires and needs of customers for the items you offer?

    2. Conduct competitor analysis and plan your strategy

    To begin strategically rebranding a product, you must first examine the rival’s position in a comparable industry. Following the analysis of your competition, the following step is planning and strategy creation. At this point, you need innovative thinking to ensure that you have met the rebranding objectives. In addition, you must create a list of strategies and explain the activities that must be carried out to differentiate yourself from your competition.

    rebranding
    Source: Cashlez.com

    3. Communicate first with the shareholders

    You must inform the shareholders of your plans before proceeding with this approach. This is critical since the process can have a direct impact on how the company grows in the future. Is it going to be a good thing, or will it be a mistake? Additionally, the shareholders might provide you with other good insight and suggestions to expand the new brand.

    4. Adaptation to a new market

    It is essential to know who your target market is to sell your product to them. They are a group of people who are the people you want to sell your product to—both in terms of their habits, demographics, and other things. So, it would help if you did some research on your target market first to make sure this strategy works as it was meant to do. Make sure you know a lot about your brand, your customers, and the things you sell or do. 

    5. Rebranding to build a brand identity

    At this point, you can start coming up with a new name for your company. The name brand is what people think of your company. Here, you make visual elements that can tell people about the brand. This is one part of the rebranding strategy. You can do this by coming up with a unique and easy-to-say name that fits the scope of the business you’re running.

    6. Expand your audience reach

    Finally, it would help if you made all the marketing automation tools your company needs to spread that message to a lot of people. This stage is usually done by the company’s public relations (PR) department because they are in charge of its brand. There are many things they typically do, like run internal campaigns (internal PR campaigns) or run campaigns for other people (external PR campaigns).

    Also read: Is It Necessary for a Business to Have a Brand Persona?

    The Disadvantages of Rebranding

    Rebranding can have a lot of good things happen to your business. It is essential, though, to know that there are some downsides to this method. You can not speed up or speed up this process. However, you will need to spend a lot of time brainstorming to figure out how your business will turn out after. Some of the drawbacks of rebranding include the following:

    • Some customers and employees will not like the new brand because they think it does not show the actual image of the product. For that, you need to come up with a plan and show how your product or service will make this process better than before.
    • If the strategy does not work out, the company will also have to take on many risks. One of the most significant risks is that the company will lose the trust built up with its customers, which could hurt its business.

    Conclusion

    It’s a good idea to rebrand your company to give it a new look. However, businesses need to make good and clear plans to get the most out of them. This way, companies can reap the benefits of the work they have put in.

    Rebranding

    HashMicro’s Integrated Business Management System ERP Program is an excellent way to ensure that your business is going well. This system, of course, can be used to automate many parts of the company, and a lot of different companies can use it. That way, you can make better decisions anytime, from any place, and in real-time with only one platform.

Interest in getting savvy tips for improving your business efficiency?

Vania Marsha Kristiani
Vania Marsha Kristiani
A Junior Content Writer at HashMicro who Interested in Digital and Growth. Also a life-time learner who always strive to learn and grow.

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