The Purpose of Rebranding
Businesses go through rebranding due to the following reasons:
- Freshen up a brand and reposition within the market
- When the look and feel of a business no longer aligns with the goals
- When customers are choosing competitors with more innovative products and services
- The organisation has expanded into a new mission
- Needing to adapt to the needs of a new vision
- Change in audience
- Going international
- To create more differentiation from the competition
What is Required?
It is essential to know that branding is more than just a logo. Brands reflect the entire look, feel and tone of a business. Before diving into the process of rebranding, it’s significantly important to ask yourself a few questions, getting to the bottom of ‘why’ you are choosing to rebrand.
First of all, if something is not damaged, then do not attempt to fix it. Trying to fix something that does not need fixing could cause more damage than good. Before you consider rebranding, it would be effective to check-in with your customers as well as considering your current position within the market.
While many are excited to start a wonderful new journey, not everyone is prepared for what is essential for successful rebranding. Those who are fully established need to be careful not to lose their existing customer base, or cause any confusion around their service offering if things have changed. There requires an element of clear communication.
Warren Buffett and his legendary business mindset state that, “It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you’ll do things differently.”
This statement is extremely relevant when it comes to the process of rebranding – it is so vital to apply strategic measures to the art of rebranding your business. If you want to gain more understanding, then check out CNCB who showcase 7 insights into business and investment.
7 Steps to Successful Rebranding – Part 1
Cost
To ensure things flow smoothly, you have to consider the cost of developing and promoting your new brand. You’ll need to market to your consumers before launch to inform them about what’s changing within your company. During and post-launch, your marketing campaigns will need to be consistent and ongoing. The bottom-dollar will help you determine just how far you can afford to change.
Mission & Values
It’s vital to recognise your mission statement because this ensures that you create a strong relationship with customers who share your values. Take the time to strategically reflect on your new objectives, ensuring the rebrand stays in alignment with the core values of the business.
When our company rebranded to Collabrium, we ensured that the foundations of our mission were maintained. Collaboration is the driving force behind the work we do, so we ensured that this element remained cemented within our core values.
Vision
What problems are you trying to solve for your customers? This is possibly the most vital part of the process since it gets to the bottom of your vision and what you are trying to achieve. Here is the part where you differentiate your brands from others, putting intense focus on your organisation’s point of difference.
When the Collabrium rebrand happened within our organisation, the team sat down together to focus on our goals and ensure that we were moving forward with a brand that would hold a core vision. This was the most vital part of the process because, without a vision, no unique path is forged.
Market and Competition
Before you do move forward, you must analyse your current market and competitors to see exactly what they are doing well. Ask yourself the following questions:
- How can I stand out from my competitors?
- What is or is not aligned with my company values?
7 Steps to Successful Rebranding – Part 2
Collaborate
Collaboration with your team strengthens the company’s culture as well as the rebrand. This strategy keeps everyone on the same page before, during and after the rebrand – it enables everyone to stay in the loop, allowing unique and individual ideas to be brought to the table.
When the Collabrium team rebranded, this was not just a sole decision. The name, the feel, the look, the brand – everything – was delivered by coming together as a group to integrate ideas.
Timeline
Rebranding takes a considerable amount of time if you are to do it lucratively. There’s no strategy behind doing a disappearing act and then abruptly appearing with a new brand. When you already have a strong customer base, this gives rise to a great opportunity. You can inform your current customers about the plans and the process, easing them into the rebrand. When it finally comes to launch time, your customers will be prepared and enthusiastic about the changes made.
Launch
Show your brand to the world and show it proudly! Ensure you explain why your organisation has gone through a rebrand to ensure everyone is on the same page. Nobody should be getting lost in translation. Carefully plan and communicate the launch by showcasing the narrative that is born from the rebrand itself.