Sometimes, you just need to hit Ctrl-Alt-Del with your brand.
Rebranding remains one of the best investments a company can make for its long-term health. This act of shedding the old and embracing the new can produce significant dividends for business owners, including connecting with new demographics, differentiating from competitors, and bolstering your bottom line.
But, while a carefully orchestrated rebranding strategy has the potential to be a huge success, it’s not an easy task by any means.
The road to rebranding will vary with every company; it can span from modernizing a brand’s appearance to a completely reimagined identity and everything in between. It’s an enormous undertaking and should not be taken lightly.
However, under the right circumstances, rebranding can be one of the smartest decision a company makes. So, how do you make the move and actually get started?
3 Simple Steps to Rebranding Your Business
To help navigate you through the rocky waters of rebranding, here’s a step-by-step guide to getting started.
1. To Rebrand Or Not to Rebrand
There are a number of circumstances that make rebranding an appealing option for businesses. From negative cultural connotations, outdated imagery, and competitive difficulties, to mistakes in original branding, every company will have a different reason for wanting to reposition itself. But rebranding isn’t a strategy to pursue on a whim.
Many companies have crashed and burned to attempt to rebrand their image – just look at RadioShack. Before it went bankrupt, the company renamed itself “The Shack” in an effort to embrace the times. The message didn’t connect with consumers and the company ultimately went bankrupt—twice.
2. Define Your Goals
Like any strategy, you’ll need to identify your objective. What is it you want to accomplish with a rebrand? In most cases, companies choose to rebrand in order to build awareness, create credibility and trust, differentiate a product or service, or motivate purchasing. Because rebranding is a delicate process with a multitude of avenues to choose from, it’s critical you comprehend your goals for rebranding before getting started. This is imperative to ensure the creation of a recognizable and consistent brand.
3. Hire a Marketing Agency
At some point, every company will come to the milestone known as “the rebrand.” However, it’s more than just tweaking a company logo or changing a name. Rebranding is a serious initiative that should be developed and implemented by professionals. Think about it: your brand is what fuels your business through good times and bad, so it’s important to get it right!
Hiring a marketing agency makes sense for a variety of reasons. Along with expertise, an agency can provide a wealth of creative services and resources during the rebranding stage such as strategic direction, eye-catching visuals, and brand building graphic design. It’s no wonder the world’s biggest companies opt for marketing agency over hiring their own in-house team.
Bottom Line…
Retired MLB pitcher Nolan Ryan famously said, “Enjoying success requires the ability to adapt. Only by being open to change will you have a true opportunity to get the most from your talent.”
Although the process of rebranding can be quite the undertaking as it involves revitalizing your image and re-establishing yourself in a new market, it also represents new opportunities for success. Rather than approaching it on impulse, it’s important for companies to slow down and consider all elements of their rebrand, including their overall vision, message, and goals.
