Turning a startup into a successful business – a fruitful brand – is not an overnight thing. It takes time, and constant changes. You can probably think of something in your company that should change. And yet, you could be waiting for the perfect time to implement it. Thinking that yours is still a startup and there’s plenty of time. But guess what? Time flies superfast. And the perfect time may never come. The more you delay the change, the harder it is for people – especially your customers – to accept it.
Whether it’s a startup or a business that is decades old, what lays the foundation for its success is a great brand identity. The company’s name and logo are key ambassadors of its brand. Yet, it is important to understand that a brand is not just these! It is the total of all the experiences, images and feelings that it gives to customers and the public. A good brand will establish trust and credibility, which is reinforced as it evolves. And that evolution largely happens through successful rebranding.
Both startups and successful companies can undergo a rebrand. It is not meant for only one type or size of business. And if you are a startup founder, there are many valid reasons why your business should undergo rebranding early on. Here are the reasons you need to consider for a Brand overhaul.
Every business is different, but no business exists in isolation. It has competitors, and belongs to an industry. Customers and the public may have opinions or assumptions about the industry as a whole. And your business may have become part of the generalization.
You will need to put extra effort to convince them that you truly have something unique to offer. And your brand is not just another one among the sea of brands. The brand needs to communicate its unique selling proposition (USP) right from the start. In the right way, to the right target market. It is best to rebrand it as early as possible. And make the rebranding strong enough to differentiate it from competitors.
Unless you are a research wizard, you probably didn’t know that Zomato was earlier called Foodiebay, Box8 was earlier known as Poncho, and UrbanPro was earlier called ThinkVidya.
When they were starting out, these companies may not have given much thought to choosing an effective brand name. This led to a name which limited their brand recall, and they realized it soon enough. That’s when they decided to take their branding to another level. They made a smart move of rebranding early on, while also changing their brand name. They didn’t let time slip away from their fingers. Foodiebay was founded in 2008 and turned into Zomato in 2010. The rest, is history.
If your brand name is too long, too vague or too complicated to pronounce, it may work against your brand’s favor. And that’s when rebranding becomes essential. Most successful businesses have names that are easy to remember and recall, and easy to search online too. They might even use some catchy name patterns or ways to grab attention.
Do note that the change of name is subjective. If the brand name is working great and you don’t want to change it after rebranding, you may keep it.
In this fast-paced world, branding is a lot about making an impression and creating an image. If the impression given by your brand is considered outdated, that will hinder its growth. If the image it gives out does not click with its target market, that could backfire. The wrong impression comes with a hefty price, and the right way to fix it is through strategic rebranding. With in-depth knowledge of the target audience, and the industry. A brand revamp is also essential if your current brand identity, brand strategy and marketing efforts are not communicating your message clearly.
Rebranding is a process, by which the corporate image of an organization is changed. It could involve giving a new name, logo, website, marketing activities, or change in design for a brand. A combination of these, or any of these. To connect with current and potential customers better, to tap into new markets, to gain the trust of potential investors and partners, or to keep up with the changing times.
It is much better to undergo rebranding and take the hit early on, rather than delaying the decision. Which could cause a negative impact on your business. If your company is aiming for product expansion, then rebranding becomes vital. Think Dunkin’, which was earlier Dunkin’ Donuts.
Rebranding effectively and early will set the path for how people newly perceive – and trust – your business. And for crafting a strong identity when meeting new clients or raising funds. Waiting for a longer time won’t do you any good, because by then your current branding may become quite popular – despite not driving any valuable results. So, the earlier the better. It is also crucial that you consult experts in the field of rebranding businesses, so that they help you to smoothen out the process. Don’t wait for change, bring it on!