There are plenty of different reasons a business might consider a rebrand. Stiff competition in your industry might mandate a makeover, or changing times and consumer demographics might call for playing catch-up. And unfortunately, a year like 2020 might make starting 2021 off on a new foot an appealing option. But make no mistake, rebranding is never guaranteed to work – in fact, it’s a risky proposition that requires careful planning to pull off.
We all know the stories of rebrands gone awry – think about New Coke in the 80s. A rebrand can do more harm than good, especially for companies that are already successful and performing well in their market. In other cases, it can shock new life into a business and change its future forever. This is why it’s imperative when you consider a rebrand for your business to ask yourself: Is it worth it?
That’s the question you’ll have to seriously consider over a period of time before making any drastic changes. But if your sales are lagging while competitors soak up profits, or your brand recognition has dipped while younger consumers spend their money with new businesses, a rebrand may be a good choice to bring new life to your business. Even if your company is doing well currently, you always need to think about the future and where consumers interests will be several years from now – and rebranding proactively can keep your company ahead of competition. Here are some simple tips on how to pull off a rebrand successfully.
First, perhaps the most important rule of rebranding: You have to commit to a rebrand all the way. It can’t be just a simple name change or logo change. In fact, simply designing a new logo and calling it a rebrand is likely to just confuse customers. To maintain customer trust and reputation, your rebrand will need to feel purposeful, and demonstrate that your business is moving in a new direction, but the old values your customers love you for will remain intact.
Simply put, you’ll need to rebrand with a clear purpose in mind. If your goal is to regain an edge on competition, your rebrand might need to feature new products or services as well. If it’s to build interest amongst a younger demographic, you’ll have to think about what else you can do to capture their attention beyond a new logo or company name. What are consumers looking for today that your company isn’t offering? How can you align your value proposition with what the market wants today?
If you’ve calculated your rebrand meticulously, and are committed to a thorough rebrand, the next best step to take is to consult with team members and management to build the culture of your rebrand throughout your business. Keeping everyone on the same page ensures that your company can commit to a rebrand from top to bottom. And commit you must. Rebrands take time and patience to pull off, and a bit of wisdom to know the difference between customer disinterest and a slow start to a rebrand campaign.
The most important part of the rebrand takes place at this stage: Marketing. Simply put, if you don’t market the change, your rebrand will fail. A smart move for rebrand marketing is to immediately announce and display all rebranding content on all social media channels, whilst simultaneously launching other outreach campaigns explaining the rebrand and reassuring customers that while your brand is changing, all the things they love about your business are staying the same.
With a lot of great planning and attention to detail, a little luck and a great marketing campaign to jumpstart it, your rebrand can be the boon your business needs.