What does rebranding do for you? It’s a reset button for your brand. That also means starting over. Your audience isn’t the same anymore. Rebranding or pivoting is usually the first thought that crosses the minds of business owners when they hit a slump. As business waxes and wanes, the turbulent tides create the perfect storm of doubt.
What Is Rebranding?
Rebranding is a process of changing the identity of a company or product. It can be done for several reasons, such as to refresh the brand and make it competitive in the market, to get rid of negative connotations, and to reposition it in a new industry.
What can we do, or what can we change about ourselves to generate more profit? There is no issue with a rebrand; it proves to be useful in brand strategy when it is needed, but it often leads to major shifts in target demographics. What are the dangers of rebranding?
5 Risks of Rebranding
Constantly retooling your brand to make a quick sale will do you more damage. It’s a reset on your marketing strategy which will cause your previous audience to detract. There is a strong chance that you might alienate your loyal customer base.
This is one of the risks of rebranding. This will not favor you in the long run as now you will need to build rapport with a new market.
This is the main risk of rebranding. It goes beyond changing a few colors and adding a new logo; it shifts your focus to a new audience, risking the connection to the already loyal customer base. A clear distinction must be made between who you were and who you are now.
Otherwise, this can be a publicity nightmare if media outlets and customers are confused. A solid brand strategy will ensure things run smoothly, but always be wary of the chances for hiccups. Business is full of unexpected twists.
However, there are some risks involved with rebranding that you should keep in mind before going through with it.
- Brand dilution
- Dissatisfaction with the new brand identity
- Unfavorable customer response
- Loss of company’s identity
- Bad publicity
Is Your Rebranding Meaningful?
Giving your brand a simple facelift is like painting your house a different color. A quick splash of paint won’t fix any underlying issues, but it will make your house look different. The postman, or other regular visitors, might be confused as to why the house is now a different color.
If you are just thinking about refreshing a logo or your brand colors, then this is what you will achieve. If you are trying to convert a colonial-style home into something more modern, then you are going for a full rebrand: you are trying to change a substantial part of your messaging to appeal to your intended target.
Sometimes bringing your brand into new territory is just what you need to save it. Many older brands have gone through rebrands to keep themselves relevant again. It’s a much-needed effort when it counts, but impatient entrepreneurs are quick to make changes and end up with a fluid brand.
This means they are ready to take shape of any box that seems trendy or “sales-appropriate”.
Is Rebranding Necessary for You?
Rebranding is a good way to reach new people when done correctly. This is why the branding process shouldn’t be taken lightly. It is much better to start off on the right foot than to keep changing to suit what’s trending.
Impatient entrepreneurs, especially newer ones, are constantly faced with the temptation of chasing trends. The problem with trend-chasing lies with its viability. Trends die quickly and, if your brand is heavily tied to one, you.
FAQs
What is escapism and why do we need it?
Escapism is the act of running away from the realities of life by engaging in activities that provide a temporary escape from stress, boredom, or negative emotions. It is a common coping mechanism that helps individuals free their minds and explore their inner selves. Escapism is needed to give our minds a break from the harsh realities of life and to help us appreciate the good things that we have.
What are some common forms of escapism?
Common forms of escapism include reading, listening to music, watching movies, playing video games, and consuming alcohol or drugs. These activities provide temporary relief from stress and boredom and allow individuals to transport themselves to a different world.
What are the pitfalls of escapism?
Escapism can be addictive and can lead to a fixation on fantasies that are not based on reality. It can also be unhealthy for productive minds and can cause individuals to feel powerless and disconnected from reality. Additionally, it can become a way to avoid dealing with problems and challenges in real life.
How can we avoid the pitfalls of escapism?
It’s important to balance escapism with reality and to appreciate the good and bad aspects of life. Appreciating reality does not mean accepting everything as it is, but rather acknowledging the things we can change and taking responsibility for our actions. It’s important to remember that we have control over our own actions and that our actions have an impact on ourselves and the wider world.
What is the purpose of escapism?
The purpose of escapism is to help us create a bridge between the ideal and the real. It allows us to dream and hope for a better future, while still taking action in the present to achieve those dreams. Escapism can also help us explore our inner selves and find new inspiration for our lives.
