Rebranding, or re-branding, involves a strategic repositioning of a brand in the market. In other words, rebranding is the process of changing the way a company presents itself to the public. This can be achieved by the introduction of a new logo, a new packaging, or a change in the company’s name. Generally speaking, rebranding is associated with a company’s desire to update its image to appear more modern and trendy.What types of rebranding exist?The two main types of rebranding are:Reactive Rebranding – A reactive rebrand happens when a business already has an established identity and it suddenly looks weak in the market. This is common if your company’s logo and design have no consistency and you’re not getting the results you believe you should be.Proactive Rebranding – A proactive rebrand is something that happens when a business wants to change its identity to become more attractive and appealing to the market.When to use reactive and proactive rebranding?Reactive rebranding is beneficial because it can be done quickly. It’s also relatively cheaper than proactive rebranding, and you don’t have to commit long-term resources for the entire project. Unfortunately, reactive rebranding doesn’t always work out well for businesses because they have to fix something that already exists.To be successful with reactive rebranding, it’s important to have the right people involved. When creating a new brand for something that already exists, an internal team will work well because they know everything there is to know about their company and what makes them unique.Proactive rebranding, on other hand, can be very beneficial to businesses because the process is much more in-depth. As a result, it ends up costing more money than reactive rebranding. Companies that undergo proactive rebranding can see a lot of benefits. For one, they get to start with a clean slate and create everything from scratch. This means that their brand has the potential to be flawless and something completely new. The proactive rebranding also allows companies to build up equity in their name, or brand, in ways that reactive rebranding is unable to provide.When considering how much money to spend on a rebrand, it’s important to remember that not all companies need the most expensive branding. It’s best to find out exactly what your company needs and then make it happen.How to do a reactive and proactive rebranding?The first step in a rebrand project is to create a plan. The team needs to know exactly what they want their brand and company image to be like and how they want it reflected. They need to also have an idea of the resources that are going into it, where the money will come from, and who is going to be working on it.Once the team has a plan ready, they can start making their vision come true by hiring a branding agency. The agency will begin by asking for as much information about the company as possible before starting any work. They’ll do this because they want to know what makes the company who they are, what their goals are, and how they can help. The team will also have to decide if it is going to be proactive or reactive with its rebranding strategy.How much does a rebranding cost?The price of a rebranding project will depend on the size and scope. It’s also important to remember that many factors can affect the amount you end up spending. For instance, if your company is doing something completely different, such as moving from a physical location to an online office, you’ll find that the cost of the project will be much higher than if you were just changing your logo or packaging. Other factors can affect how much money is spent on a rebranding project. For example, if your company is large and has a lot of marketing materials to change, the team will need more time to work on the project. This can lead to higher costs because it takes longer for them to complete everything.  At the end of the day, you should remember that rebranding isn’t cheap, but it can be a great investment for your business. Keep that in mind when planning and preparing to execute the project. What is the best time to rebrand?The best time for a company to rebrand is whenever they see fit. It just depends on what makes sense for them. One of the most important things to keep in mind is that, if a company knows they need to rebrand and starts the process early on, they’ll find that it will be much easier for them.  This is because there won’t be as many competing priorities in their lives as when trying to get everything done at the last minute. A good example of this is when your company plans to change its logo or introduce a new product line. If they wait until the day before it’s time for launch, everything will be rushed and there won’t be enough time to do anything right. On the other hand, if your company starts preparing for a rebranding project early on, they can get things ready and make sure everything is going to be perfect when it comes time to launch. The main thing that you need to keep in mind is that there is no right or wrong answer when deciding if the right time to rebrand is now or later. The most important thing for your company is that they stay consistent so their image doesn’t look weak in the market.Conclusion: Whether you decide to go for rebranding or not is a matter of preference. You can take your time and do a bit at a time if that feels right, or you might want to make some big changes all at once. Whatever you decide to do, it’s important, to be honest with yourself and know exactly what you want to achieve through your rebranding initiative. Our top tip is that if a business has a brand identity set up well already then there isn’t any need for rebranding. The question to ask yourself is: are you happy with your current identity and the results it’s getting you? If so, then there isn’t any need for a rebrand. However, if not then maybe now is the time to take action and change something up!