Rebranding is the common strategy of businesses to remain relevant and attract customers. As stated in a previous blog post, rebranding involves changing a company's name, logo, or visual elements to create a new brand image.

However, rebranding can be a risky endeavor if not approached carefully.

In this blog post, we will delve deeper into the things you should consider if you're planning to rebrand and discuss a few risks of rebranding.

Read till the end if you're planning to rebrand.

So, let's get started!

Associated negative impact if rebranding goes wrong!   

Rebranding sounds like a thrilling process, right?—it can breathe new life into a business, bring in fresh customers, create buzz, and rejuvenate a stale brand. However, what if rebranding goes wrong? Or is poorly executed?

It can lead to disastrous consequences!

Here are some of the significant negative impacts of a botched rebranding:

1. Loss of brand recognition and customer loyalty (i.e trust).

2. The potential for financial strain.

3. Confusion among customers.

4. Loss of identity.

5. Internal confusion and de-motivation.

6. Criticism from your customers and clients.

7. Loss of loyal customers and decline in customer retention.

8. Impact on company culture and morale.

9. Difficulty in reestablishing brand image.

10. Negative impact on sales.

With the right approach, you can not only survive but thrive in an ever-changing industry.

So, embrace change, be smart, and keep innovating.― Gig4U.

Meanwhile, it doesn't mean you shouldn't rebrand yourself but don't take action due to hassle or in rush. After all, change is also important.

Rebranding: A Bold Move or a Big Mistake?

Rebranding can attract customers, but it can also lead to dismay and negative perception as stated earlier.  Especially for small businesses and freelancers who may lack the resources and expertise of larger organizations.

That's why!

The decision to rebrand should be driven by a clear and compelling reason, rather than a sense of fear or a desire to keep up with the latest trends. Unfortunately, some entrepreneurs may feel pressured to rebrand simply because others are doing it or they fear being left behind.

1. This fear of failure can be heart-wrenching and can lead to hasty and ill-considered decisions that can ultimately harm the business.

2. Rebranding without a clear purpose or strategy can confuse customers, damage brand loyalty, and erode market share.

Therefore, it is important to take the time to assess the reasons for rebranding, understand the potential risks and rewards, and care thoughtfully and use rebranding strategies that align with the company's values and long-term goals.

Only then can rebranding become a bold move that propels the business forward, rather than a big mistake that sets it back.

 6 Things to consider before rebranding! 

Below we've shared important things to consider before rebranding. So, let's find out if "Rebranding" is the right move for your brand.

#1   Resist or rebrand with changing industry trends?

Change is the only constant in life, and the same holds true for the business world. In fact, it's essential to keep up with the changing trends and adapt accordingly.

As a freelancer or a small business owner, it's crucial to recognize the significance of being open to new opportunities and ideas, and not resist change when it comes knocking at your door.

However, this doesn't mean that you should blindly follow the herb and jump on every bandwagon that comes your way.

It's crucial to evaluate the situation and determine whether the change is necessary for your brand or not. Be smart and think strategically when it comes to rebranding or adapting to new trends.

By the same token, the COVID-19 pandemic brought many changes to the way we work and do business. Remote work, virtual events, and e-commerce have become essential for many businesses. Small business owners and freelancers can adapt to these changes by embracing technology and using digital tools to reach customers and clients.

For instance, freelance writers could offer virtual writing workshops or create online courses to expand their services beyond traditional writing projects.

In various industries, change is inevitable, and small business owners and freelancers must adapt to stay competitive. Before rebranding, consider how your industry is changing and how your business can adapt to those changes.

 #2 Rebranding with a purpose: Your goals and objectives! 

Ask yourself, is it necessary? What's the purpose, the end goal? What do you want to achieve from rebranding? Understand the bottom line of your rebranding needs.

First, gather the facts!

Second, reconsider.

Rebranding is a major undertaking, and it's not a decision that should be made lightly. But when done with a purpose, rebranding can breathe new life into your business and help you achieve your goals and objectives.

Step back and take a closer look at your brand and ask yourself:

1. Does your logo feel outdated?

2. Is your brand messaging inconsistent?

3. Struggling to connect with your target audience?

4. Is your brand being overshadowed by your competitors?

5. Looking to enter a new market or launch a new product?

6. Overall brand perception isn't aligned with who you really are as a company.

7. Are you building realistic goals and offers? Does it need to be re-evaluated?

If the answer is yes to any of these questions, then rebranding could be the solution.

Remember, the purpose of rebranding is to create a brand that truly reflects who you are as a company, and as a brand, and that resonates with your target audience.

This means taking a deep dive into your brand's perception:

1. How do your customers see you?

2. What do they think of your products or services?

3. What are your strengths and weaknesses as a brand?

Once you have a clear understanding of your brand perception, you can start to work on your brand identity.

Finally, rebranding can help you increase your brand equity - the value that your brand holds in the minds of your customers. In simple statement, a strong brand identity results in increased customer loyalty that eventually increases sales and profit.

 #3 Funds and funnels for a makeover? 

A successful rebranding campaign requires ample funds and resources to ensure that every aspect of your new brand is executed flawlessly.

Small businesses and freelancers must weigh the potential costs against the expected benefits and ensure they have the resources to support the transition without jeopardizing their financial stability.

So, ask yourself, do you have the right amount of funding and resources to transform your brand into true work of art that will stand the test of time?

Tip: For small businesses looking to spruce up your brand, you don't need to break the bank. Instead, consider hiring freelancers to achieve your desired results. These experts have a proven record of delivering high-quality work and can help you on an as-needed basis.

Need a professional digital marketer? No problem! Hire a freelancer who has the skills and specialization. Looking for a killer logo? Don't fret, just pay for the logo design, and voila! You'll have a visually stunning representation of your brand.

With freelancers, you have the flexibility to choose from hourly, milestone, or project-based pricing models to ensure you're getting the most value for your money.

However, what if you're a freelancer yourself? The sky's the limit!

As a freelancer, you have the advantage of being able to collaborate or outsource work to fellow freelancers without any upfront payments. By diversifying your services, you can take on more projects and outsource.

 #4 Timing: Is this the right time to rebrand?

Timing is everything. Before you rebrand, you need to take a hard look at the current market conditions and your business's position within it.

1. Is the market ripe for a change?

2. Are you facing increased competition or declining sales?

3. Should I wait for a more opportune moment?

4. Is the current market so bad that it's time to ditch your niche?

Timing also involves knowing when to rebrand and when to hold off. Rebranding too soon can be detrimental to your career, business's growth, and development. Conversely, waiting too long to rebrand can mean missing out on valuable opportunities.

Tip: Strike while unique! The key is to strike a balance between being proactive and reactive. It's also about considering the broader economic and cultural trends that are shaping your industry. Stay true to your niche, even while diversifying services. 

 #5 Thriving rivals!

Your competitors! Competition is another critical factor to consider before rebranding. In today's hyper-competitive business landscape, standing out from the crowd is more critical than ever.

Rebranding without taking your competitors into account can be a recipe for disaster. If your competitors are already doing something similar, then rebranding in the same direction can make it even more challenging.

1. Are your competitors gaining ground on you?

2. Are they outpacing you in terms of market share or revenue growth?

Tip: In this case, you need to think outside the box and come up with a unique brand identity that sets your business, and services apart from your competition. Take time to evaluate the market conditions carefully and try to make an informed decision.

 #6 Legal considerations!

In the case of a small business owner, "imagine going through the whole rebranding process, only to find out that your new brand elements are too similar to another company's, and you're facing a lawsuit!" It can be a nightmare scenario that can cost your career and business time, money, and even your reputation.

A few other crucial legal considerations include:

1. The new branding shouldn't infringe on anyone else's intellectual property.

2. Impact of a rebrand on your existing contracts, agreements, and licenses.

3. Impact on intellectual property rights. (Your company's trademarks, copyrights, patents, and trade secrets are all valuable assets that you need to protect.)

4. Impact of your rebrand on your online presence. Your website, social media profiles, and other digital assets are all an essential part of your brand identity.

Tip: Taking the time to review your legal obligations, intellectual property rights, and online presence can help you avoid legal issues and ensure a smooth rebranding process.  The last thing you want is to face legal action from another company for using a logo or tagline that they already own.  

“The world is fast changing and until you learn to adapt and adjust to stand out from the masses, you will fade into oblivion”― Bernard Kelvin Clive

The takeaway!

A brand is more than just a logo or a name; it is the sum total of experiences and emotions that people associate with it. With any major change comes associated risks that can cause the venture to go awry if not handled with care and precision.

I hope you found this blog post informative. Anytime you decide to rebrand, remember this: "Proceed with a clear vision, a solid plan, and a willingness to adapt and learn. Your rebranding journey can be an exciting and rewarding experience for you and your business."

Good luck!

Stay tuned for our next blog entry.