Your brand or a brand is an immutable notion or concept in business that serves as an identifier or basis for which people will recognize your company, business, or you as a business owner.
Your brand makes your company or business overshadow the competition, particularly if your business or product exceeds the expectations of clients and customers. However, having your own brand doesn’t mean that other entrepreneurs will not have the same product or marketing strategies in this era.
With that being said, your brand can also be your business’s downfall, especially when your brand gets entangled with reputation loss, scandals, suboptimal service, or products, for the simple reason that your brand doesn’t reflect your vision anymore.
What Does A Rebrand Do?
Rebranding is the systematic method of changing the overall image of an organization to change the perception of the market or individuals.
Change the perception of the market or individuals. It may mean a change in logos, symbols, vision, or mission. This method will give birth to a new identity that can compete in the present business climate.
The reasons listed below apply to your web design business and other businesses such as dropshipping, retail and wholesale selling, and others.
How & When Should I Do A Rebrand?
1. To Shift Focus to Another Service or Product
Should your web design company reach a height that requires your business to explore other opportunities, or would like to incorporate another set of services or products, a rebrand is a must. Most successful online businesses will almost always focus on other services they can provide, such as dropshipping or eCommerce website builders such as Shoplazza, Shopify, or Importify.
A great example of this is “Dunkin Donuts,” which is now simply “Dunkin,” which is a great bold move by the company as they want to make their line of coffee, drinks, and sandwiches stand out.
This certainly works really well for Dunkin’, as they are already a behemoth in the industry, and people already trust the quality of their service and products.
2. Lose An Image Related to Something Negative
Remember the Lance Armstrong Foundation? It’s now the Livestrong Foundation. As we all know, following the admission of Lance Armstrong to using PEDs, the charitable institution decided to do some damage control, and one way to do it is to change the name/brand.
This is also true for other business models or, in this case, your web design business.
There will be companies or organizations that expand their array of services and products. Thus, it requires adding or dropping certain words from their original brand names requires.
One great example is Apple Computer becoming Apple as the business expands into making computers and other electronic products.
This is also true if your company grows and you want to explore other businesses such as dropshipping or consultancy.
4. Mergers & Acquisitions
Once a company gets acquired or bought by another group, legal requirements compel an immediate rebrand.
This signals that the company is now under new management, and its services and products align with a new vision directed by the new management.
Rebranding happens all the time. It requires great effort in research and the usage of resources. However, it’s a necessary move to either expand your business or avoid irreparable damage to your reputation and prevent further losses.
(Contributed by Renz Moralde & Hermes Fang)