Though re-branding can be potentially risky, with the right combination of insight, experience and consumer knowledge, it can breathe life into established companies. Ultimately, there are several key priority areas you should consider when weighing up the relative pros and cons. These areas also relate to establishing a brand at the start of company formation.
As we have established in previous posts, there is an important correlation between market research and successful branding. Nowhere is this relationship more important than when considering a re-brand.
The main challenge of re-branding is establishing the extent of the overhaul. Should you simply extend your existing brand into new sectors to accelerate growth, or is your product and proposition right it is just your outdated branding that is holding your company back? Failing to understand the objectives of your rebrand and getting the market research wrong can result is a confused brand message and loss of existing market share. Some companies have introduced a new visual identity across their brand, which is so inconsistent with their previous values that their customers feel alienated.
Re-energise your brand personality not values
The most positive outcome of any re-brand is that a company is able to extend their current reach, attract new demographics while improving the relationship they have with their existing consumer base. This can only occur when the people behind the company are completely aware of the objectives of the re-brand, committed to its inception and passionate about its execution
Communication is key
If a positive conclusion to a re-brand is to be achieved, it is vital that changes are communicated and understood by existing consumers.
Invest time and resource explaining to your existing consumers why you felt a re-brand was credible. Explain how this will improved their current experience of your brand and explain it is more about evolution rather than a dramatic change in direction.
It is also important to make customers feel they have a role in the re-brand, ask them for feedback and what areas they feel could be improved.