Rebranding is a marketing strategy that involves changing an existing logo, name or consulting brand design. This change is made with the clear intention of making the brand look so fresh and new that it changes its image and helps it regain the trust and interest of the target group and audience.
Want to know what the rebranding of consulting business is, reasons, and tips for success in doing it. Keep reading this article for an in-depth discussion:
WHAT IS REBRANDING FOR CONSULTING BUSINESS?
Rebranding is the process of establishing new characteristics and identities inside and outside an established consulting business or offering to give a new identity to an existing brand to help it being recognized differently or to develop an entirely new brand image in the market.
In simple terms, when the characteristics of a brand such as a name, design, or logo, of an established consulting organization or offering are altered or altered to change the image of the existing brand or make it known differently than before, it is called rebranding.
Some key phrases to focus on to better understand the definition of rebranding –
- Rebranding involves new branding for existing consulting brands.
- The goal of rebranding is not to create a new brand, but to give an existing brand a facelift so that it can compete in a changing market.
- It focuses not only on the visuals of the consulting brand but also focuses on the internal operations that run the brand.
RE-BRANDING AND RE-LAUNCHING
In short, re-launching means re-launching the service a second time. The reasons for re-launching the offer are: –
· Confusion in the market
· Damaged product
· An effort to make the excitement come back to increase sales
Rebranding, on the other hand, refers to a marketing strategy in which a logo, design, name, etc are altered in such a way that the consulting brand remains eye-catching and still appeals to its target customer base.
REASONS FOR REBRANDING
The value of a brand is determined by how the consulting brand is perceived in the market. If the brand is unattractive or the target audience cannot understand the brand, the brand will not grow in the long term.
Therefore, rebranding proves to be the preferred branding strategy to change the existing image to build a reputable image in the long run. In addition, various reasons for rebranding are:
Changing Target Demographics
Every consulting brand has a target demographic that can and does change from time to time due to changes in trends, technology, etc.
That too may change as brands grow larger and target a wider audience than before. To keep up with changing target demographics, a brand must resort to rebranding to remain attractive to a wide audience.
The Previous Brand Image Has Been Damaged
There are times when the planned brand identity does not turn into the expected brand image and backfires for the consulting company. Such times require the company to give branding a second try by rebranding and correcting the wrong brand image.
Change of Business Ownership
Such changes in business ownership in the case of mergers, demergers, and acquisitions, often require consulting brands to rebrand themselves to make the changes visible and to comply with legal requirements.
Coping with Unforeseen Situations
Since the world is full of uncertainties, there is always the threat of unforeseen situations such as bankruptcy, legal complications, bad reputation, or anything else that no consulting brand can plan ahead of time.
Rebranding can help almost any consulting brand to deal with the volatility and adapt according to the situation at hand. If a brand goes into a slump due to an unforeseen event, rebranding can be its savior in the long run.
TIPS FOR REBRANDING
The rebranding comes at a heavy cost – both monetary and non-monetary. Therefore, this strategy should be executed only when necessary.
Here are tips you can apply if you are looking to rebrand and plan to revamp your existing branding, offering, or consulting organization:
Find Out Why it’s Necessary
Rebranding has its costs which are not limited to the time and money required. A wrong or rushed rebranding strategy can cost you a lot in the long run.
This strategy should only be implemented if necessary. Therefore, it is better to spend some time in advance to make sure that it is needed.
Plan How It Should Be Done
Each rebranding strategy is focused on a different objective and a different target audience. Once a need is identified, it is advisable to set a goal and develop a strategy that revolves around meeting that goal.
Developing an in-depth plan will help you understand what changes need to be made and how much the changes will cost in terms of money and time. Rebranding costs depend on a variety of factors including geographic location, number, depth of changes required, etc.
Make Things More Intuitive
Changing branding drastically can confuse your audience and can backfire in the long run.
The rebranding strategy should be put in place with more intuitive thinking and taking into account the existing brand feelings and perceptions of existing customers and target markets.
Make the Most of Customer Feedback
A rebranding rule to follow is to keep in mind what customers are looking for. It is a more measurable and targeted practice to plan a rebranding strategy by ensuring that the feedback and reviews provided by customers are properly understood and acted upon.
Customers can provide the best leads for rebranding because they are the ones who use or will use the services offered.
Let the World Know
After all the changes have been made and implemented, the rebranding is said to be complete once it is announced to the world. Many promotional and marketing strategies are used to inform rebranding decisions and gain customer acceptance and trust in the marketplace.
CONCLUSION
That is a complete discussion about rebranding which is not mandatory in a business. If your consulting business already has a lot of customers and the services are well-known, rebranding will only confuse your clients.
Studying the successes (and failures) of rebranding will help you make smarter decisions and avoid wasted results that will end up in lost business.