Before you begin rebranding, you need to assess its feasibility. Answers to a number of key questions below will help you do this.
So, here's the checklist for rebranding:
There are plans to expand the sales market, enter other cities, regions and even countries. In the latter case, you need to be careful. The brand must be understandable to the residents of this country. Thus, Danone produces products abroad under the trade name "Bledina". In Russia, it would immediately become associated with a well-known obscene offensive expression, so it was necessary to rebrand the name. Although such a name would certainly help to stand out from the crowd of competitors.
The company undergoes key features of office 365 database structural changes. For example, it joins another enterprise or, on the contrary, separates from it. New business models and its values usually inevitably force the owner to rebrand.
The design does not correspond to the trends of the time. At the same time, this issue should be approached with caution. If the company has been on the market for a long time and has earned a high reputation, then the logo and aesthetic solution are integral components of the product, which are associated with high quality and contribute to recognition.
If the company is new to the market, the design may no longer match the pace of its own growth. In any case, the main task of rebranding is to form and maintain a positive perception by the consumer.
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Market shrinkage. This may be due to an initially incorrect business strategy, an erroneous choice of target audience, lack of communication with it, or changes in consumer preferences. Rebranding is needed here to win new clients and retain existing ones.
The brand is lost in the mass of similar ones , is not recognized by the audience, does not allow to highlight the advantages of the business. It is necessary to emphasize the uniqueness of the company, its differences from competitors.
A weak brand is a serious problem for businesses and can significantly reduce sales. Up to 25% of profits can be lost due to the wrong strategy.