Many entrepreneurs today opt to rebrand their companies, products, and services for a multitude of reasons. Some companies rebrand to change a significant element of their business while others repackage their image to communicate better a more relevant brand promise.
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Rebranding, however, does more than changing the look or feel of a company. It also means spending a lot of effort and shelling out millions of dollars to come up with a memorable image that will represent the business perfectly.
That said, before draining all your financial and capital resources, it is important to ask: Does your company really need to rebrand and when is the right time to do so?
Maria Ross, business author and chief strategist for the branding and marketing consultancy firm Red Slice notes that if a business is experiencing a decrease in sales and customers, then it may be the perfect time to rebrand.
She adds: “If you see that more of your customers are going to your competition, you have to look at your entire business and also your brand. According to Ross, companies must reassess the identity of the company and relate as to how it affects its operations.
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Other than this, industry experts also suggest rebranding in case the business needs to attract new markets. They should also rebrand if the company is experiencing internal changes within its organization, which at most times also means a change in philosophy and function.
Remember, rebranding does more than transforming the aesthetic and other physical values of a business. If you are planning to rebrand, always take into consideration your purpose and direction.
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