Sometimes, you just need to hit Ctrl-Alt-Del and consider rebranding.
Rebranding your company 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. Stay tuned as we outline rebranding best practices below.
3 Simple Steps to Rebranding Your Company
The road to rebranding will vary with every company; it can span from modernizing a brand’s identity to everything in between. It’s an enormous undertaking that should not be taken lightly. Under the right circumstances, however, rebranding can be one of the smartest decision a company makes. So, how do you make a move and actually get started?
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 your company an appealing option for businesses. From outdated imagery, negative cultural connotations, competitive difficulties to mistakes in original branding or rebranding, every company will have their own reason for wanting to reposition itself. But a rebranding strategy isn’t something 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 your company before getting started. These are rebranding best practices and imperative to ensure the creation of recognizable and consistent rebranding.
3. Hire a Marketing Agency
At some point, every company will need to rebranding. However, rebranding your company is 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!
“Take rebranding as a great opportunity to strengthen and reaffirm your company’s identity and values, both internally with your employee base and externally with your customers,” recommends 99Designs, a global creative platform for custom graphic design.
Hiring a marketing agency makes sense for a variety of reasons. Along with expertise in rebranding best practices, 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.
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.”
The process of rebranding your company can be quite an undertaking, as it involves revitalizing your image and re-establishing yourself in a new market. But 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 and to become familiar with rebranding best practices, including their overall vision, message, and goals.