What Do We Need to Know About Rebranding a Company?
Rebranding a company is a strategic process. This involves changing, refining, or completely overhauling a company’s corporate image, visual identity, and messaging. It goes beyond merely changing a logo or tagline.
A rebrand might be necessary for various reasons, such as:
- Company Evolution: The company has outgrown its existing brand due to changes in its business model, product/service offerings, or target market.
- Mergers and Acquisitions: The company has merged with or been acquired by another business, necessitating a unified new brand identity.
- Reputation Management: The company wants to distance itself from negative press, a tarnished reputation, or outdated perceptions.
- Market Repositioning: The company wants to target a new market segment, demographic, or geographic location that its current brand doesn’t resonate with.
- Competitive Differentiation: The company needs to distinguish itself more clearly from competitors.
Rebranding a company is an important and substantial undertaking that can transform the public’s perception of your business. Done correctly, it can breathe new life into your company and make it more appealing to your target audience. However, the process can be complex and requires a clear understanding of your company’s mission, values, difference in the marketplace and goals.
Here are some key points to consider before rebranding:
- Understanding Why: This should always be the first step. Understand why you are considering a rebrand. Is it to reach a new audience? Reflect an evolution in company strategy or offerings? To improve a tarnished reputation? The reason will guide all subsequent decisions.
- Market Research: To understand what needs to be changed and how, and what shouldn’t change, you need to understand your target audience, the competitive landscape, and current market trends. Analyze what’s working for your competitors and where there are gaps that your company can fill.
- Customer Insight: Understand your current customers’ perception of your brand and company. You can do this through surveys, interviews, or focus groups, though the most effective way has been through third-party interviews (where a neutral third party is hired to interview your customers). It is crucial not to alienate your existing customer base while trying to attract new ones, as well, there are things your company does well that your clients and customers LOVE and you probably don’t know it. The customer insights interviews will uncover this gold.
- Consistency: Your new brand identity should be visible and consistent across all touchpoints. This includes your logo, website, social media, customer service, products, and even your company culture.
- Clear Messaging: Your rebrand should come with a clear, compelling message that tells your story and sets the tone for all future communications. This message should reflect your unique and specific offering of your company, and what sets you apart from your competitors.
- Professional Design: A professional, visually appealing design is crucial for your rebranding efforts.
- Communicate the Change: Make sure to communicate your rebranding to all stakeholders (employees, customers, partners) clearly and effectively. Explain why you’re rebranding and how it will benefit them.
- Implementation Plan: Make a detailed plan for the rebrand roll-out. This can be a phased approach to avoid confusion and ensure a smooth transition.
- Post-launch Evaluation: After the rebranding, it’s essential to evaluate its effectiveness. Collect feedback from your customers, analyze your performance metrics, and adjust as needed.
Remember, rebranding is not just about changing your logo or company colours. It’s about redefining your company’s identity, aligning it with your strategic goals, and communicating it effectively to your audience. It’s a strategic move that, when done right, can significantly boost your business.
Jen Kelly is CEO at New Initiatives Marketing Inc. Take charge of your marketing success today with New Initiatives Marketing as your Fractional CMO + Marketing Team. Since 2009, we’ve been supporting mid-size b2b businesses worldwide through effective implementation and execution of marketing strategy. Not ready? Sign up and learn from our monthly newsletter.