Every company has a brand; it is the face of your company. It is reflected though the logo and company design elements and echoed through the verbiage in marketing materials, slogans and informational copy. A good brand evolves over time, stays relevant and is recognized by their target as valuable.
Clearly, having a strong and positive brand is important, so what if you don’t? What if your brand is hurting you more than serving you; is it time to rebrand? Keep in mind, this is no easy task. Rebranding takes a lot of time, energy and money to accomplish such a vast undertaking; basically, if it isn’t broken, don’t fix it. A company should never rebrand just for the heck of it or in hopes to improve business, rebranding should only be done if there is a serious need.
Many rebranding success stories have risen from this risky endeavor. Imagine where Target would be without such powerful rebranding techniques . Perceived in the 90s as just another uncultured discount retailer, Walmart would have swallowed the Target brand whole if they didn’t set themselves apart. Now, as the second largest discount retailer in the United States, they are identified as upscale in comparison to their direct competitors, even coining the fancy moniker, “Tarjay”, reflecting their reposition in market.
- Don’t cling to history
- Have a strategic plan
- Don’t be afraid to leverage the existing brand equity
- Try on your customer’s shoes
- Know your target
- Make sure the rebrand is credible
- Plan ahead for adaptation
- Don’t bypass the basics
- Consider customer feedback
- Get a fresh perspective
- Have the right management
- Have small integrated teams making decisions
- Do your research
- Avoid tunnel focus
Understanding if rebranding is the right option for your company before taking the plunge is vital because the recipe for a flourishing rebrand is precision. If you forget an ingredient in the process, you may end up on the epic fail list with New Coke and JC Penny. If you don’t set your efforts up to succeed, there is no way your brand will.