In yesterday’s post we looked at the reasons why a business may look to rebrand and the potential risks involved. Today we speak to an entrepreneur who rebranded his company, and ask him if it was worth it and more importantly commercially viable.
Mark McGiffin, founder of Cumbria Accountants, understands the dilemma many business owners face when considering a rebrand; on the one hand rebranding allow to you to speak to a new market and on the other hand you risk losing the brand equity you have worked so hard to build.
This dilemma was even more complex for McGiffin, as he was in a position where his business was growing and his brand was recognised. “I started the company formation process in 1996 with the idea that I would provide a local service in and around the area I live in, however, our circumstance changed when I received an inheritance that I felt would allow me to take the business to the next level.”
McGiffin wanted to take his brand national and develop accountancy practices all over the UK and he felt his brand name had too many local associations and would hold his company back.
“When we formed our company we had no idea of how it would grow and to be honest we spent hardly any time on our brand planning or communication strategy. As a result our brand was confused and lacked longevity.”
“We wanted a brand identity that represented the national and established practice we were and rebranding as McGiffen Associates gave us that platform.”
McGiffen ensured all his team were involoved in the rebrand and communicated the change and reasons behind it to all of his existing clients. “That way” he says “ I maintained all of the brands equity and was able to communicate how far we had come.”