One of the imperative stages in the evolution of African businesses is the concept of rebranding.
This strategic concept refers to the process by which a company or organisation modifies its name, logo, design elements, messaging, or any other brand-related components to generate a new identity or bring its image up to date.
When rebranding a firm, it is necessary to make a substantial financial and time investment and to concentrate strategically on particular components of the company’s brand identity.
The DNA of the brand, its messaging, and its visual appeal will all be updated comprehensively. The purpose of rebranding is to cultivate a brand image that is distinct and significantly improved and in tight alignment with the business’s evolving aims, values, and market positioning.
The decision to rebrand an organisation typically arises from the condition of the organisation, which includes both internal and external factors.
Rebranding occurs when there are multiple reasons for an organisation to consider doing so. Some of the most common reasons for rebranding are as follows:
In the same way that industries are always evolving and will continue to do so in the future, consumer requirements will likewise be continuously evolving.
Branding is an essential component of the business cycle because it enables a firm to adjust to the changing tide and ensures that it maintains a relevant market position in a diverse corporate culture environment.
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When a company decides to explore new markets or deliver a superior product or service, branding is typically in flux.
Strategic growth and diversification are two examples of similar decisions. In the practical aspects, branding will help achieve better outcomes, generate synergy between the corporation’s objectives, and match the various audiences.
The process of rebranding involves the establishment of a joint brand identification, which suggests the strengths and values of both businesses. This can be illustrated by utilising mergers or acquisitions as an example.
Crisis management: It may be a strategic decision for organisations that are contemplating a crisis, a problem with their reputation, or a circumstance in which they would be blamed for problems.
The companies can desire to demonstrate a new story to the relevant parties, regain the confidence of the stakeholders, and differentiate themselves from the negative connotations that have been associated with your brand.
The process of rebranding is a procedure that can be utilised to react to changes in the market after the company has maximised its potential advantages.
It is possible that this is done with the intention of reaching a certain demographic, highlighting a number of significant values, or developing a fresh perspective in order to gain an advantage over competitors.
Having noted the strategic importance of rebranding in entrepreneurship, taking the Pan African entrepreneurs through rebranding is critical.
Although a wide variety of factors may influence a company’s decision to begin rebranding, management must pay attention to both internal and external aspects.
This generally necessitates a thorough analysis of any given circumstance. These are some of the most important signs that indicate that a firm may be ready to consider rebranding.
The rebranding process may be exceedingly complicated, so careful planning, strategic consideration, and perfect execution are all required.
The following is a detailed approach that will walk you through the process.
The first step in defining your objectives is to encourage the audience to conduct a comprehensive and multifaceted analysis of the necessity of the rebranding.
In either case, the goals would be to adjust the style to reflect the current market conditions better, overcome the unfavourable opinions, or enter new markets.
A well-defined objective would serve as the primary compass throughout the entire process.
Performing a Brand Audit involves analysing the ways in which other aspects of your brand, such as its visual identity, messaging, and customer perception, can either contribute to or hamper the momentum of your brand.
Describe the things that you would like to be able to take with you into the future and the things that you would like to be better than they are right now.
It is equally strategic to engage in gathering intelligence through the conduct interviews with stakeholders, employees, and customers.
Establish a powerful brand plan: Either develop or improve your branding strategy, which should include your mission, values, target market, and unique attributes that set you apart from the competition.
For your successful rebranding to be perceived as supportive of your goals, this essential component will be of great assistance.
To understand the mentalities of your target audience, consider their issues and requirements and familiarise yourself with their preferences and expectations.
Familiarise yourself with the company. Afterwards, the branding should be adapted to meet specific needs and included appropriately.
To rebrand the team, you should first assemble a group of enthusiastic individuals. It is essential to have representatives from various departments, including marketing, design, and leadership, in this assembly.
To ensure that collaborative efforts run smoothly and are well-coordinated, it is necessary to clearly define the responsibilities associated with each task.
Gather input from stakeholders: When working on the rebranding project, it is important to involve the target audience, which includes customers, employees, and other stakeholders.
They will serve as a wonderful starting point in the process of constructing the new brand portrayal, regardless of whether their expressions are good or negative.
Until then, think, eat, sleep, and dream about branding!
- *Dr Farai Chigora is a businessman and academic. He is a Senior Lecturer at the Africa University’s College of Management and Business Sciences. Also a global business modelling practitioner. His doctoral research focused on Business Administration (Destination Marketing and Branding Major, Ukzn, SA). He is into agribusiness and consults for many companies in Zimbabwe and Africa. He writes in his personal capacity and can be contacted for feedback and business at fariechigora@gmail.com, www.fachip.co.zw, WhatsApp mobile: +263772886871.
- *Dr Tabani Moyo is an extra-ordinary researcher with the University of North West, South Africa’s Social Transformation School. He holds a Doctorate in Business Administration (Research focus on new media and corporate reputation management, UKZN), chartered marketer, fellow CIM, communications and reputation management expert based in Harare. He can be contacted at moyojz@gmail.com @TabaniMoyo (X)
