Ideally, your brand is something which evolves with your business from the get-go. However, it isn’t always possible to sustain your brand identity. In which case, rebranding can be the best course of action.
As many food companies have been forced to modify their operations in response to COVID-19, a substantial number of firms are now in the process of rebranding. By following this path, you’ll have the chance to reinvent your company as much as you choose. From your logo and typography to your corporate personality; a successful rebrand can re-energise your firm and expand your horizons.
However, the rebranding process needs to be managed carefully. With assistance from food marketers, you can ensure that you retain your existing customer base while appealing to a wider demographic with your new, improved brand. To get a head-start, take a look at the three important areas you’ll need to consider before you embark on rebranding your business:
- Do you need a total rebrand?
A total rebrand effectively allows you to re-build your brand from the ground up, but it can be risky. With a total rebrand, you risk alienating your core customer base, which could mean losing repeat business. In contrast, a partial rebrand allows you to modify the elements you need to, while retaining some of your core brand attributes.
If operational changes due to COVID-19 are behind your decision to overhaul your brand, a partial rebrand might be just what you’re looking for. Currently, consumers are receptive to businesses making changes and understand why operations may be disjointed or different from the norm. As a result, they’re more flexible when it comes to accepting modified services or alternative products.
While a partial rebrand will enable you to introduce new operating measures, you’ll be able to retain the elements of your brand that still work in a post-coronavirus business environment and keep the goodwill of your existing customer base.
- Who is your audience?
If you’re undergoing a total or a partial rebrand, you’ll need to re-identify who you’re target audience is. Don’t simply assume that your new brand will appeal to your current target demographic or rely on the belief that your existing customers will be receptive to new elements of your brand.
Extensive market research should be conducted before you make any decisions regarding your new branding. Even a slight change to your company’s logo should be tested before being finalised. With in-depth research, you can ensure that the changes you’re proposing to make will benefit your business, rather than harm it.
- What are your objectives?
Businesses should only consider a rebrand if the process will offer genuine benefits, such as increased profitability, wider appeal or a higher conversion rate. Assuming that a rebrand will improve business performance isn’t enough justification to make significant changes to an existing brand. Instead, the rebrand should be a tool which is used to help you achieve your business goals.
If you need to increase profitability, for example, appealing to a wider target audience may be an effective way to do this. If so, how will a rebrand enable you to do this? Alternatively, launching your company in the B2B market, in addition to the B2C market, may provide you with an extra stream of revenue? If so, will the proposed rebrand enable you to appeal to both markets simultaneously?
Providing you use a rebrand to meet clear goals and objectives, you can minimise the risk to your business and increase your chances of success.
When to Rebrand Your Business
Marketers can be hesitant about committing to a rebrand because it does carry some risks. However, many companies have successfully rebranded themselves and made significant gains by doing so. In general, a rebrand should only be considered if there is a pressing and valid reason for it.
In the current economic climate, it’s easy to see why so many food companies are considering rebranding themselves. From supply chain interruptions and trading suspensions to social distancing measures in the workplace; COVID-19 continues to have a major impact on the food and beverage industry.
While the recent upheaval in the sector can certainly be used to justify a rebrand, it’s important to understand the importance of setting attainable, measurable goals and accessing expert help to assist with the rebranding process. With input from experienced food marketers, you can use a total or partial rebrand to overcome the current challenges, reignite interest in your business and build a successful future.