Rebranding can make or break your business. It takes a lot of courage for business owners to change the face of their business, especially when customers are already used to the current branding.
Rebranding can be a double-edged sword if not done properly. It all depends on how customers will react to your business' new image.
When customers react negatively to rebranding, there is a huge chance that it will impact your profits, which is why rebranding is a delicate process. On the other hand, positive customer reaction to rebranding can bring life to your ailing business.
Before embarking on the rebranding process, you have to think about the reason why you need to do it. According to a report on ABS-CBN, reasons for a change of image include ownership change, strategy change, customer change and popularity boost.
If you are considering changing the name or logo of your business, you have to take into account the impact it will have on your customer base. Will they still be able to associate the new image with your superior service, or will they think that the new branding means changes in services, too?
If you are pursuing rebranding to get away from a negative issue associated with your business, make sure that you are doing a clean break from the old image. Forbes reported that rebranding will change everything related to how your market your product.
Make sure that you have enough resources for a rebranding. Doing it half-heartedly will show in the end product, so make sure that you give your all when you pursue a change of your image. Rebranding does not mean that you will have to change everything about your company image. You can also do a partial rebrand depending on what you want to achieve.
Jobs & Hire previously reported that changed its official name to focus on its Hilton branding.