3 Essential Tips for Rebranding

Entrepreneurs and managers need to take several decisions each day, some of which even change the structure of how businesses operate. Such major decisions are either taken when there is a great opportunity to innovate or when there is a severe downfall in the business.

Rebranding is one of those major decisions because a company has to give its existing brand a new image including a name, logo, and identity. While it may sound risky, there are instances when rebranding can boost product sales.

There are two distinct cases of rebranding namely reactive and proactive rebranding. In the former case, as the name suggests, brands tend to react to a scenario or event that has occurred and implement rebranding. In the latter case, however, brands implement rebranding if they see the potential to innovate or enter a new, huge market via this strategy.

In both cases, companies use rebranding for their own benefit but thorough analysis and accuracy in forecasting is essential.

For this reason, here is an example of how we did re-branding for a company named Tech Bazaar that deals in used and refurbished computers and laptops. Now as you can see that computer and peripheral industry is already saturated so working around this specially when you are dealing with reconditioned computers and laptops requires more brainstorming then anyone can think of. So the questions we asked were.

• Why do you want to implement rebranding for a used computer business?

Rebranding is a major decision to make since your already-established market is likely to be affected. You will also have to spend massively on awareness and logo designing. Hence, it is crucial to be clear about the purpose behind rebranding.

Considering the fact that it is not just an everyday decision you make in business, conduct an in-depth analysis and research to have a clear idea on how to go about the process.

An analysis should cover the current market opportunities and threats, expectations from competitors on rebranding, backup plans, and expected outcomes, since some of the computer buyers and companies are already aware of your old image.

• Do you have a thoughtful plan ready?

Every minor step you take in life is risky without planning. Rebranding in a Refurbished Computer industry is a long-term strategy to implement which makes it imperative for the company to plan carefully, incorporate all the data extracted via analysis and market research.

With a long-term plan, you can devise strategies to deal with possible obstacles that may complicate the rebranding process. This significantly improves chances of success for the company selling goals.

• Do you have strategies in mind to make it viral?

A very important concern for businesses as they go towards rebranding is whether or not they would be able to make people aware of this change and how.

Unaware customers would be forced to believe that the computer products are sold or launched by a new company and this could possibly destroy your market.

Therefore, use your research to devise strategies and awareness campaigns so that the rebranding efforts make a powerful impact.