Knowing when to rebrand your business requires a thoughtful, strategic approach. Your brand is arguably your company’s most valuable asset. It extends well beyond a name and website. It embodies the organization, its people, and its purpose. Before making a decision as important as rebranding your company, take the time to consider why. Do you have a compelling reason that your customers will understand? If not, it may not be a good idea.
What is rebranding?
In its simplest terms, rebranding is the process of changing the overall image of a company or product. It is much more than a new logo. It is a new look and feel for how employees and customers perceive your company. A true rebrand may even go so far as a new company name, a new logo, colors and fonts, website, a positioning statement, marketing creatives, uniforms, and every place your company interacts with customers. A rebrand is not a small undertaking and needs to be treated as a significant strategic investment in your company’s future.
When should a company rebrand?
That is a question that requires careful consideration. One of the main reasons for a rebrand is a change in the company due to expansion, changes in products or services, or a change of ownership. These are clear business reasons that require a change. However, just because there is a clear business reason, DO NOT skip the research. Making a mistake on something this big can be costly and take a company years to recover.
Another common reason for rebranding is that the brand has become detached from the company in customers’ minds. Their perception of your company may be so far from the existing brand that a change is necessary. In this case, no decisions should be made without investing in research to help you determine precisely what has happened. Business owners should work with a professional marketing strategist to perform adequate analysis, including:
- Who are your target customers?
- How do they perceive your company?
- Who are your competitors?
- How do your customers feel you compare to your competitors?
- How do your employees’ perceptions of your company compare with your customers’ perceptions?
- What are the long-term goals for your company?
- What is the goal of a rebrand?
Then the rebranding process is strategically executed to ensure the change resonates with customers and employees and is executed with a detailed timeline and budget.
Why would a business want to rebrand?
Rebranding your business can be good. Market Business News suggests, If you plan to rebrand, it is crucial that you know the reason behind it. It is also important to correctly predict what resources you will use. Above all, you need to know exactly how much you plan to spend.
Also, if the company has a problem, it is crucial to ensure that rebranding will solve it.
There are many reasons why a company may wish to rebrand. Perhaps there has been too much negative press. The rebranding may be in response to changing consumer habits. A new image might be a good idea if there was a shift in the company’s product offering. Changes in the target market, an acquisition or merger, or even the era we are now in can be reasons to do a rebrand.
- Other reasons to rebrand include:
- Create a new overall identity
- Reconnect with customers
- Rebranding products and services that have extended beyond the original company brand
- Overcome bad press or poor reputation
- Stand out in a crowded field of competitors
- Announce a shift in the company’s focus
- A change in ownership
How do you rebrand a company?
The rebranding process requires time, experience, patience, and money. The only thing guaranteed is that you will find things along the way that you hadn’t planned on, some of which can be quite costly. The first step is to clearly define these key points:
- How much time will you expect the process to take? Consider things with longer lead times first: websites, exterior or vehicle signage, and employee uniforms. Make sure your timeline allows enough time to cover these items.
- Budget. Be realistic. Just because you did your current website for $2,000 in 2017 does not mean your new website will be possible for the same amount. Consider things like photo shoots, new advertising campaigns, digital marketing assets, and available internal resources.
- Add experience to your team. Whether a consultant or agency, ensure that the experts you choose to work with are experienced in executing all the changes, not just designing the new brand.
- How will you measure your success? Choose KPIs that matter to your business and are based on your goals.
Business News Daily says, “Rebranding your business can add value, market share, and customer engagement while making you stand out from competitors. It is an incredibly complicated undertaking that requires planning, strategy, and research.”
- Know why you are rebranding. You should not decide to rebrand without ‘clear, strategic, and customer-centered reasons.’
- Plan a comprehensive strategy. The devil is in the details. The rebrand goes beyond the name and can affect your current customers and those you wish to earn.
- Anticipate questions and concerns. Engaging your customers throughout the rebranding is essential. Market research comprises tools and methods that allow you to understand the pulse of your customers. It tells you what they are looking for, what they are interested in, what motivates them, and how they perceive your brand.
- Talk to your customers and publicize the rebrand. Communicate the rebrand by executing the steps initially outlined in your strategy. Your loyal customers want to see you succeed, so share the reasons for the rebranding and what they can expect from the new you!
Does rebranding work?
Yes, rebranding can be great for your business. Brands that have evolved to stay relevant know their market, customers, and competition. As discussed in this blog post, identify the reason for the rebrand. Creating a brand change strategy is the first step.
Not all brands need to be revitalized. Some companies have been busy growing their business, and the brand and marketing efforts have become stale. A marketing plan is a document that defines your business goals and lays out the strategies and steps you will take to get there. A successful marketing plan is not stagnant. It shifts as your business changes and grows. Part of the plan involves brand messaging. Think about your brand voice and messaging. Your brand voice is how you best represent your brand in a manner that resonates clearly with your target customers.
Are you ready to rebrand?
Are you thinking about your brand and wondering if it performs for you and engages your customers and prospects? Ready for a new look and feel? If you’re as excited about the idea of this as we are about doing it – what’s stopping you? Schedule a 30-minute free consultation, and let’s talk about your brand!